Related provisions for SYSC 4.7.37

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SYSC 4.6.7RRP
The third-country relevant authorised person’smanagement responsibilities map for a branch must show clearly how any responsibilities covered by that management responsibilities map are shared or divided between different persons.
SYSC 4.6.9RRP
(1) A management responsibilities map for a branch maintained by a third-country relevant authorised person must include the matters listed in SYSC 4.5.7R, subject to the modifications in (2).(2) Unless the context requires otherwise, the following terms in SYSC 4.5.7R are modified as follows:Reference in SYSC 4.5.7RModificationfirmtreated as a reference to the branchgoverning body, management body, senior management and senior personnel(a) treated as a reference to the branch’sgoverning
SYSC 4.6.11RRP
A management responsibilities map for a branch maintained by a third-country relevant authorised person must be a single document (see SYSC 4.6.14G(1)(b) for more on this).
SYSC 4.6.13GRP
The management responsibilities map for a branch maintained by a third-country relevant authorised person should include functions that are:(1) included in a PRA controlled function under SUP 10C.9 (Minimising overlap with the PRA approved persons regime); or(2) excluded from the other local responsibility function under SUP 10C.8.1R (Exclusion for approved person with approval to perform other designated senior management functions).
SYSC 4.6.14GRP
(1) The guidance below applies to management responsibilities maps for branches maintained by third-country relevant authorised persons, subject to the modifications in (2):(a) SYSC 4.5.11G to SYSC 4.5.12G (Guidance about management responsibilities maps);(b) SYSC 4.5.15G (Single document);(c) SYSC 4.5.16G to SYSC 4.5.17G (Purpose of SYSC 4 Annex 1G (The main business activities and functions of a relevant authorised person)); (d) SYSC 4.5.18G to SYSC 4.5.20G (Contents of SYSC
SYSC 4.6.15RRP
An EEA relevant authorised person must, at all times, have a comprehensive and up-to-date document (the management responsibilities map) that describes the management and governance arrangements for any branch it maintains in the United Kingdom, including:(1) details of the reporting lines and the lines of responsibility; and(2) reasonable details about:(a) the SMF managers who carry out activities in relation to the branch; and(b) their responsibilities.
SYSC 4.6.16RRP
The EEA relevant authorised person’smanagement responsibilities map for a branch must show clearly how any responsibilities covered by that management responsibilities map are shared or divided between different persons.
SYSC 4.6.18RRP
A management responsibilities map for a branch maintained by an EEA relevant authorised person must include: (1) (a) the names of all the branch’s:(i) approved persons;(ii) members of its governing body and (if different) management body who are not approved persons; (iii) senior management; and(iv) senior personnel; and(b) details of the responsibilities which they hold;(2) all responsibilities described in any current statement of responsibilities; (3) matters reserved to the
SYSC 4.6.20RRP
An EEA relevant authorised person may exclude from its management responsibilities map:(1) any information contained in its requisite details;(2) any information contained in any notice of changes to its requisite details under the EEA Passport Rights Regulations; and(3) any other information that has been supplied by the firm to the FCA or the PRA (including through the firm’sHome Statecompetent authority) if:(a) that information was supplied to the FCA or the PRA as a Host Statecompetent
SYSC 4.6.22GRP
The management responsibilities map of an EEA relevant authorised person may therefore consist of information:(1) that has changed since its requisite details were supplied or were last changed; or(2) that is not covered in the firm’sHome Statecompetent authority’s passport notification.
SYSC 4.6.23GRP
The FCA expects that an EEA relevant authorised person that excludes information from its management responsibilities map under SYSC 4.6.20R will identify in its management responsibilities map the documents supplied to the FCA or the PRA where the omitted information can be found.
SYSC 4.6.24GRP
In practice an EEA relevant authorised person may find it easier to prepare its management responsibilities map without omitting any information under SYSC 4.6.20R so that all the information referred to in SYSC 4.6.15R to SYSC 4.6.19R can be found in a single integrated document.
