SYSC 1
Application and purpose
SYSC 1.1A
Application
- 01/04/2009
[Note: ESMA has also issued guidelines under article 16(3) of the ESMA Regulation covering:
- various topics relating to automated trading and direct electronic access. See
- certain aspects of the MiFID suitability requirements which also deal with the system and control aspects of suitability. See http://www.esma.europa.eu/content/Guidelines-certain-aspects-MiFID-suitability-requirements.]
SYSC 1.1A.1
See Notes
Type of firm | Applicable chapters |
Insurer | Chapters 2, 3, 11 to 18, 21 |
Managing agent | Chapters 2, 3, 11, 12, 18, 21 |
Society | Chapters 2, 3, 12, 18, 21 |
Every other firm | Chapters 4 to 12, 18, 19D, and 21 |
Firms that SYSC 19D applies to should also refer to the Remuneration part of the PRA Rulebook
SYSC 1.1A.1A
See Notes
SYSC 1.1A.2
See Notes
SYSC 1.2
Purpose
- 01/12/2004
SYSC 1.2.1A
See Notes
- 19/06/2014
SYSC 1.4
Application of SYSC 11 to SYSC 21
- 01/05/2011
- Past version of SYSC 1.4 before 01/05/2011
What?
SYSC 1.4.1
See Notes
SYSC 1.4.1A
See Notes
SYSC 1.4.1B
See Notes
SYSC 1 Annex 1
Detailed application of SYSC
- 01/04/2009
Part 1 | Application of SYSC 2 and SYSC 3 to an insurer, a managing agent and the Society | ||||
Who? | |||||
1.1 | R | SYSC 2 and SYSC 3 only apply to an insurer, a managing agent and the Society except that: | |||
(1) | for an incoming EEA firm or an incoming Treaty firm: | ||||
(a) | SYSC 2.1.1 R and SYSC 2.1.2 G do not apply; | ||||
(b) | SYSC 2.1.3 R to SYSC 2.2.3 G apply, but only in relation to allocation of the function in SYSC 2.1.3 R (2) and only in so far as responsibility for the matter in question is not reserved by an EUinstrument to the firm's Home State regulator; and | ||||
(c) | SYSC 3 applies, but only in so far as responsibility for the matter in question is not reserved by an EU instrument to the firm's Home State regulator; | ||||
(2) | for an incoming EEA firm which has permission only for cross border services and which does not carry on regulated activities in the United Kingdom, SYSC 2 and SYSC 3 do not apply; | ||||
(3) | for an incoming Treaty firm which has permission only for cross border services and which does not carry on regulated activities in the United Kingdom, SYSC 3.2.6A R to SYSC 3.2.6J G do not apply; | ||||
(4) | for a sole trader: | ||||
(a) | SYSC 2 applies but only if he employs any person who is required to be approved under section 59 of the Act (Approval for particular arrangements); | ||||
(b) | SYSC 3.2.6I R does not apply if he has no employees; and | ||||
(5) | SYSC 2 and SYSC 3 do not apply to an incoming ECA provider acting as such. | ||||
1.2 | G | (1) | Question 12 in SYSC 2.1.6 G contains guidance on SYSC 1 Annex 1.1.1R(1)(b) and SYSC 1 Annex 1.1.1R(1)(c). | ||
(2) | SYSC 1 Annex 1.1.8R further restricts the territorial application of SYSC 2 and SYSC 3 for an incoming EEA firm or an incoming Treaty firm. | ||||
(3) | SYSC 1 Annex 1.1.1R(3) puts an incoming EEA firm on an equal footing with unauthorised overseas persons who utilise the overseas persons exclusions in article 72 of the Regulated Activities Order. | ||||
(4) | Further guidance on which matters are reserved to a firm's Home State regulator can be found at SUP 13A Annex 2. | ||||
What? | |||||
1.3 | R | SYSC 2 and SYSC 3 apply with respect to the carrying on of: | |||
(1) | regulated activities; | ||||
(2) | activities that constitute dealing in investments as principal, disregarding the exclusion in article 15 of the Regulated Activities Order (Absence of holding out etc); and | ||||
(3) | ancillary activities in relation to designated investment business, home finance activity and insurance mediation activity; | ||||
except that SYSC 3.2.6A R to SYSC 3.2.6J G do not apply as described in SYSC 1 Annex 1.1.4R. | |||||
1.6 | R | SYSC 2 and SYSC 3, except SYSC 3.2.6A R to SYSC 3.2.6J G, also: | |||
(1) | apply with respect to the carrying on of unregulated activities in a prudential context; and | ||||
(2) | take into account any activity of other members of a group of which the firm is a member. | ||||
1.7 | G | SYSC 1 Annex 1.1.6R(2) does not mean that inadequacy of a group member's systems and controls will automatically lead to a firm contravening, for example, SYSC 3.1.1 R. Rather, the potential impact of a group member's activities, including its systems and controls, and any systems and controls that operate on a group basis, will be relevant in determining the appropriateness of the firm's own systems and controls. | |||
Where? | |||||
1.8 | R | SYSC 2 and SYSC 3 apply with respect to activities carried on from an establishment maintained by the firm (or its appointed representative or, where applicable, its tied agent) in the United Kingdom unless another applicable rule which is relevant to the activity has a wider territorial scope, in which case SYSC 2 and SYSC 3 apply with that wider scope in relation to the activity described in that rule. | |||
1.9 | R | SYSC 2 and SYSC 3, except SYSC 3.2.6A R to SYSC 3.2.6J G, also apply in a prudential context to a UK domestic firm with respect to activities wherever they are carried on. | |||
1.10 | R | SYSC 3, except SYSC 3.2.6A R to SYSC 3.2.6J G, also applies in a prudential context to an overseas firm (other than an incoming EEA firm or an incoming Treaty firm) with respect to activities wherever they are carried on. | |||
1.11 | G | (1) | In considering whether to take regulatory action under SYSC 2 or SYSC 3 in relation to activities carried on outside the United Kingdom, the appropriate regulator will take into account the standards expected in the market in which the firm is operating. | ||
(2) | Most of the rules in SYSC 3 are linked to other requirements and standards under the regulatory system which have their own territorial limitations so that those SYSC rules are similarly limited in scope. | ||||
Actions for damages |
Part 2 | Application of the common platform requirements (SYSC 4 to 10) | ||||
Who? | |||||
2.1A | R | The common platform organisational requirements apply to every firm apart from a CRR firm (other than an incoming firm), an insurer, a managing agent and the Society unless provided otherwise in a specific rule. | |||
2.1B | R | [deleted] | |||
2.2 | R | For an incoming EEA firm or an incoming Treaty firm: | |||
(1) | the rule on responsibility of senior personnel (SYSC 4.3) does not apply; | ||||
(2) | the common platform requirements apply only in so far as responsibility for the matter in question is not reserved by an EU instrument to the firm's Home State regulator; | ||||
(3) | for an incoming EEA firm which has permission only for cross-border services and which does not carry on regulated activities in the United Kingdom, the common platform requirements do not apply; | ||||
(4) | for an incoming Treaty firm which has permission only for cross-border services and which does not carry on regulated activities in the United Kingdom, the common platform requirements on financial crime do not apply. | ||||
2.6 | R | The common platform requirements do not apply to an incoming ECA provider acting as such. | |||
2.6A | R | The common platform requirements do not apply to a firm (including an incoming EEA firm) in relation to its carrying on of auction regulation bidding, except for: | |||
(1) | SYSC 6.1.1 R which only applies to the extent that it relates to the obligation to establish, implement and maintain adequate policies and procedures for countering the risk that the firm (including its managers, employees and appointed representatives) might be used to further financial crime; and | ||||
(2) | SYSC 6.3 (Financial crime). | ||||
What? | |||||
2.8 | R | The common platform organisational requirements apply with respect to the carrying on of the following (unless provided otherwise within a specific rule): | |||
(1) | regulated activities; | ||||
(2) | activities that constitute dealing in investments as principal, disregarding the exclusion in article 15 of the Regulated Activities Order (Absence of holding out etc); | ||||
(3) | ancillary activities; | ||||
(4) | in relation to MiFID business, ancillary services; and | ||||
(5) | collective portfolio management. | ||||
2.9 | G | The application of the provisions on the conflicts of interest in SYSC 10 is set out in SYSC 10.1.1 R and SYSC 10.2.1 R | |||
2.13 | R | The common platform organisational requirements, except the common platform requirements on financial crime, also: | |||
(1) | apply with respect to the carrying on of unregulated activities in a prudential context; and | ||||
(2) | take into account any activity of other members of a group of which the firm is a member. | ||||
2.14 | G | SYSC 1 Annex 1.2.13R(2) does not mean that inadequacy of a group member's systems and controls will automatically lead to a firm contravening any of the common platform organisational requirements. Rather, the potential impact of a group member's activities, including its systems and controls, and any systems and controls that operate on a group basis, will be relevant in determining the appropriateness of the firm's own systems and controls. | |||
