Related provisions for SYSC 4.5.17

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SYSC 4.7.7RRP
[deleted] [Editor’s note: The text of this provision has been moved to SYSC 24.2.6R]6
SYSC 4.7.31GRP
[deleted] [Editor’s note: The text of this provision has been moved to SYSC 26.10.1G]6
SYSC 4.7.38GRP
[deleted] [Editor’s note: The text of this provision has been moved to SYSC 26.11.3G]66
SYSC 4.8.9RRP
[deleted] 5
SYSC 4.8.19GRP
[deleted]55
SYSC 4.8.27GRP
[deleted] [Editor’s note: The text of this provision has been moved to SYSC 26.8.3G]5
SYSC 4.8.32GRP
[deleted] 5
SUP 10C.11.10DRP
An application by a firm to the FCA for the variation of an existing approval under section 63ZA of the Act (Variation of a senior manager’s approval at request of 5authorised person) must be accompanied by a statement of responsibilities.
SUP 10C.11.15GRP
If a person is an SMF manager for several firms in a group that are SMCR firms5, there should be a separate document for each firm.
SUP 10C.11.19GRP
Table: Examples5 of how the requirements for submitting statements of responsibilities work1ExampleComments(1) A firm applies for approval for A to perform the executive director function5 and the money laundering reporting function5.There should be a single statement of responsibilities document that covers the two functions.The combined document should be included with the application for approval.(2) Firm X applies for approval for A to perform the executive director function5.
SUP 10C.11.27GRP
(1) An example of the requirement that a5firm'sstatements of responsibilities for its SMF managers should be consistent (see SUP 10C.11.23G) is that they should5 together demonstrate that there are no gaps in the allocation of responsibilities among the firm’s5SMF managers.(2) A firm'sstatements of responsibilities should be interpreted, where possible, so as to avoid any gaps in the allocation of responsibility for its activities among its SMF managers.(3) Paragraphs (1) and
SYSC 4.6.9RRP
(1) [deleted] 33(2) [deleted] Editor’s note: The text of this provision has been moved to SYSC 25.1.5R]33
SYSC 4.6.13GRP
[deleted] 3
SYSC 4.6.15RRP
[deleted] 3
SYSC 4.6.28GRP
[deleted] 3
SYSC 5.2.28ARRP
[deleted] Editor’s note: The text of this provision has been moved to SYSC 27.5.3R]8
SYSC 5.2.35RRP
[deleted] Editor’s note: The text of this provision has been moved to SYSC 27.8.4R]8
SUP 10C.14.24GRP
Table: Explanation of the sections of the Act mentioned in SUP 10C.14.22R41SectionSummary of relevant partsOther Handbook materialCommentsSection 63(2A) (Duty to notify regulator of grounds for withdrawal of approval)At least once a year, each firm must, in relation to every SMF manager for whom an approval has been given on the application of that firm:(a) consider whether there are any grounds on which the FCA could withdraw the approval; and(b) if the firm is of the opinion
SUP 10C.9.1GRP
SUP 10C.9 deals with how the FCA's senior managers4 regime for SMCR firms4 interacts with the PRA's one.
SUP 10C.9.4GRP
The FCA is under a duty, under section 59A of the Act (Specifying functions as controlled functions: supplementary), to exercise the power to specify any senior management function as an FCA controlled function in a way that it considers will minimise the likelihood that approvals need to be given by both the FCA and the PRA for the performance by a person of senior management functions in relation to the same PRA-authorised person.
SUP 10C.9.8RRP
A person (referred to as ‘A’ in this rule) is not performing an FCA governing function (referred to as the ‘particular’ FCA governing function in this rule) in relation to a PRA-authorised person (referred to as ‘B’ in this rule), at a particular time, if:(1) A has been approved by the PRA to perform any PRA-designated senior management function in relation to B;(2) throughout the whole of the period between the time of the PRA approval in (1) and the time in question, A has been
SUP 10C.9.9GRP
Table: Examples of how the need for dual FCA and PRA approval in relation to PRA-authorised persons is reduced1ExampleWhether FCA approval requiredWhether PRA approval requiredComments(1) A is appointed as chief risk officer and an executive director.No. A4 is not treated as performing the executive director function.4YesChief risk officer is a PRA-designated senior management function. A’s functions as a director will be included in the PRA-designated senior management function.
SUP 10C.10.9DRP
(1) A firm must use Form E (SUP 10C Annex 7D6) where an approved person:6(a) is both ceasing to perform one or more controlled functions; and6(b) needs to be approved in relation to one or more FCA-designated senior management function;6within the same firm or group.(2) A firm must not use Form E if the approved person has never before been approved to perform for any firm:(a) an FCA controlled function that is a significant influence function;(b) an FCA-designated senior management
SUP 10C.3.4GRP
The FCA has (in SUP 10A) specified controlled functions for SMCR firms3 that are not designated senior management functions. (See SUP 10C.1.7R to SUP 10C.1.8G (Appointed representatives)).