SYSC 4.6.25RRP
A management responsibilities map for a branch maintained by an EEA relevant authorised person must be a single document (see SYSC 4.6.28G(7)(a) for more on this).
SYSC 4.6.28GRP
(1) This provision gives guidance on specific aspects of SYSC 4.6.16R and SYSC 4.6.18R.(2) A firm need only include summary details of the persons in SYSC 4.6.18R(1).(3) A branch’sSMF managers and members of its governing body or equivalent may overlap with its senior management and senior personnel. If so, the firm does not have to give the same details twice.(4) A firm should include details of individuals in addition to those in SYSC 4.6.18R(1) if they are needed to make the
SYSC 4.6.29GRP
(1) The guidance in this paragraph applies to EEA relevant authorised persons and third-country relevant authorised persons.(2) The FCA expects that the management responsibilities map of a small and non-complex branch is likely to be simple and short. It may be no more than a single sheet of paper.(3) A branch is likely to be small and non-complex if it:(a) conducts a limited number of simple business lines; and(b) does not rely on group governance arrangements or on governance
SYSC 4.8.8GRP
The FCA-prescribed senior management responsibilities relate to the activities of the third-country relevant authorised person’sbranch in the United Kingdom.
SYSC 4.8.9RRP
Table: FCA-prescribed senior management responsibilities for third-country relevant authorised persons.FCA-prescribed senior management responsibility in relation to the branchExplanationEquivalent PRA-prescribed UK branch senior management responsibility(1) Responsibility for the firm’s performance of its obligations under the senior management regimeThe senior management regime means the requirements of the regulatory system applying to relevant authorised persons insofar as
SYSC 4.8.27GRP
(1) Generally, where a firm allocates responsibility under SYSC 4.8.10R to one of the firm’sSMF managers who is not based in the branch the FCA would expect:(a) that the responsibility would not be allocated to a manager whose responsibilities for the branch are limited to setting overall strategy for the branch; and(b) that, instead, the firm would allocate it to a manager who is the most senior person responsible for implementing the strategy for the branch.(2) See SUP 10C.1.5AG
SYSC 4.8.32GRP
(1) A third-country relevant authorised person should allocate responsibility to its SMF managers for every area of the activities of its branch.(2) This is required by a mixture of: (a) SYSC 4.8.6R (FCA-prescribed senior management responsibility);(b) SYSC 4.8.10R (Local responsibility for a firm’s activities, business areas and management functions);(c) the requirements for FCA-designated senior management functions; and(d) the corresponding PRA requirements.
SYSC 4.7.7RRP
Table: FCA-prescribed senior management responsibilitiesFCA-prescribed senior management responsibilityExplanationEquivalent PRA-prescribed senior management responsibilityPart One (applies to all firms)(1) Responsibility for the firm's performance of its obligations under the senior management regimeThe senior management regime means the requirements of the regulatory system applying to relevant authorised persons insofar as they relate to SMF managers performing designated
SYSC 4.7.31GRP
(1) SYSC 4.7.8R (Allocation of overall responsibility for a firm’s activities, business areas and management functions) requires overall responsibility for various aspects of a firm's affairs to be allocated to an SMF manager.(2) This requirement does not prevent a firm from relying on an employee of a company in the same group to perform the function.(3) A firm has two main choices about how to fit such arrangements into the senior management regime for relevant authorised persons.(a)
SYSC 4.7.38GRP
SYSC 4.7.26G (a firm should normally allocate responsibility for particular areas to a single SMF manager) does not mean that the FCA expects there to be a separate person with overall responsibility for each individual business area in SYSC 4 Annex 1G (The main business activities and functions of a relevant authorised person).
CREDS 2.2.66GRP
(1) 5SYSC 4.5 says that a relevant authorised person, including a credit union, should, at all times, have a comprehensive and up-to-date document that describes its management and governance arrangements. This is called the management responsibilities map.(2) SYSC 4.5.13G has guidance on management responsibilities maps for small firms, which is likely to be of particular relevance to credit unions.