Where? | |||||
2.15 | R | The common platform requirements, except the common platform record-keeping requirements, apply to a firm in relation to activities carried on by it from an establishment in the United Kingdom. | |||
2.16 | R | The common platform requirements, except the common platform requirements on financial crime and the common platform record-keeping requirements, apply to a firm that is not a UK UCITS management company in relation to passported activities carried on by it from a branch in another EEA State. | |||
2.17 | R | The common platform record-keeping requirements apply to activities carried on by a firm from an establishment maintained in the United Kingdom, unless another applicable rule which is relevant to the activity has a wider territorial scope, in which case the common platform record-keeping requirements apply with that wider scope in relation to the activity described in that rule. | |||
[Note: article 13(9) of MiFID] | |||||
2.18 | R | The common platform organisational requirements, except the common platform requirements on financial crime, also apply in a prudential context to a UK domestic firm and to an overseas firm (other than an incoming EEA firm or an Incoming Treaty firm) with respect to activities wherever they are carried on. |
Part 3 | Tables summarising the application of the common platform requirements to different types of firm | ||||
3.1A | G | The common platform requirements apply in accordance with Part 2 of this Annex and the provisions in 3.2BR, 3.2CR, 3.2DG, 3.2ER, 3.3AG and 3.4R. | |||
3.2B | R | For a full-scope UK AIFM of an authorised AIF, they apply in line with Column A++ in the table below. | |||
3.2C | R | For a common platform firm other than a CRR firm (other than an incoming firm), Provision SYSC 4 to Provision SYSC 9 apply in accordance with Column A in the table below. | |||
3.2D | G | SYSC 4 to SYSC 9 are not applicable to a CRR firm (other than an incoming firm). A CRR firm (other than an incoming firm) is subject to the rules in the General Organisational Requirements, Skills, Knowledge and Expertise, Compliance and Internal Audit, Risk Control, Outsourcing and Record Keeping Parts of the PRA Rulebook. | |||
3.2E | R |
Provision SYSC 10 does not apply to PRA-authorised persons and the table below must be read accordingly. |
|||
3.3A | G | For all other firms apart from CRR firms (other than incoming firms), insurers, managing agents, the Society and full-scope UK AIFMs of unauthorised AIFs, they apply in accordance with Column B in the table below. For these firms, where a rule is shown modified in Column B as 'Guidance', it should be read as guidance (as if "should" appeared in that rule instead of "must") and should be applied in a proportionate manner, taking into account the nature, scale and complexity of the firm's business. | |||
3.4 | R |
For the purposes of Provision SYSC 4 to Provision SYSC 9 in the table below, the references to:
(3) rules or guidance that apply to the UK branch of a non-EEA bank in accordance with Column B must not be applied by the UK branch of a non-EEA bank. |
|||
3.5 | R |
For the purposes of Provision SYSC 4 to Provision SYSC 9 in the table below, Column B applies to credit unions only. |
Provision SYSC 4 |
COLUMN A Application to a common platform firm other than to a UCITS investment firm |
COLUMN A+ Application to a UCITS management company |
COLUMN A++ Application to a full-scope UK AIFM of an authorised AIF |
COLUMN B Application to all other firms apart from insurers, managing agents the Society, and full-scope UK AIFMs of unauthorised AIFs |
SYSC 4.1.1 R | Rule | Rule | Rule | Rule |
SYSC 4.1.1A R | Not applicable | Not applicable | Rule | Not applicable |
SYSC 4.1.2 R | Rule | Rule for a UCITS investment firm; otherwise guidance | Rule | Guidance |
SYSC 4.1.2A G | Not applicable | Guidance for a UCITS firm; not applicable to a UCITS investment firm | Not applicable | Guidance |
SYSC 4.1.2D R | Not applicable | Not applicable | Rule | Not applicable |
SYSC 4.1.3 R | [deleted] | [deleted] | [deleted] | [deleted] |
SYSC 4.1.4 R | Rule | Rule | Not applicable | (1) and (3) Guidance (2) Rule |
SYSC 4.1.4A G | Not applicable | Not applicable | Not applicable | Guidance |
SYSC 4.1.5 R | Rule applies only to a MiFID investment firm | Rule | Not applicable | Not applicable |
SYSC 4.1.6 R | Rule | Rule for a UCITS investment firm; otherwise guidance | Not applicable | Guidance |
SYSC 4.1.7 R | Rule | Rule | Not applicable | Guidance |
SYSC 4.1.7A G | Not applicable | Not applicable | Not applicable | Guidance |
SYSC 4.1.8 G | Guidance | Guidance | Guidance | Guidance |
SYSC 4.1.9 R | Rule | Rule | Not applicable | Not applicable |
SYSC 4.1.10 R | Rule | Rule | Not applicable | Guidance - except reference to SYSC 4.1.9 R which does not apply to these firms |
SYSC 4.1.10A G | Not applicable | Not applicable | Not applicable | Guidance |
SYSC 4.1.11 G | Guidance | Guidance | Guidance | Guidance |
SYSC 4.1.13 G | Guidance | Guidance | Guidance | Guidance |
SYSC 4.1.14 G | Guidance | Guidance | Guidance | Guidance |
SYSC 4.2.1 R | Rule | Rule | Rule | - UK branch of non-EEA bank - rule applies. - Other firms - Guidance |
SYSC 4.2.1A G | Not applicable | Not applicable | Not applicable | Guidance |
SYSC 4.2.2 R | Rule | Rule | Rule | - UK branch of a non-EEA bank - Rule applies - Other firms - this provision does not apply |
SYSC 4.2.3 G - 4.2.5 G | Guidance | Guidance | Guidance | - UK branch of a non-EEA bank - Guidance - Other firms - these provisions do not apply |
SYSC 4.2.6 R | Rule | Rule for a UCITS investment firm; otherwise not applicable | Not applicable | - UK branch of a non-EEA bank - Rule applies - Other firms - this provision does not apply |
SYSC 4.2.7 R | Not applicable | Not applicable | Rule | Not applicable |
SYSC 4.2.8 G | Not applicable | Not applicable | Rule | Not applicable |
SYSC 4.2.9G | Not applicable | Not applicable | Guidance | Not applicable |
SYSC 4.3.1 R | Rule | Rule | Not applicable | Rule (but not applicable to incoming EEA firms, incoming Treaty firms or UCITS qualifiers) |
SYSC 4.3.2 R | Rule | Rule | Not applicable | Guidance (but not applicable to incoming EEA firms, incoming Treaty firms or UCITS qualifiers) |
SYSC 4.3.2A G | Not applicable | Not applicable | Not applicable | Guidance (but not applicable to incoming EEA firms, incoming Treaty firms or UCITS qualifiers) |
SYSC 4.3.3 G | Guidance | Guidance | Not applicable | Guidance (but not applicable to incoming EEA firms, incoming Treaty firms or UCITS qualifiers) |
SYSC 4.3A.1 R | Rule applicable to CRR firms |
Rule for a CRR firm that is a UCITS investment firm |
Not applicable |
Not applicable |
SYSC 4.3A.2 R | Rule applicable to CRR firms |
Rule for a CRR firm that is a UCITS investment firm |
Not applicable |
Not applicable |
SYSC 4.3A.3 R | Rule applicable to CRR firms |
Rule for a CRR firm that is a UCITS investment firm |
Not applicable |
Not applicable |
SYSC 4.3A.4 R | Rule applicable to CRRfirms |
Rule for a CRR firm that is a UCITS investment firm |
Not applicable |
Not applicable |
SYSC 4.3A.5 R | Rule applicable to CRR firms | Rule for a CRR firm that is a UCITS investment firm |
Not applicable | Not applicable |
SYSC 4.3A.6 R | Rule applicable for CRR firms | Rule for a CRR firm that is a UCITS investment firm | Not applicable | Not applicable |
SYSC 4.3A.7 R | Rule applicable to CRR firms | Rule for a CRR firm that is a UCITS investment firm | Not applicable | Not applicable |
SYSC 4.3A.8 R | Rule applicable to CRR firms | Rule for a CRR firm that is a UCITS investment firm | Not applicable | Not applicable |
SYSC 4.3A.9 R | Rule applicable to CRR firms | Rule for a CRR firm that is a UCITS investment firm | Not applicable | Not applicable |
SYSC 4.3A.10 R | Rule applicable to CRR firms | Rule for a CRR firm that is a UCITS investment firm | Not applicable | Not applicable |
SYSC 4.3A.11 R | Rule applicable to CRR firms | Rule for a CRR firm that is a UCITS investment firm | Not applicable | Not applicable |
SYSC 4.4.1 R | Not applicable | Not applicable | Not applicable | Rule applies this section only to: (1) an authorised professional firm in respect of its non-mainstream regulated activities unless the firm is also conducting other regulated activities and has appointed approved persons to perform the governing functions with equivalent responsibilities for the firm's non-mainstream regulated activities and other regulated activities; 2) activities carried on by a firm whose principal purpose is to carry on activities other than regulated activities and which is: (a) an oil market participant; (b) a service company; (c) an energy market participant; (d) a wholly-owned subsidiary of: (i) a local authority; (ii) a registered social landlord; (e) a firm with permission to carry on insurance mediation activity in relation to non-investment insurance contracts but no other regulated activity; 3) an incoming Treaty firm, an incoming EEA firm and a UCITS qualifier, (but only SYSC 4.4.5 R (2) applies for these firms); and (4) a sole trader, but only if he employs any person who is required to be approved under section 59 of the Act (Approval for particular arrangements). |
