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Status: Please note you should read all Brexit changes to the FCA Handbook and BTS alongside the main FCA transitional directions. Where these directions apply the 'standstill', firms have the choice between complying with the pre-IP completion day rules, or the post-IP completion day rules. To see a full list of Handbook modules affected, please see Annex B to the main FCA transitional directions.

controlled function

    a function, relating to the carrying on of a regulated activity by a firm, which is specified by:178

      1. (a) either the FCA in:178
        1. (i) (for SMCR firms227) the 182182table of FCA-designated senior management functions227; or178
        1. (ii) (243in relation to appointed representatives227) the table of FCA controlled functions; or178
      1. (b) the PRA in:178
        1. (i) (for CRR firms, credit unions and third country CRR firms (as defined in the PRA Rulebook)227) the part of the PRA Rulebook227 titled ‘Senior Management Functions’178; or227
        1. (ii) 182(for Solvency II firms including large non-directive insurers, and for small non-directive insurers186) the Senior 227Management Functions parts of the186 PRA Rulebook227 182applicable to Solvency II Firms and Non-Solvency II Firms; 186227178
        1. 227186182

    under section 59 of the Act (Approval for particular arrangements).178