significant-harm function

136a function defined in section 63E(5) of the Act (Certification of employees by 174authorised persons) which is, in summary (in relation to the carrying on of a regulated activity by an authorised person174 ), a function that meets the following conditions:

1. (a) it requires the person performing it to be involved in one or more aspects of the authorised person’s174 affairs, so far as relating to the activity; and
1. (b) those aspects involve, or might involve, a risk of significant harm to the authorised person174 or to anyone who is using, or who is or may be contemplating using, any of the services provided by the authorised person174.

[Note: This definition is not relevant to a firm that is not an SMCR firm.]174