SYSC 4.4.2 G | Not applicable | Not applicable | Not applicable | Guidance only applying to the firms specified in SYSC 4.4.1 R or SYSC 4.4.1A R |
SYSC 4.4.3 R | Not applicable | Not applicable | Not applicable | Rule only applying to the firms specified in SYSC 4.4.1 R or SYSC 4.4.1A R |
SYSC 4.4.4 G | Not applicable | Not applicable | Not applicable | Guidance only applying to the firms specified in SYSC 4.4.1 R or SYSC 4.4.1A R |
SYSC 4.4.5 R | Not applicable | Not applicable | Not applicable | Rule only applying to the firms specified in SYSC 4.4.1 R or SYSC 4.4.1A R |
SYSC 4.4.6 G | Not applicable | Not applicable | Not applicable | Guidance only applying to the firms specified in SYSC 4.4.1 R or SYSC 4.4.1A R |
Provision SYSC 5 |
COLUMN A Application to a common platform firm other than to a UCITS investment firm |
COLUMN A+ Application to a UCITS management company |
COLUMN A++ Application to a full-scope UK AIFM of an authorised AIF |
COLUMN B Application to all other firms apart from insurers, managing agents the Society, and full-scope UK AIFMs of unauthorised AIFs |
SYSC 5.1.1 R | Rule | Rule | Not applicable | Rule |
SYSC 5.1.2 G | Guidance | Guidance | Guidance | Guidance |
SYSC 5.1.3 G | Guidance | Guidance | Not applicable | Guidance |
SYSC 5.1.4A G | Guidance | Guidance | Guidance | Guidance |
SYSC 5.1.5 G | Guidance | Guidance | Guidance | Guidance |
SYSC 5.1.5A G | Guidance | Guidance | Guidance | Guidance |
SYSC 5.1.6 R | Rule | Rule | Guidance | Guidance |
SYSC 5.1.7 R | Rule | Rule for a UCITS investment firm; otherwise guidance | Guidance | Guidance |
SYSC 5.1.7A G | Not applicable | Not applicable to a UCITS investment firm; otherwise guidance | Guidance | Guidance |
SYSC 5.1.8 G | Guidance | Guidance | Guidance | Guidance |
SYSC 5.1.9 G | Guidance | Guidance | Guidance | Guidance |
SYSC 5.1.10 G | Guidance | Guidance | Guidance, but not applicable for the segregation of risk management functions | Guidance |
SYSC 5.1.11 G | Guidance | Guidance | Guidance | Guidance |
SYSC 5.1.12 R | Rule | Rule | Not applicable | Guidance |
SYSC 5.1.12A G | Not applicable | Not applicable | Not applicable | Guidance |
SYSC 5.1.13 R | Rule | Rule | Not applicable | Rule |
SYSC 5.1.14 R | Rule | Rule | Not applicable | Guidance |
SYSC 5.1.15 G | Not applicable | Not applicable | Not applicable | Guidance |
Provision SYSC 6 |
COLUMN A Application to a common platform firm other than to a UCITS investment firm |
COLUMN A+ Application to a UCITS management company |
COLUMN A++ Application to a full-scope UK AIFM of an authorised AIF |
COLUMN B Application to all other firms apart from insurers, managing agents, the Society and full-scope UK AIFMs of unauthorised AIFs |
SYSC 6.1.1 R | Rule | Rule | Rule but only regarding the obligation to establish, implement and maintain adequate policies and procedures for countering the risk that the firm (including its managers and employees) might be used to further financial crime | Rule |
SYSC 6.1.1A G | Guidance | Guidance | Guidance | Guidance |
SYSC 6.1.2 R | Rule | Rule | Not applicable | Guidance |
SYSC 6.1.2A G | Not applicable | Not applicable | Not applicable | Guidance |
SYSC 6.1.3 R | Rule | Rule | Not applicable | - Guidance This provision shall be read with the following additional sentence at the start. "Depending on the nature, scale and complexity of its business, it may be appropriate for a firm to have a separate compliance function. Where a firm has a separate compliance function, the firm should also take into account 6.1.3 R and 6.1.4 R as guidance." |
SYSC 6.1.3A G | Not applicable | Not applicable | Not applicable | Guidance |
SYSC 6.1.4 R | Rule | Rule | Not applicable | (1) (3) and (4) Guidance (2) - Rule for firms which carry on designated investment business with or for retail clients or professional clients. - Guidance for all other firms. |
SYSC 6.1.4A G | Not applicable | Not applicable | Rule | Guidance |
SYSC 6.1.5 R | Not applicable | - Guidance - "investment services and activities" shall be read as "financial services and activities" |
||
SYSC 6.1.6 R | Not applicable | Not applicable | Not applicable | Guidance |
SYSC 6.2.1 R | Rule | Rule | Not applicable | Guidance |
SYSC 6.2.1A G | Not applicable | Not applicable | Not applicable | Guidance |
SYSC 6.2.2 G | Guidance | Guidance | Not applicable | Guidance |
Provision SYSC 7 |
COLUMN A Application to a common platform firm other than to a UCITS investment firm |
COLUMN A+ Application to a UCITS management company |
COLUMN A++ Application to a full-scope UK AIFM of an authorised AIF |
COLUMN B Application to all other firms apart from insurers, managing agents, the Society, and full-scope UK AIFMs of unauthorised AIFs |
SYSC 7.1.1 G | Guidance | Guidance | Not applicable | Guidance |
SYSC 7.1.2 R | Rule | Rule for a UCITS investment firm; otherwise guidance | Not applicable | Guidance |
SYSC 7.1.2A G | Not applicable | Not applicable to a UCITS investment firm; otherwise guidance | Not applicable | Guidance |
SYSC 7.1.2B G | Not applicable | Guidance | Not applicable | Not applicable |
SYSC 7.1.3 R | Rule | Rule for a UCITS investment firm; otherwise guidance | Not applicable | Guidance |
SYSC 7.1.4 R | Rule | Rule for a UCITS investment firm; otherwise guidance | Not applicable | Guidance |
SYSC 7.1.4A G | Not applicable | Rule for a UCITS investment firm; otherwise guidance | Not applicable | Guidance |
SYSC 7.1.4B G | Not applicable | Rule for a UCITS investment firm; otherwise guidance | Not applicable | Guidance |
SYSC 7.1.5 R | Rule | Rule for a UCITS investment firm; otherwise guidance | Not applicable | Guidance |
SYSC 7.1.6 R | Rule | Rule for a UCITS investment firm; otherwise guidance | Not applicable | Guidance |
SYSC 7.1.7 R | Rule | Rule for a UCITS investment firm; otherwise guidance | Not applicable | Guidance |
SYSC 7.1.7A G | Not applicable | Rule for a UCITS investment firm; otherwise guidance | Not applicable | Guidance |
SYSC 7.1.7B G | Guidance applies only to a BIPRU firm | Rule for a UCITS investment firm; otherwise guidance | Guidance | Guidance |
SYSC 7.1.7C G | Guidance | Guidance | Guidance | Guidance |
SYSC 7.1.8 G | [deleted] | [deleted] | [deleted] | [deleted] |
SYSC 7.1.9 R | Rule applies to a BIPRU firm | Rule for a UCITS investment firm; otherwise not applicable | Not applicable | Not applicable |
SYSC 7.1.10 R | Rule applies to a BIPRU firm | Rule for a UCITS investment firm; otherwise not applicable | Not applicable | Not applicable |
SYSC 7.1.11 R | Rule applies to a BIPRU firm | Rule for a UCITS investment firm; otherwise not applicable | Not applicable | Not applicable |
SYSC 7.1.12 G | Guidance applies to a BIPRU firm | Rule for a UCITS investment firm; otherwise not applicable | Not applicable | Not applicable |
SYSC 7.1.13 R - 7.1.16 R |
Rule applies to a BIPRU firm | Rule for a UCITS investment firm; otherwise not applicable | Not applicable | Not applicable |
SYSC 7.1.17 R | Rule applies to a CRR firm | Rule for a UCITS investment firm that is a CRR firm, otherwise not applicable | Not applicable | Not applicable |
SYSC 7.1.18 R | Rule applies to a CRR firm | Rule for a UCITS investment firm that is a CRR firm, otherwise not applicable | Not applicable | Not applicable |
SYSC 7.1.19 R | Rule applies to a CRR firm | Rule for a UCITS investment firm that is a CRR firm, otherwise not applicable | Not applicable | Not applicable |
SYSC 7.1.20 R | Rule applies to a CRR firm | Rule for a UCITS investment firm that is a CRR firm, otherwise not applicable | Not applicable | Not applicable |
SYSC 7.1.21 R | Rule applies to a CRR firm | Rule for a UCITS investment firm that is a CRR firm, otherwise not applicable | Not applicable | Not applicable |
SYSC 7.1.22 R | Rule applies to a CRR firm | Rule for a UCITS investment firm that is a CRR firm, otherwise not applicable | Not applicable | Not applicable |
Provision SYSC 8 |
COLUMN A Application to a common platform firm other than to a UCITS investment firm |
COLUMN A+ Application to a UCITS management company |
COLUMN A++ Application to a full-scope UK AIFM of an authorised AIF |
COLUMN B Application to all other firms apart from insurers, managing agents, the Society, and full-scope UK AIFMs of unauthorised AIFs |
SYSC 8.1.1 R | Rule | Rule for a UCITS investment firm; otherwise guidance | Not applicable | Guidance |
SYSC 8.1.1A G | Not applicable | Not applicable to a UCITS investment firm; otherwise guidance | Not applicable | Guidance |
SYSC 8.1.2 G | Guidance | Guidance | Not applicable | Guidance |
SYSC 8.1.3 G | Guidance | Guidance | Not applicable | Guidance |
SYSC 8.1.4 R | Rule | Rule for a UCITS investment firm; otherwise guidance | Not applicable | Guidance |
SYSC 8.1.5 R | Rule | Rule for a UCITS investment firm; otherwise guidance | Not applicable | Guidance |
SYSC 8.1.5A G | Not applicable | Rule for a UCITS investment firm; otherwise guidance | Not applicable | Guidance |