SUP 10C.3.5GRP
(1) Except as described in SUP 10C.3.4G, in this chapter, FCA controlled function and FCA-designated senior management function cover the same functions.(2) Therefore, a function is only covered by SUP 10C.4.3R (Table of FCA-designated senior management 2functions3) if that function meets both the following sets of requirements:(a) the requirements of SUP 10C.3.6R (Definition of FCA controlled function: arrangements); and(b) the requirements of SUP 10C.3.10R (Definition of FCA-designated
SUP 10A.17.2GRP
If the firm or its advisers have further questions, they should contact the FCA's Contact Centre (see SUP 10A.12.6 G).
SUP 10C.8.1RRP
2A person performs the other local responsibility function in relation to a branch maintained in the United Kingdom by an overseas SMCR firm4 if that person: (1) is performing:(a) a function allocated to that person under SYSC 26.3.1R (Main rules)4 in relation to the firm; or (b) FCA-prescribed senior management responsibility (z)4 in the table in SYSC 24.2.6R4 (functions in relation to CASS) allocated to that person under SYSC 24.2 (Allocation of FCA-prescribed senior management
SUP 10C.8.3GRP
Table: Examples of how the other local responsibility function appliesExampleComments(1) ‘A’ is allocated local responsibility for one of a branch’s main business lines. A is also appointed to perform a PRA-designated senior management function for the same branch. A only needs approval to perform the PRA-designated senior management function. (2) ‘A’ is outside the branch’s management structure and A’s responsibilities for the branch are limited to setting overall strategy for
SUP 10C.8.4RRP
[deleted] [Editor’s note: The text of this provision has been moved to SUP 10C.8A.2R]4
CREDS 2.2.67GRP
65(1) SYSC 24 says that certain SMCR firms, including a credit union, should6 allocate a number of specified management responsibilities (called FCA-prescribed senior management responsibilities) to one or more of their SMF managers6. (2) SYSC 26 says that certain SMCR firms, including a credit union, should6 ensure that, at all times, one or more of their6SMF managers have overall responsibility for each of the activities, business areas and management functions of the firm.
CREDS 2.2.69GRP
(1) 5The list of FCA-prescribed senior management responsibilities that a credit union should allocate is simpler than for most other SMCR firms6.(2) SYSC 24.2.6R6 sets out a list of FCA-prescribed senior management responsibilities, including the ones that apply to credit unions.
SUP 10C.2.1GRP
The purpose of SUP 10C is: (1) to specify, under section 59 of the Act, descriptions of the FCA-designated senior management functions for SMCR firms2, which are listed in SUP 10C.4.3R; and2(2) to specify the manner in which a firm must apply for the FCA's approval under section 59 of the Act and other procedures for FCA-approved SMF managers; 2
SUP 10C.2.2GRP
[deleted]2
SUP 10C.16.6GRP
Failing to disclose relevant information to the FCA may be a criminal offence under section 398 of the Act.
SUP 10C.1.2GRP
This chapter is also relevant to FCA-approved SMF managers of an SMCR firm5.
SUP 10C.1.5AGRP
(1) 2Generally, where an overseas manager of an overseas SMCR firm5 has responsibilities in relation to its branch in the United Kingdom that are strategic only, they will not need to be an FCA-approved SMF manager.(2) However, where an overseas manager is responsible for implementing that strategy for its branch in the United Kingdom, and has not delegated that responsibility to an SMF manager in the United Kingdom, they will potentially be performing an FCA controlled function
SUP 10C.12.2GRP
(1) The power to grant an approval subject to conditions or for a limited period only applies to senior management functions.(2) As all FCA controlled functions specified in this chapter are senior management functions, this means that this power applies to all FCA controlled functions specified in this chapter.(3) The FCA has (in SUP 10A) specified controlled functions for SMCR firms2 that are not designated senior management functions. See SUP 10C.1.7R to SUP 10C.1.8G (Appointed
CREDS 8.3.8GRP
4(1) The designated senior management functions cover the top management roles in a firm.2(2) An approved person approved to perform a designated senior management function is called an SMF manager.2(3) Designated senior management functions only apply to SMCR firms3, including credit unions. 2(4) All controlled functions in a credit union are designated senior management functions and every approved person in a credit union is also an SMF manager.2
CREDS 8.3.9GRP
2As well as listing the FCA’sdesignated senior management functions for credit unions and other SMCR firms3, SUP 10C has other requirements about SMF managers:(1) SUP 10C sets out the procedures for applying for, granting, removing and varying approval as an SMF manager.(2) SUP 10C requires firms to give various types of reports to the FCA about their SMF managers.(3) SUP 10C explains that each firm must prepare a statement of responsibilities for each of its SMF managers. A statement
SYSC 22.9.5GRP
(1) SYSC 22.9.1R applies to keeping records created before the date this chapter came into force as well as ones created afterwards.(2) An SMCR firm2 does not breach the requirements of this chapter by failing to include something in a reference or by failing to have records2 because it destroyed the relevant records before the date this chapter came into force in accordance with the record keeping requirements applicable to it at the time of destruction.(3) (1) also applies to
DEPP 6.2.9-EGRP
9When determining under section 66A(5)(d) of the Act whether or not an SMF manager has taken such steps as a person in their position could reasonably be expected to take to avoid the contravention of a relevant requirement by the firm occurring (or continuing), additional considerations to which the FCA would expect to have regard include, but are not limited to:(1) the role and responsibilities of the SMF manager (for example, such steps as an SMF manager in a non-executive