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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.