SYSC 8.1.6 R | Rule | Rule | Not applicable | Rule |
SYSC 8.1.7 R | Rule | Rule for a UCITS investment firm; otherwise guidance | Not applicable | Guidance |
SYSC 8.1.8 R | Rule | Rule for a UCITS investment firm; otherwise guidance | Not applicable | Guidance |
SYSC 8.1.9 R | Rule | Rule for a UCITS investment firm; otherwise guidance | Not applicable | Guidance |
SYSC 8.1.10 R | Rule |
Rule for a UCITS investment firm; otherwise guidance |
Not applicable | Guidance |
SYSC 8.1.11 R | Rule | Rule for a UCITS investment firm; otherwise guidance | Not applicable | Guidance |
SYSC 8.1.11A G | Not applicable | Not applicable to a UCITS investment firm; otherwise guidance | Not applicable | Guidance |
SYSC 8.1.12 G | Guidance | Guidance | Not applicable | Guidance |
Provision SYSC 9 |
COLUMN A Application to a common platform firm other than to a UCITS investment firm |
COLUMN A+ Application to a UCITS management company |
COLUMN A++ Application to a full-scope UK AIFM of an authorised AIF |
COLUMN B Application to all other firms apart from insurers, managing agents, the Society, and full-scope UK AIFMs of unauthorised AIFs |
SYSC 9.1.1 R | Rule | Rule | Rule but only for the requirement to arrange for orderly records to be kept of its business and internal organisation which do not relate to portfolio transactions and subscription and redemptions orders | Rule |
SYSC 9.1.2 R | Rule applies only in relation to MiFID business | Rule applies only in relation to MiFID business of a UCITS investment firm | Rule but only for records specified by the modified application of SYSC 9.1.1 R | Not applicable |
SYSC 9.1.3 R | Rule applies only in relation to MiFID business | Rule applies only in relation to MiFID business of a UCITS investment firm | Not applicable | Not applicable |
SYSC 9.1.4 G | Guidance | Guidance | Guidance | Guidance |
SYSC 9.1.5 G | Guidance | Guidance | Not applicable | Guidance |
SYSC 9.1.6 G | Guidance | Guidance | Not applicable | Guidance |
SYSC 9.1.7 G | Guidance applies only in relation to MiFID business | Guidance applies only in relation to MiFID business of a UCITS investment firm | Not applicable | Not applicable |
Provision SYSC 10 |
Column A Application to a common platform firm other than to a UCITS investment firm |
COLUMN A+ Application to a UCITS management company |
COLUMN A++ Application to a full-scope UK AIFM of an authorised AIF |
Column B Application to all other firms apart from insurers, managing agents, the Society, and full-scope UK AIFMs of unauthorised AIFs |
SYSC 10.1.1 R | Rule | Rule | Not applicable | Rule |
SYSC 10.1.2 G | Guidance | Guidance | Not applicable | Guidance |
SYSC 10.1.3 R | Rule | Rule | Not applicable | Rule |
SYSC 10.1.4 R | Rule | Rule | Not applicable | Guidance - but applies as a rule in relation to the production or arrangement of investment research in accordance with COBS 12.2, or the production or dissemination of non-independent research in accordance with COBS 12.3 |
SYSC 10.1.4A G | Not applicable | Not applicable | Not applicable | Guidance |
SYSC 10.1.5 G | Guidance | Guidance | Not applicable | Guidance |
SYSC 10.1.6 R | Rule | Rule | Not applicable | Guidance - but applies as a rule in relation to the production or arrangement of investment research in accordance with COBS 12.2, or the production or dissemination of non-independent research in accordance with COBS 12.3 |
SYSC 10.1.6A G | Not applicable | Not applicable | Not applicable | Guidance |
SYSC 10.1.7 R | Rule | Rule | Not applicable | Rule |
SYSC 10.1.8 R | Rule | Rule | Not applicable | Rule |
SYSC 10.1.8A R | Rule | Rule | Not applicable | Rule |
SYSC 10.1.9 G | Guidance | Guidance | Not applicable | Guidance |
SYSC 10.1.10 R | Rule | Rule | Not applicable | Guidance - but applies as a rule in relation to the production or arrangement of investment research in accordance with COBS 12.2, or the production or dissemination of non-independent research in accordance with COBS 12.3 |
SYSC 10.1.11 R | Rule | Rule | Not applicable | Guidance - but applies as a rule in relation to the production or arrangement of investment research in accordance with COBS 12.2, or the production or dissemination of non-independent research in accordance with COBS 12.3 |
SYSC 10.1.11A G | Not applicable | Not applicable | Not applicable | Guidance |
SYSC 10.1.12 G - SYSC 10.1.15 G |
Guidance | Guidance for SYSC 10.1.12 G; not applicable for SYSC 10.1.13 G - SYSC 10.1.15 G | Guidance for SYSC 10.1.12 G; not applicable for SYSC 10.1.13 G to SYSC 10.1.15 G | Guidance |
SYSC 10.1.22 R | Not applicable | Rule | Rule | Not applicable |
SYSC 10.1.23 R to SYSC 10.1.26 R | Not applicable | Not applicable | Rule |
Export chapter as
SYSC 2
Senior management arrangements
SYSC 2.1
Apportionment of Responsibilities
- 01/12/2004
SYSC 2.1.1
See Notes
- 01/04/2013
- Past version of SYSC 2.1.1 before 01/04/2013
SYSC 2.1.1A
See Notes
SYSC 2.1.2
See Notes
- 01/04/2013
- Past version of SYSC 2.1.2 before 01/04/2013
SYSC 2.1.3
See Notes
- 01/04/2013
- Past version of SYSC 2.1.3 before 01/04/2013
SYSC 2.1.4
See Notes
Allocation of functions
This table belongs to SYSC 2.1.3 R
1: Firm type | 2: Allocation of both functions must be to the following individual, if any (see Note): | 3: Allocation to one or more individuals selected from this column is compulsory if there is no allocation to an individual in column 2, but is otherwise optional and additional: |
(1) A firm which is a body corporate and is a member of a group, other than a firm in row (2) | (1) the firm's chief executive (and all of them jointly, if more than one); or |
the firm's and its group's: (1) directors; and (2) senior managers |
(2) a director or senior manager responsible for the overall management of: |
||
(a) the group; or (b) a group division within which some or all of the firm's regulated activities fall |
||
(2) An incoming EEA firm or incoming Treaty firm (note: only the function in SYSC 2.1.3 R (2) must be allocated) | (not applicable) | the firm's and its group's: (1) directors; and (2) senior managers |
(3) Any other firm | the firm's chief executive (and all of them jointly, if more than one) | the firm's and its group's: (1) directors; and (2) senior manager's |
Note: Column 2 does not require the involvement of the chief executive or other executive director or senior manager in an aspect of corporate governance if that would be contrary to generally accepted principles of good corporate governance. |
- 01/04/2013
- Past version of SYSC 2.1.4 before 01/04/2013
SYSC 2.1.5
See Notes
- 01/04/2013
- Past version of SYSC 2.1.5 before 01/04/2013
SYSC 2.1.6
See Notes
Frequently asked questions about allocation of functions in SYSC 2.1.3 R
This table belongs to SYSC 2.1.5 G
Question | Answer | |
1 | Does an individual to whom a function is allocated under SYSC 2.1.3 R need to be an approved person? | An individual to whom a function is allocated under SYSC 2.1.3 R will be performing the apportionment and oversight function (CF 8, see SUP 10A.7.1 R ) and an application must be made under section 59 of the Actfor approval of the individual before the function is performed.There are exceptions from this in SUP 10A.1 (Approved persons - Application). |
2 | If the allocation is to more than one individual, can they perform the functions, or aspects of the functions, separately? | If the functions are allocated to joint chief executives under SYSC 2.1.4 R, column 2, they are expected to act jointly.If the functions are allocated to an individual under SYSC 2.1.4 R, column 2, in addition to individuals under SYSC 2.1.4 R, column 3, the former may normally be expected to perform a leading role in relation to the functions that reflects his position.Otherwise, yes. |
3 | What is meant by "appropriately allocate" in this context? | The allocation of functions should be compatible with delivering compliance with Principle 3, SYSC 2.1.1 R and SYSC 3.1.1 R. The appropriate regulator considers that allocation to one or two individuals is likely to be appropriate for most firms. |
4 | If a committee of management governs a firm or group, can the functions be allocated to every member of that committee? | Yes, as long as the allocation remains appropriate (see Question 3).If the firm also has an individual as chief executive, then the functions must be allocated to that individual as well under SYSC 2.1.4 R, column 2 (see Question 7). |
5 | Does the definition of chief executive include the possessor of equivalent responsibilities with another title, such as a managing director or managing partner? | Yes. |
6 | Is it possible for a firm to have more than one individual as its chief executive? | Although unusual, some firm may wish the responsibility of a chief executive to be held jointly by more than one individual. In that case, each of them will be a chief executive and the functions must be allocated to all of them under SYSC 2.1.4 R, column 2 (see also Questions 2 and 7). |
7 | If a firm has an individual as chief executive, must the functions be allocated to that individual? | Normally, yes, under SYSC
