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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.

senior management function

    136a function defined in section 59ZA of the Act (Senior management functions) which means, in summary (in relation to the carrying on of a regulated activity by an authorised person), any function if:

      1. (a) the function will require the person performing it to be responsible for managing one or more aspects of the firm’s affairs, so far as relating to the activity; and
      1. (b) those aspects involve, or might involve, a risk of serious consequences:
        1. (i) for the firm; or
        1. (ii) for business or other interests in the United Kingdom.