Related provisions for SYSC 5.1.5AD

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To access the FCA Handbook Archive choose a date between 1 January 2001 and 31 December 2004 (From field only).

(1) 11The FCA expects a firm to act consistently with the ESMA guidelines referred to in SYSC 5.1.5ADG in relation to its MiFID or equivalent third country business.(2) The FCA is required to publish various information on its website in relation to firms’ assessment of relevant individuals’ knowledge and competence. That information can be found at A firm to which the Training and Competence sourcebook (TC) applies may satisfy
TC 1.1.1BGRP
4ESMA has issued guidelines specifying criteria for the assessment of knowledge and competence. The ESMA guidelines can be found at
TC 4.1.4RRP
Unless the context requires otherwise the rules in column 1 of the table are amended as set out in column 2:Column 1Column 2Relevant ruleAmendmentsTC 2.1.1R(1)Insert the following at the end of TC 2.1.1R(1):“In addition, a firm must not assess a relevant individual as competent unless the firm has satisfied itself that the relevant individual possesses the knowledge and competence to enable the firm to meet its obligations under SYSC 5.1.5ABR. This means that the relevant individual
SUP 12.4.2BGRP
(1) 13 A firm to which SUP 12.4.2AR applies should also have regard to SYSC 5.1 (Skills, knowledge and expertise). The requirements of the Training and Competence sourcebook (TC) and guidance in the Fit and Proper Test for Employees and Senior Personnel16 (FIT) may also be relevant. (2) ESMA has issued guidelines for MiFID investment firms specifying the criteria for the assessment of knowledge and competence. These guidelines are relevant to tied agents (see SYSC 5.1.5ADG).