2.1.4 R, column 2. But if the firm is a body corporate and a member of a group, the functions may, instead of to the firm's chief executive, be allocated to a director or senior manager from the group responsible for the overall management of the group or of a relevant group division, so long as this is appropriate (see Question 3). Such individuals may nevertheless require approval under section 59 (see Question 1). If the firm chooses to allocate the functions to a director or senior manager responsible for the overall management of a relevant group division, the appropriate regulator would expect that individual to be of a seniority equivalent to or greater than a chief executive of the firm for the allocation to be appropriate. See also Question 14. |
8 | If a firm has a chief executive, can the functions be allocated to other individuals in addition to the chief executive? | Yes. SYSC 2.1.4 R, column 3, permits a firm to allocate the functions, additionally, to the firm's (or where applicable the group's) directors and senior managers as long as this is appropriate (see Question 3). |
9 | What if a firm does not have a chief executive? | Normally, the functions must be allocated to one or more individuals
selected from the firm's (or
where applicable the group's) directors and senior
managers under SYSC
2.1.4 R, column 3. But if the firm: (1) is a body corporate and a member of a group; and (2) the group has a director or senior manager responsible for the overall management of the group or of a relevant group division; then the functions must be allocated to that individual (together, optionally, with individuals from column 3 if appropriate) under SYSC 2.1.4 R, column 2. |
10 | What do you mean by "group division within which some or all of the firm's regulated activities fall"? | A "division" in this context should be interpreted by reference
to geographical operations, product lines or any other method by which the group's business is divided. If the firm's regulated activities fall within more than one division and the firm does not wish to allocate the functions to its chief executive, the allocation must, under SYSC 2.1.4 R, be to: (1) a director or senior manager responsible for the overall management of the group; or (2) a director or senior manager responsible for the overall management of one of those divisions; together, optionally, with individuals from column 3 if appropriate. (See also Questions 7 and 9.) |
11 | How does the requirement to allocate the functions in SYSC 2.1.3 R apply to an overseas firm which is not an incoming EEA firm, incoming Treaty firm or UCITS qualifier? | The firm must appropriately
allocate those functions to one or more individuals, in accordance with SYSC
2.1.4 R, but: (1) The responsibilities that must be apportioned and the systems and controls that must be overseen are those relating to activities carried on from a UK establishment with certain exceptions (see SYSC 1 Annex 1.1.7 R). Note that SYSC 1 Annex 1.1.10 R does not extend the territorial scope of SYSC 2 for an overseas firm. (2) The chief executive of an overseas firm is the person responsible for the conduct of the firm's business within the United Kingdom (see the definition of "chief executive"). This might, for example, be the manager of the firm's UK establishment, or it might be the chief executive of the firm as a whole, if he has that responsibility. The apportionment and oversight function applies to such a firm, unless it falls within a particular exception from the approved persons regime (see Question 1). |
12 | How does the requirement to allocate the functions in SYSC 2.1.3 R apply to an incoming EEA firm or incoming Treaty firm? |
SYSC 1 Annex 1.1.1R
and
SYSC 1 Annex 1.1.8 R
restrict the application of SYSC
2.1.3 R for such a firm. Accordingly: (1) Such a firm is not required to allocate the function of dealing with apportionment in SYSC 2.1.3 R (1). (2) Such a firm is required to allocate the function of oversight in SYSC 2.1.3 R (2). However, the systems and controls that must be overseen are those relating to matters which the appropriate regulator , as Host State regulator, is entitled to regulate (there is guidance on this in SUP 13A Annex 2 G ). Those are primarily, but not exclusively, the systems and controls relating to the conduct of the firm's activities carried on from its UK branch. (3) Such a firm need not allocate the function of oversight to its chief executive; it must allocate it to one or more directors and senior managers of the firm or the firm's group under SYSC 2.1.4 R, row (2). (4) An incoming EEA firm which has provision only for cross border services is not required to allocate either function if it does not carry on regulated activities in the United Kingdom; for example if they fall within the overseas persons exclusions in article 72 of the Regulated Activities Order. See also Questions 1 and 15. |
13 | What about a firm that is a partnership or a limited liability partnership? | The appropriate regulator envisages that most if not all partners or members will be either directors or senior managers, but this will depend on the constitution of the partnership (particularly in the case of a limited partnership) or limited liability partnership. A partnership or limited liability partnership may also have a chief executive (see Question 5). A limited liability partnership is a body corporate and, if a member of a group, will fall within SYSC 2.1.4 R, row (1) or (2). |
14 | What if generally accepted principles of good corporate governance recommend that the chief executive should not be involved in an aspect of corporate governance? | The Note to SYSC 2.1.4 R provides that the chief executive or other executive director or senior manager need not be involved in such circumstances. For example, the UK Corporate Governance Code recommends that the board of a listed company should establish an audit committee of non-executive directors to be responsible for oversight of the audit. That aspect of the oversight function may therefore be allocated to the members of such a committee without involving the chief executive. Such individuals may require approval under section 59 in relation to that function (see Question 1). |
15 | What about electronic commerce activities carried on from an establishment in another EEA State with or for a person in the United Kingdom? | SYSC does not apply to an incoming ECA provider acting as such. |
- 01/04/2013
- Past version of SYSC 2.1.6 before 01/04/2013
SYSC 2.2
Recording the apportionment
- 01/12/2004
SYSC 2.2.1
See Notes
- 01/04/2013
- Past version of SYSC 2.2.1 before 01/04/2013
SYSC 2.2.2
See Notes
- 01/04/2013
- Past version of SYSC 2.2.2 before 01/04/2013
SYSC 2.2.3
See Notes
- 01/04/2013
- Past version of SYSC 2.2.3 before 01/04/2013
SYSC 3
Systems and Controls
SYSC 3.1
Systems and Controls
- 01/12/2004
SYSC 3.1.1
See Notes
- 01/04/2013
- Past version of SYSC 3.1.1 before 01/04/2013
SYSC 3.1.2
See Notes
- 01/04/2013
- Past version of SYSC 3.1.2 before 01/04/2013
SYSC 3.1.2A
See Notes
SYSC 3.1.3
See Notes
- 01/04/2013
- Past version of SYSC 3.1.3 before 01/04/2013
SYSC 3.1.5
See Notes
- 01/04/2013
- Past version of SYSC 3.1.5 before 01/04/2013
SYSC 3.1.6
See Notes
- 01/04/2013
- Past version of SYSC 3.1.6 before 01/04/2013
SYSC 3.1.7
See Notes
- 01/04/2013
- Past version of SYSC 3.1.7 before 01/04/2013
SYSC 3.1.10
See Notes
SYSC 3.2
Areas covered by systems and controls
- 01/12/2004
Introduction
SYSC 3.2.1
See Notes
- 01/04/2013
- Past version of SYSC 3.2.1 before 01/04/2013
Organisation
SYSC 3.2.2
See Notes
- 01/04/2013
- Past version of SYSC 3.2.2 before 01/04/2013
SYSC 3.2.3
See Notes
- 01/04/2013
- Past version of SYSC 3.2.3 before 01/04/2013
SYSC 3.2.4
See Notes
- 01/04/2013
- Past version of SYSC 3.2.4 before 01/04/2013
SYSC 3.2.5
See Notes
- 01/04/2013
- Past version of SYSC 3.2.5 before 01/04/2013
The compliance function
SYSC 3.2.7
See Notes
- 01/04/2013
- Past version of SYSC 3.2.7 before 01/04/2013
Risk assessment
SYSC 3.2.10
See Notes
Management information
SYSC 3.2.11B
See Notes
- 01/04/2013
SYSC 3.2.12
See Notes
Employees and agents
SYSC 3.2.13
See Notes
SYSC 3.2.14
See Notes
Audit committee
SYSC 3.2.15
See Notes
Internal audit
SYSC 3.2.16
See Notes
Business strategy
SYSC 3.2.17
See Notes
Remuneration policies
SYSC 3.2.18
See Notes
Business continuity
SYSC 3.2.19
See Notes
Records
SYSC 3.2.20
See Notes
SYSC 3.2.21
See Notes
SYSC 3.2.22
See Notes
SYSC 4
General organisational requirements
SYSC 4.1
General requirements
- 01/01/2007
- Past version of SYSC 4.1 before 01/01/2007
SYSC 4.1.1
See Notes
[Note: article 74 (1) of CRD, article 13(5) second paragraph of MiFID, article 12(1)(a) of the UCITS Directive, and article 18(1) of AIFMD]
- 01/01/2014
- Past version of SYSC 4.1.1 before 01/01/2014
SYSC 4.1.2
See Notes
(4) (for a firm to which SYSC 19D applies) SYSC 19D (Dual-regulated firms Remuneration Code); or
(5) (for a firm to which the Remuneration part of the PRA Rulebook applies) the Remuneration part of the PRA Rulebook.
