SYSC TP 5 1Financial Services (Banking Reform) Act 2013: Certification

1Purpose of SYSC TP 5

SYSC 5.1.1

G

SYSC TP 5 explains how the certification regime described in SYSC 5.2 applies during the transitional period between 7 March 2016 and 7 March 2017.

Application

SYSC 5.2.1

G

SYSC TP 5 applies to relevant authorised persons.

The transitional period

SYSC 5.3.1

G

The obligation in section 63E(1) of the Act for a relevant authorised person to take reasonable care to ensure that no employee of the firm performs an FCA specified significant-harm function, unless the firm has issued the employee with a valid certificate, does not apply until the end of the transitional period.

SYSC 5.3.2

G

However, other parts of the Handbook and the Act about certification employees apply in the transitional period.

SYSC 5.3.3

G

The table in SYSC TP 5.3.4G explains how the requirements of the Handbook and the Act about certification employees apply in the transitional period.

SYSC 5.3.4

G

Table: How the certification regime applies in the transitional period

1Provision in the Act or the Handbook

What that provision is about

How it applies in the transitional period

Definition of certification employee

During the transitional period, the Glossary definition of certification employee covers everyone who would need a certificate to perform their job if the obligation to issue certificates was in force

SYSC 5.2.4G to SYSC 5.2.17G

Guidance about issuing certificates and fitness

Does not apply

SYSC 5.2.18R to SYSC 5.2.57G2

Definition of who falls into the certification regime

Applies for the purpose of those parts of the Handbook and the Act that are in force as described in this table.

The parts of SYSC 4.5 dealing with the management responsibilities map

SYSC 4.5 says that the management responsibilities map should say if persons described or identified in the management responsibilities map are certification employees

Applies to everyone who would need a certificate to perform their job if the obligation to issue certificates was in force.

COCON

Applies to everyone who would need a certificate to perform their job if the obligation to issue certificates was in force.

This applies even if they have not been notified that:

(a) COCON applies to them; or

(b) of the rules that apply to them.

Applies to those who would have been excluded from the certification regime by SYSC 5.2.27R (Scope: emergency appointments).

Section 64B of the Act

Firm should ensure that all persons subject to COCON are notified

Firm should take reasonable steps to ensure that those persons understand how COCON applies to them.

Applies to everyone who would need a certificate to perform their job if the obligation to issue certificates was in force.

The parts of SUP 15.3 that deal with COCON breaches3

Notifying a significant3 breach of COCON to the FCA

Applies to everyone who would need a certificate to perform their job if the obligation to issue certificates was in force.

Section 64C of the Act and SUP 15.11

Notifying the FCA of disciplinary action

Applies to everyone who would need a certificate to perform their job if the obligation to issue certificates was in force.