Content Options

View Options

Status: You are viewing the version of the handbook as on 2019-12-18.

SYSC 27 Annex 1 Examples of how the temporary UK role rule in SYSC 27.5.3R (the 30-day rule) works

Annex 1G

1Example

How the temporary UK role rule applies

(1)

A spends 20 days in the UK performing the proprietary trader FCA certification function for Firm X and wishes to spend another 20 days in the UK performing the significant management FCA certification function for Firm X.

The rule does not allow this. There is a single 30-day allowance, not a separate 30-day allowance for each FCA certification function.

(2)

A spends 20 days in the UK performing an FCA certification function for Firm X (which is a UK SMCR firm) and wishes to spend another 20 days dealing with Firm X’s clients in the UK from the overseas office of Firm X in which A is based.

The rule does not allow this. There is a single 30-day limit for both types of contact with the UK.

(3)

A wishes to spend 40 days dealing with Firm X’s clients in the UK from the overseas office of Firm X (which is a UK SMCR firm) in which A is based. However the total time spent doing that will only be a few hours overall.

The rule does not allow this. If A deals with a UK client on one day, that uses up one day of the 30-day allowance, however short the time for which the contact lasts.

(4)

A spends 25 days in calendar year one for Firm X in the UK and 25 days in calendar year two. However A spends 40 days in the UK for Firm X between June in calendar year 1 and June in calendar year 2.

The rule does not allow this. This is because the 30-day annual allowance relates to any 12-month period and not just a calendar year.

(5)

Firm X is an overseas SMCR firm. A is employed by Firm X and is based in one of its offices outside the UK. A wants to work in the UK branch for 10 days.

The rule applies to overseas SMCR firms.

It does not matter that A is not employed by the UK branch and instead is employed by another part of Firm X.

It does not make a difference whether A is based in an office of Firm X in its home state or one in a third country.

(6)

A is based in one of Firm X’s overseas offices. Firm X then decides to relocate A to the UK, where A will be certified to perform an FCA certification function for Firm X. Firm X wants to rely on the temporary UK role rule for the first 30 days while Firm X goes through the certification process for A.

The rule does not allow this. A is no longer based in an overseas office and so the rule does not apply.

(7)

A is based in the overseas branch of a UK SMCR firm. A is to be promoted, so that A will be performing the material risk taker FCA certification function. Firm X wants to rely on the temporary UK role rule for the first 30 days while Firm X goes through the certification process for A.

The rule does not allow this because it does not apply to the material risk taker FCA certification function when it is performed for a UK SMCR firm.

A reference in this table to an FCA certification function is to a function that would have been an FCA certification function but for SYSC 27.5.3R (temporary UK role).