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Status: You are viewing the version of the handbook as on 2018-12-10.

SYSC 26.1 Application

Main application rules

SYSC 26.1.1R

1This chapter applies to:

  1. (1)

    an SMCR banking firm; and

  2. (2)

    an SMCR insurance firm that is a Solvency II firm (including a large non-directive insurer) but excluding:

    1. (a)

      an insurance special purpose vehicle; and

    2. (b)

      a firm in SYSC 23 Annex 1 5.2R (firms in run-off);

except to the extent that this chapter applies a narrower scope to a particular provision.

SYSC 26.1.2R

1This chapter is not limited to regulated activities or other specific types of activities.

Exclusions

SYSC 26.1.3R

1This chapter does not apply to an EEA SMCR firm.

Territorial scope

SYSC 26.1.4R

1There is no territorial limitation on the application of this chapter, save as set out in SYSC 26.1.5R.

SYSC 26.1.5R

1When this chapter applies to an overseas SMCR firm, it applies in relation to the firm’s branch in the United Kingdom.

SYSC 26.1.6R

1Unless the context requires otherwise, the terms in the first column of the table in SYSC 26.1.7R are modified as described in the second column of that table in relation to an overseas SMCR firm.

SYSC 26.1.7R

1Table: Application of this chapter to a third-country SMCR firm

Reference in this chapter

Modification

firm

treated as a reference to the branch

governing body

(a) treated as a reference to the branch’s governing body;

(b) the Glossary definition of this term is adjusted so as to refer to the branch rather than the firm as a whole

group

treated as including the rest of the firm

chief executive

branch manager or the person performing the PRA’s Head of Overseas Branch designated senior management function