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

SYSC 27.3 Territorial scope

SYSC 27.3.1R
  1. (1)

    1A function is an FCA certification function for a UK SMCR firm only to the extent:

    1. (a)

      it is performed by a person from an establishment of the firm (or its appointed representative) in the United Kingdom; or

    2. (b)

      the person performing that function is dealing with a client of the firm in the United Kingdom from an establishment of the firm (or its appointed representative) overseas.

  2. (2)

    A function is an FCA certification function for an overseas SMCR firm only to the extent that it is performed by a person from an establishment of the firm (or its appointed representative) in the United Kingdom.

  3. (3)

    Paragraph (1) does not apply to FCA certification function (6) (material risk takers). For a UK SMCR firm, FCA certification function (6) applies without any territorial limitation.

SYSC 27.3.2G

1The FCA interprets the phrase ‘dealing with’ in SYSC 27.3.1R as including having contact with clients and extending beyond ‘dealing’ as used in the phrase ‘dealing in investments’. ‘Dealing in’ is used in Schedule 2 to the Act to describe in general terms the regulated activities which are specified in Part II of the Regulated Activities Order.

SYSC 27.3.3G

1The FCA interprets the phrase ‘a client of the firm in the United Kingdom’ in SYSC 27.3.1R as referring to:

  1. (1)

    for a client which is a body corporate, its office or branch in the United Kingdom; or

  2. (2)

    for a client who is an individual, a client who is in the United Kingdom at the time of the dealing.