- 01/07/2015
- Past version of SYSC 4.1.2 before 01/07/2015
SYSC 4.1.2A
See Notes
Mechanisms and procedures for a firm
SYSC 4.1.4
See Notes
- 01/04/2013
- Past version of SYSC 4.1.4 before 01/04/2013
SYSC 4.1.4A
See Notes
SYSC 4.1.5
See Notes
[Note: article 5(2) of the MiFID implementing Directive and article 4(2) of the UCITS implementing Directive]
- 01/04/2013
- Past version of SYSC 4.1.5 before 01/04/2013
Business continuity
SYSC 4.1.6
See Notes
[Note: article 13(4) of MiFID]
- 01/04/2013
- Past version of SYSC 4.1.6 before 01/04/2013
SYSC 4.1.7
See Notes
[Note: article 5(3) of the MiFID implementing Directive,annex V paragraph 13 of the Banking Consolidation Directive, article 4(3) of the UCITS implementing Directive and article 85(2) of the CRD]
- 01/01/2014
- Past version of SYSC 4.1.7 before 01/01/2014
SYSC 4.1.7A
See Notes
SYSC 4.1.8
See Notes
- 01/04/2013
- Past version of SYSC 4.1.8 before 01/04/2013
Accounting policies
SYSC 4.1.9
See Notes
[Note: article 5(4) of the MiFID implementing Directive and article 4(4) of the UCITS implementing Directive]
- 01/04/2013
- Past version of SYSC 4.1.9 before 01/04/2013
Regular monitoring
SYSC 4.1.10
See Notes
[Note: article 5(5) of the MiFID implementing Directive and article 4(5) of the UCITS implementing Directive]
SYSC 4.1.10A
See Notes
Audit committee
SYSC 4.1.11
See Notes
Risk control: additional guidance
SYSC 4.1.13
See Notes
Apportionment of responsibilities: the role of the non-executive director
SYSC 4.1.14
See Notes
SYSC 4.1.15
See Notes
[Note: article 71 (3) of CRD]
- 01/01/2014
SYSC 4.2
Persons who effectively direct the business
- 01/01/2007
- Past version of SYSC 4.2 before 01/01/2007
SYSC 4.2.1
See Notes
[Note: article 9(1) of MiFID, article 7(1)(b) of the UCITS Directive article 8(1)(c) of AIFMD, article 11(1) second paragraph of the Banking Consolidation Directive and article 13(1) of the CRD]
- 01/01/2014
- Past version of SYSC 4.2.1 before 01/01/2014
SYSC 4.2.1A
See Notes
SYSC 4.2.2
See Notes
[Note: article 9(4) first paragraph of MiFID, article 7(1)(b) of the UCITS Directive, article 8(1)(c) of AIFMD and article 13(1) of CRD]
- 01/01/2014
- Past version of SYSC 4.2.2 before 01/01/2014
SYSC 4.2.3
See Notes
- 01/04/2013
- Past version of SYSC 4.2.3 before 01/04/2013
SYSC 4.2.4
See Notes
- 23/07/2013
- Past version of SYSC 4.2.4 before 23/07/2013
SYSC 4.2.5
See Notes
- 23/07/2013
- Past version of SYSC 4.2.5 before 23/07/2013
SYSC 4.2.6
See Notes
[Note: article 9(4) second paragraph of MiFID]
- 23/07/2013
- Past version of SYSC 4.2.6 before 23/07/2013
SYSC 4.3
Responsibility of senior personnel
- 01/01/2007
SYSC 4.3.1
See Notes
[Note: article 9(1) of the MiFID implementing Directive and articles 9(1) and 9(3) of the UCITS implementing Directive]
- 01/04/2013
- Past version of SYSC 4.3.1 before 01/04/2013
SYSC 4.3.2
See Notes
[Note: article 9(2) and article 9(3) of the MiFID implementing Directive and articles 9(4) and 9(6) of the UCITS implementing Directive]
- 01/04/2013
- Past version of SYSC 4.3.2 before 01/04/2013
SYSC 4.3.2A
See Notes
SYSC 4.3.3
See Notes
- 01/04/2013
- Past version of SYSC 4.3.3 before 01/04/2013
SYSC 4.3A
CRR firms
- 01/01/2014
Management body
SYSC 4.3A.1
See Notes
[Note: article 88(1) of CRD]
- 01/01/2014
SYSC 4.3A.2
See Notes
[Note: article 88(1)(e) of CRD]
- 01/01/2014
SYSC 4.3A.3
See Notes
[Note: article 91(1)-(2) and (7)-(8) of the CRD]
- 01/01/2014
SYSC 4.3A.4
See Notes
[Note: article 91(3) of the CRD]
- 01/01/2014
SYSC 4.3A.5
See Notes
- 01/01/2014
SYSC 4.3A.6
See Notes
[Note: article 91(3) of the CRD]
- 01/07/2014
SYSC 4.3A.6A
See Notes
- 01/07/2014
SYSC 4.3A.6B
See Notes
[Note: article 91(3) and article 109(2) of the CRD]
SYSC 4.3A.7
See Notes
[Note: article 91(4) and (5) of the CRD]
- 01/01/2014
Nomination Committee
SYSC 4.3A.8
See Notes
[Note: article 88(2) of the CRD]
- 01/01/2014
SYSC 4.3A.8A
See Notes
- 01/01/2014
SYSC 4.3A.9
See Notes
[Note: article 88(2) and article 91(10) of the CRD]
- 01/01/2014
SYSC 4.3A.10
See Notes
[Note: article 91(10) of the CRD]
- 01/01/2014
Website
SYSC 4.3A.11
See Notes
[Note: article 96 of the CRD]
- 01/01/2014
SYSC 4.4
Apportionment of responsibilities
- 01/04/2009
Application
SYSC 4.4.1
See Notes
- 01/04/2014
- Past version of SYSC 4.4.1 before 01/04/2014
SYSC 4.4.2
See Notes
- 01/04/2013
- Past version of SYSC 4.4.2 before 01/04/2013
Maintaining a clear and appropriate apportionment
SYSC 4.4.3
See Notes
- 01/04/2013
- Past version of SYSC 4.4.3 before 01/04/2013
Allocating functions of apportionment and oversight
SYSC 4.4.5
See Notes
1: Firm type | 2: Allocation of both functions must be to the following individual, if any (see Note): | 3: Allocation to one or more individuals selected from this column is compulsory if there is no allocation to an individual in column 2, but is otherwise optional and additional: |
(1) A firm which is a body corporate and is a member of a group, other than a firm in row (2) | (1) the firm's chief executive (and all of them jointly, if more than one); or | the firm's and its group's: (1) directors; and (2) senior managers |
(2) a director or senior manager responsible for the overall management of: (a) the group; or (b) a group division within which some or all of the firm'sregulated activities fall |
||
(2) An incoming EEA firm or incoming Treaty firm (note: only the functions in SYSC 4.4.5R (2) must be allocated) | (not applicable) | the firm's and its group's: (1) directors; and (2) senior managers |
(3) Any other firm | the firm's chief executive (and all of them jointly, if more than one) | the firm's and its group's: (1) directors; and (2) senior managers |
Note: Column 2 does not require the involvement of the chief executive or other executive director or senior manager in an aspect of corporate governance if that would be contrary to generally accepted principles of good corporate governance. |
- 01/04/2013
- Past version of SYSC 4.4.5 before 01/04/2013
SYSC 4.4.6
See Notes
Question | Answer | |
1 | Does an individual to whom a function is allocated under SYSC 4.4.5 R need to be an approved person? | 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 R ) and an application must be made under section 59 of the Act for approval of the individual before the function is performed. There are exceptions from this in SUP 10A.1 (Approved persons - Application). |
2 | If the allocation is to more than one individual, can they perform the functions, or aspects of the functions, separately? | If the functions are allocated to joint chief executives under SYSC 4.4.5 R, column 2, they are expected to act jointly. If the functions are allocated to an individual under SYSC 4.4.5 R, column 2, in addition to individuals under SYSC 4.4.5 R, column 3, the former may normally be expected to perform a leading role in relation to the functions that reflects his position. Otherwise, yes. |
3 | What is meant by "appropriately allocate" in this context? | The allocation of functions should be compatible with delivering compliance with Principle 3, SYSC 4.4.3 R and SYSC 4.1.1 R. The appropriate regulator considers that allocation to one or two individuals is likely to be appropriate for most firms. |
4 | If a committee of management governs a firm or group, can the functions be allocated to every member of that committee? | Yes, as long as the allocation remains appropriate (see Question 3). If the firm also has an individual as chief executive, then the functions must be allocated to that individual as well under SYSC 4.4.5 R, column 2 (see Question 7). |
5 | Does the definition of chief executive include the possessor of equivalent responsibilities with another title, such as a managing director or managing partner? | Yes. |
6 | Is it possible for a firm to have more than one individual as its chief executive? | Although unusual, some firms may wish the responsibility of a chief executive to be held jointly by more than one individual. In that case, each of them will be a chief executive and the functions must be allocated to all of them under SYSC 4.4.5 R, column 2 (see also Questions 2 and 7). |
7 | If a firm has an individual as chief executive, must the functions be allocated to that individual? | Normally, yes, under SYSC 4.4.5 R, column 2. But if the firm is a body corporate and a member of a group, the functions may, instead of being allocated to the firm's chief executive, be allocated to a director or senior manager from the group responsible for the overall management of the group or of a relevant group division, so long as this is appropriate (see Question 3). Such individuals may nevertheless require approval under section 59 (see Question 1). If the firm chooses to allocate the functions to a director or senior manager responsible for the overall management of a relevant group division, the FSA would expect that individual to be of a seniority equivalent to or greater than a chief executive of the firm for the allocation to be appropriate. See also Question 14. |
