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SYSC 5 Annex 1 Examples of how the temporary UK role rule in SYSC 5.2.28A (the 30-day rule) works

SYSC 5 Annex 1G

Example

How the temporary UK role rule applies

1(1) A spends 20 days in the UK performing the proprietary trader FCA-specified significant-harm function for Firm X and wishes to spend another 20 days in the UK performing the significant management FCA-specified significant-harm 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-specified significant-harm function

(2) A spends 20 days in the UK performing an FCA-specified significant-harm function for Firm X (which is a UK relevant authorised person) 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 relevant authorised person) 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 a non-UK relevant authorised person. 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 non-UK relevant authorised persons.

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-specified significant-harm 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 relevant authorised person. A is to be promoted, so that A will be performing the material risk taker FCA-specified significant-harm 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-specified significant-harm function when it is performed for a UK relevant authorised person.

A reference in this table to an FCA-specified significant-harm function is to a function that would have been an FCA-specified significant-harm function but for SYSC 5.2.28AR (temporary UK role).