CREDS 2.2.67GRP
5SYSC 4.7 says that a relevant authorised person, including a credit union, should:(1) allocate a number of specified management responsibilities (called FCA-prescribed senior management responsibilities) to one or more of its SMF managers; and(2) ensure that, at all times, one or more of its SMF managers have overall responsibility for each of the activities, business areas and management functions of the firm.
CASS 11.3.1RRP
(1) A CASS small debt management firm, other than a not-for-profit debt advice body, must allocate to a director or senior manager1 responsibility for:1(a) oversight of the firm's operational compliance with CASS 11;1(b) reporting to the firm'sgoverning body in respect of that oversight; and1(c) completing and submitting a CCR005 return in accordance with SUP 16.12.29CR.1(2) A firm that is not a relevant authorised person must make the allocation in (1) to a director or senior
CASS 11.3.3GRP
(1) CASS 11.3.4R describes the FCA controlled function known as the CASS operational oversight function (CF10a) in relation to CASS large debt management firms, including not-for-profit debt advice bodies.1(2) As a consequence of CASS 11.3.4R (in conjunction with SUP 10A.4.1R and SUP 10A.7.10R), in a CASS large debt management firm (including a not-for-profit debt advice body fitting into that category) the function described in CASS 11.3.4R is required to be discharged by a director
CASS 1A.3.1BGRP
(1) (a) CASS 1A.3.1AR describes the FCA controlled function known as the CASS operational oversight function (CF10a). The table of FCA controlled functions3 in SUP 10A.4.4R3 together with SUP 10A.7.9R3 specify the CASS operational oversight function as an FCA required function4 for a firm to which CASS 1A.3.1AR applies.3(b) The CASS operational oversight function does not apply to a relevant authorised person.3(2) (a) For a firm that is a UK relevant authorised person5, the function
SYSC 18.4.1GRP
(1) A UK relevant authorised person2 is required under SYSC 4.7.5R(1)2 to allocate the FCA-prescribed senior management responsibility for acting as the firm’swhistleblowers’ champion. (2) SYSC 18.4.2R requires the appointment by an insurer of a director or senior manager as its whistleblowers’ champion. (3) This section sets out the role of the whistleblowers’ champion.(4) The FCA expects that a firm will appoint a non-executive director as its whistleblowers’ champion. A firm
SYSC 22.8.6GRP
(1) A firm should ensure that its appointed representative gives a reference when another firm (or its appointed representative) asks that appointed representative to give a reference in accordance with this chapter.(2) A firm is not responsible for its appointed representative’s giving references if another principal has accepted responsibility for this.
SUP 10C.2.2GRP
SUP 10C does not deal with the PRA's senior management regime for relevant authorised persons. The key parts of its regime can be found in the parts of the PRA's rulebook called ‘Senior Management Functions’ and ‘Allocation of Responsibilities’.
CREDS 8.3.9GRP
2As well as listing the FCA’sdesignated senior management functions for credit unions and other relevant authorised persons, 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
SYSC 4.4.6GRP
Frequently asked questions about allocation of functions in SYSC 4.4.5 RQuestionAnswer1Does an individual to whom a function is allocated under SYSC 4.4.5 R need to be an approved person or a certification employee8?An individual to whom a function is allocated under SYSC 4.4.5 R will be performing the apportionment and oversight function (CF 8, see SUP 10A.7.1 R14) and an application must be made under section 59 of the Act for approval of the individual before the function is
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
DEPP 6.2.9AGRP
3In addition to the general factors outlined in DEPP 6.2.1 G, there are some additional considerations that the FCA4 will have regard to when deciding whether to take action against a person that performs a controlled function without approval contrary to section 63A of the Act.4(1) The conduct of the person. The FCA4 will take into consideration whether, while performing controlled functions without approval, the person committed misconduct in respect of which, if he had been
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