8 | If a firm has a chief executive, can the functions be allocated to other individuals in addition to the chief executive? | Yes. SYSC 4.4.5 R, column 3, permits a firm to allocate the functions, additionally, to the firm's (or where applicable the group's) directors and senior managers as long as this is appropriate (see Question 3). |
9 | What if a firm does not have a chief executive? | Normally, the functions must be allocated to one or more individuals selected from the firm's (or where applicable the group's) directors and senior managers under SYSC 4.4.5 R, column 3. But if the firm: (1) is a body corporate and a member of a group; and (2) the group has a director or senior manager responsible for the overall management of the group or of a relevant group division; then the functions must be allocated to that individual (together, optionally, with individuals from column 3 if appropriate) under SYSC 4.4.5 R, column 2. |
10 | What do you mean by "group division within which some or all of the firm's regulated activities fall"? | A "division" in this context should be interpreted by reference to geographical operations, product lines or any other method by which the group's business is divided. If the firm's regulated activities fall within more than one division and the firm does not wish to allocate the functions to its chief executive, the allocation must, under SYSC 4.4.5 R, be to: (1) a director or senior manager responsible for the overall management of the group; or (2) a director or senior manager responsible for the overall management of one of those divisions; together, optionally, with individuals from column 3 if appropriate. (See also Questions 7 and 9.) |
11 | How does the requirement to allocate the functions in SYSC 4.4.5 R apply to an overseas firm which is not an incoming EEA firm, incoming Treaty firm or UCITS qualifier? | The firm must appropriately allocate those functions to one or more individuals, in accordance with SYSC 4.4.5 R, but: (1) The responsibilities that must be apportioned and the systems and controls that must be overseen are those relating to activities carried on from a UK establishment with certain exceptions (see SYSC 1 Annex 1.1.8R). Note that SYSC 1 Annex 1.1.10R does not extend the territorial scope of SYSC 4.4 for an overseas firm. (2) The chief executive of an overseas firm is the person responsible for the conduct of the firm's business within the United Kingdom (see the definition of "chief executive"). This might, for example, be the manager of the firm's UK establishment, or it might be the chief executive of the firm as a whole, if he has that responsibility. The apportionment and oversight function applies to such a firm, unless it falls within a particular exception from the approved persons regime (see Question 1). |
12 | How does the requirement to allocate the functions in SYSC 4.4.5 R apply to an incoming EEA firm or incoming Treaty firm? | SYSC 1 Annex 1.1.1R(2) and SYSC 1 Annex 1.1.8R restrict the application of SYSC 4.4.5 R for such a firm. Accordingly: (1) Such a firm is not required to allocate the function of dealing with apportionment in SYSC 4.4.5R (1). (2) Such a firm is required to allocate the function of oversight in SYSC 4.4.5R (2). However, the systems and controls that must be overseen are those relating to matters which the appropriate regulator , as Host State regulator, is entitled to regulate (there is guidance on this in SUP 13A Annex 2). Those are primarily, but not exclusively, the systems and controls relating to the conduct of the firm's activities carried on from its UK branch. (3) Such a firm need not allocate the function of oversight to its chief executive; it must allocate it to one or more directors and senior managers of the firm or the firm's group under SYSC 4.4.5 R, row (2). (4) An incoming EEA firm which has provision only for cross border services is not required to allocate either function if it does not carry on regulated activities in the United Kingdom; for example if they fall within the overseas persons exclusions in article 72 of the Regulated Activities Order. See also Questions 1 and 15. |
13 | What about a firm that is a partnership or a limited liability partnership? | The appropriate regulator envisages that most if not all partners or members will be either directors or senior managers, but this will depend on the constitution of the partnership (particularly in the case of a limited partnership) or limited liability partnership. A partnership or limited liability partnership may also have a chief executive (see Question 5). A limited liability partnership is a body corporate and, if a member of a group, will fall within SYSC 4.4.5 R, row (1) or (2). |
14 | What if generally accepted principles of good corporate governance recommend that the chief executive should not be involved in an aspect of corporate governance? | The Note to SYSC 4.4.5 R provides that the chief executive or other executive director or senior manager need not be involved in such circumstances. For example, the UK Corporate Governance Code recommends that the board of a listed company should establish an audit committee of non-executive directors to be responsible for oversight of the audit. That aspect of the oversight function may therefore be allocated to the members of such a committee without involving the chief executive. Such individuals may require approval under section 59 in relation to that function (see Question 1). |
15 | What about incoming electronic commerce activities carried on from an establishment in another EEA State with or for a person in the United Kingdom? | SYSC does not apply to an incoming ECA provider acting as such. |
- 01/04/2013
- Past version of SYSC 4.4.6 before 01/04/2013
SYSC 5
Employees, agents and other relevant persons
SYSC 5.1
Skills, knowledge and expertise
- 01/01/2007
[Note: ESMA has also issued guidelines under article 16(3) of the ESMA Regulation covering certain aspects of the MiFID compliance function requirements. See http://www.esma.europa.eu/content/Guidelines-certain-aspects-MiFID-compliance-function-requirements.]
SYSC 5.1.1
See Notes
[Note: article 5(1)(d) of the MiFID implementing Directive, articles 12(1)(a) and 14(1)(c) of the UCITS Directive and article 5(1) of the UCITS implementing Directive]
- 01/04/2013
- Past version of SYSC 5.1.1 before 01/04/2013
SYSC 5.1.2
See Notes
- 01/04/2013
- Past version of SYSC 5.1.2 before 01/04/2013
SYSC 5.1.3
See Notes
- 01/04/2013
- Past version of SYSC 5.1.3 before 01/04/2013
SYSC 5.1.4A
See Notes
SYSC 5.1.5
See Notes
- 01/04/2013
- Past version of SYSC 5.1.5 before 01/04/2013
SYSC 5.1.5A
See Notes
Segregation of functions
SYSC 5.1.6
See Notes
[Note: article 5(1)(g) of the MiFID implementing Directive and article 5(3) of the UCITS implementing Directive]
- 01/04/2013
- Past version of SYSC 5.1.6 before 01/04/2013
SYSC 5.1.7
See Notes
[Note:article 88 of the CRD and annex V paragraph 1 of the Banking Consolidation Directive]
- 01/01/2014
- Past version of SYSC 5.1.7 before 01/01/2014
SYSC 5.1.7A
See Notes
SYSC 5.1.8
See Notes
- 01/04/2013
- Past version of SYSC 5.1.8 before 01/04/2013
SYSC 5.1.9
See Notes
- 01/04/2013
- Past version of SYSC 5.1.9 before 01/04/2013
SYSC 5.1.10
See Notes
SYSC 5.1.11
See Notes
Awareness of procedures
SYSC 5.1.12
See Notes
[Note: article 5(1)(b) of the MiFID implementing Directive and article 4(1)(b) of the UCITS implementing Directive]
SYSC 5.1.12A
See Notes
General
SYSC 5.1.13
See Notes
[Note: article 5(1) final paragraph of the MiFID implementing Directiveand articles 4(1) final paragraph and 5(4) of the UCITS implementing Directive]
SYSC 5.1.14
See Notes
[Note: article 5(5) of the MiFID implementing Directive and articles 4(5) of the UCITS implementing Directive]
SYSC 5.1.15
See Notes
SYSC 6
Compliance, internal audit and financial crime
SYSC 6.1
Compliance
- 01/01/2007
[Note: ESMA has also issued guidelines under article 16(3) of the ESMA Regulation covering certain aspects of the MiFID compliance function requirements. See http://www.esma.europa.eu/content/Guidelines-certain-aspects-MiFID-compliance-function-requirements.]
