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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.

You are viewing the version of the document as on 2021-01-01.

Status: In this content, we have included all amendments made by EU exit-related instruments up to end September 2020. There will be more amendments to be made later this year, further to the September QCP.

Article 5 Policies on the use of discretion when contributing input data

If the code of conduct provides for a contributor to use discretion in contributing input data, it shall require the contributor to establish policies on the use of discretion that specify at least the following:

  1. (a)

    the circumstances in which the contributor may exercise discretion;

  2. (b)

    the individuals within the contributor's organisation who are permitted to exercise discretion;

  3. (c)

    the internal controls that regulate the exercise of the contributor's discretion in accordance with its policies;

  4. (d)

    the individuals within the contributor's organisation who are authorised to conduct an ex post evaluation of the exercise of discretion.