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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.

non-SMF board director subject to competence requirements

    83in relation to an SMCR firm) a board director of the firm who meets the following conditions:

      1. (a) they are not an SMF manager of the firm; and
      1. (b) the firm is required to assess their fitness and propriety under the competent employees rule, SYSC 28 (Insurance distribution: specific knowledge, ability and good repute requirements), any directly applicable EU legislation or any other requirement of the regulatory system.