SYSC 6.1.1
See Notes
[Note: article 13(2) of MiFID and article 12(1)(a) of the UCITS Directive]
- 01/04/2013
- Past version of SYSC 6.1.1 before 01/04/2013
SYSC 6.1.2
See Notes
[Note: article 6(1) of the MiFID implementing Directive and article 10(1) of the UCITS implementing Directive]
- 01/04/2013
- Past version of SYSC 6.1.2 before 01/04/2013
SYSC 6.1.2A
See Notes
SYSC 6.1.3
See Notes
[Note: article 6(2) of the MiFID implementing Directive and article 10(2) of the UCITS implementing Directive]
- 01/04/2013
- Past version of SYSC 6.1.3 before 01/04/2013
SYSC 6.1.3A
See Notes
SYSC 6.1.4
See Notes
[Note: article 6(3) first paragraph of the MiFID implementing Directive and article 10(3) of the UCITS implementing Directive]
- 01/04/2013
- Past version of SYSC 6.1.4 before 01/04/2013
SYSC 6.1.4-A
See Notes
In setting the method of determining the remuneration of relevant persons involved in the compliance function:
SYSC 6.1.5
See Notes
[Note: article 6(3) second paragraph of the MiFID implementing Directive and article 10(3) second paragraph of the UCITS implementing Directive]
- 01/04/2013
- Past version of SYSC 6.1.5 before 01/04/2013
SYSC 6.1.6
See Notes
- 01/04/2013
- Past version of SYSC 6.1.6 before 01/04/2013
SYSC 6.1.7
See Notes
- 01/04/2013
- Past version of SYSC 6.1.7 before 01/04/2013
SYSC 6.2
Internal audit
- 01/01/2007
SYSC 6.2.1
See Notes
[Note: article 8 of the MiFID implementing Directive and article 11 of the UCITS implementing Directive]
- 01/04/2013
- Past version of SYSC 6.2.1 before 01/04/2013
SYSC 6.2.1A
See Notes
SYSC 6.2.2
See Notes
- 01/04/2013
- Past version of SYSC 6.2.2 before 01/04/2013
SYSC 7
Risk control
SYSC 7.1
Risk control
- 01/01/2007
[Note: ESMA has also issued guidelines under article 16(3) of the ESMA Regulation covering certain aspects of the MiFID compliance function requirements. See http://www.esma.europa.eu/content/Guidelines-certain-aspects-MiFID-compliance-function-requirements.]
SYSC 7.1.1
See Notes
- 01/04/2013
- Past version of SYSC 7.1.1 before 01/04/2013
SYSC 7.1.2
See Notes
[Note: article 7(1)(a) of the MiFID implementing Directive, article 13(5) second paragraph of MiFID]
- 01/04/2013
- Past version of SYSC 7.1.2 before 01/04/2013
SYSC 7.1.2A
See Notes
SYSC 7.1.3
See Notes
[Note: article 7(1)(b) of the MiFID implementing Directive]
- 01/04/2013
- Past version of SYSC 7.1.3 before 01/04/2013
SYSC 7.1.4
See Notes
[Note: article 76(1) of CRD]
- 01/01/2014
- Past version of SYSC 7.1.4 before 01/01/2014
SYSC 7.1.4AA
See Notes
For a common platform firm included within the scope of chapter 15 of the Internal Capital Adequacy Assessment Part of the PRA Rulebook, the strategies, policies and procedures for identifying, taking up, managing, monitoring and mitigating the risks to which the firm is or might be exposed include conducting reverse stress testing in accordance with chapter 15 of the Internal Capital Adequacy Assessment Part of the PRA Rulebook. A common platform firm which falls outside the scope of chapter 15 of the Internal Capital Adequacy Assessment Part of the PRA Rulebook should consider conducting reverse stress tests on its business plan as well. This would further senior personnel’s understanding of the firm's vulnerabilities and would help them design measures to prevent or mitigate the risk of business failure.
- 03/08/2015
SYSC 7.1.4B
See Notes
SYSC 7.1.5
See Notes
[Note: article 7(1)(c) of the MiFID implementing Directive]
- 01/04/2013
- Past version of SYSC 7.1.5 before 01/04/2013
SYSC 7.1.6
See Notes
[Note: MiFID implementing Directive Article 7(2) first paragraph]
- 01/04/2013
- Past version of SYSC 7.1.6 before 01/04/2013
SYSC 7.1.7
See Notes
[Note: article 7(2) second paragraph of the MiFID implementing Directive]
- 01/04/2013
- Past version of SYSC 7.1.7 before 01/04/2013
SYSC 7.1.7A
See Notes
SYSC 7.1.7B
See Notes
SYSC 7.1.7C
See Notes
SYSC 7.1.8
See Notes
- 01/01/2014
- Past version of SYSC 7.1.8 before 01/01/2014
Additional rules for CRR firms
SYSC 7.1.17
See Notes
[Note: article 76(2) of CRD]
- 01/01/2014
SYSC 7.1.18
See Notes
[Note: article 76(3) of CRD]
- 01/01/2014
SYSC 7.1.18A
See Notes
- 01/01/2014
SYSC 7.1.19
See Notes
[Note: article 76(4) of CRD]
- 01/01/2014
SYSC 7.1.20
See Notes
[Note: article 76(4) of CRD]
- 01/01/2014
SYSC 7.1.21
See Notes
[Note: article 76(5) of CRD]
- 01/01/2014
SYSC 7.1.22
See Notes
[Note: article 76(5) of CRD]
- 01/01/2014
SYSC 8
Outsourcing
SYSC 8.1
General outsourcing requirements
- 01/11/2007
- Past version of SYSC 8.1 before 01/11/2007
[Note: ESMA has also issued guidelines under article 16(3) of the ESMA Regulation covering certain aspects of the MiFID compliance function requirements. See http://www.esma.europa.eu/content/Guidelines-certain-aspects-MiFID-compliance-function-requirements.]
SYSC 8.1.1
See Notes
[Note: article 13(5) first paragraph of MiFID]
- 01/04/2013
- Past version of SYSC 8.1.1 before 01/04/2013
SYSC 8.1.1A
See Notes
SYSC 8.1.2
See Notes
- 01/04/2013
- Past version of SYSC 8.1.2 before 01/04/2013
SYSC 8.1.3
See Notes
- 01/04/2013
- Past version of SYSC 8.1.3 before 01/04/2013
SYSC 8.1.4
See Notes
[Note: article 13(1) of the MiFID implementing Directive]
- 01/04/2013
- Past version of SYSC 8.1.4 before 01/04/2013
SYSC 8.1.5
See Notes
[Note: article 13(2) of the MiFID implementing Directive]
- 01/04/2013
- Past version of SYSC 8.1.5 before 01/04/2013
SYSC 8.1.5A
See Notes
SYSC 8.1.6
See Notes
[Note: article 14(1) of the MiFID implementing Directive]
- 01/04/2013
- Past version of SYSC 8.1.6 before 01/04/2013
SYSC 8.1.7
See Notes
[Note: article 14(2) first paragraph of the MiFID implementing Directive]
- 01/04/2013
- Past version of SYSC 8.1.7 before 01/04/2013
SYSC 8.1.8
See Notes
[Note: article 14(2) second paragraph of the MiFID implementing Directive]
- 01/04/2013
- Past version of SYSC 8.1.8 before 01/04/2013
SYSC 8.1.9
See Notes
[Note: article 14(3) of the MiFID implementing Directive]
- 01/04/2013
- Past version of SYSC 8.1.9 before 01/04/2013
SYSC 8.1.10
See Notes
[Note: article 14(4) of the MiFID implementing Directive]
SYSC 8.1.11
See Notes
[Note: article 14(5) of the MiFID implementing Directive]
SYSC 8.1.11A
See Notes
SYSC 8.1.12
See Notes
[Note: recital 20 of theMiFID implementing Directive]
SYSC 9
Record-keeping
SYSC 9.1
General rules on record-keeping
- 01/11/2007
SYSC 9.1.1
See Notes
[Note: article 13(6) of MiFID, article 5(1)(f) of the MiFID implementing Directive, article 12(1)(a) of the UCITS Directive and article 4(1)(e) of the UCITS implementing Directive]
- 01/04/2013
- Past version of SYSC 9.1.1 before 01/04/2013
SYSC 9.1.2
See Notes
[Note: article 51 (1) of the MiFID implementing Directive]
- 01/04/2013
- Past version of SYSC 9.1.2 before 01/04/2013
SYSC 9.1.3
See Notes
- 01/04/2013
- Past version of SYSC 9.1.3 before 01/04/2013
Guidance on record-keeping
SYSC 9.1.4
See Notes
- 01/04/2013
- Past version of SYSC 9.1.4 before 01/04/2013
SYSC 9.1.5
See Notes
- 01/04/2013
- Past version of SYSC 9.1.5 before 01/04/2013
SYSC 9.1.6
See Notes
- 01/04/2013
- Past version of SYSC 9.1.6 before 01/04/2013
SYSC 9.1.7
See Notes
- 01/04/2013
- Past version of SYSC 9.1.7 before 01/04/2013
SYSC 12
Group risk systems and controls requirements
SYSC 12.1
Application
- 01/01/2007
SYSC 12.1.1
See Notes
SYSC 12.1.2
See Notes
SYSC 12.1.3
See Notes
SYSC 12.1.4
See Notes
SYSC 12.1.5
See Notes
Purpose
SYSC 12.1.6
See Notes
SYSC 12.1.7
See Notes
General rules
SYSC 12.1.9
See Notes
SYSC 12.1.10
See Notes
Financial conglomerates
SYSC 12.1.11
See Notes
SYSC 12.1.12
See Notes
CRR firms and non-CRR firms that are parent financial holding companies in a Member State
SYSC 12.1.13
See Notes
If this rule applies under SYSC 12.1.14 R to a firm, the firm must:
[Note: article 109(2) of CRD]
[Note: article 109(2) of CRD]
SYSC 12.1.13A
See Notes
If this rule applies under SYSC 12.1.14R to a firm, the firm must:
(1) comply with SYSC 12.1.8R (2) in relation to any UK consolidation group or non-EEA sub-group of which it is a member, as well as in relation to its group; and
(2) ensure that the risk management processes and internal control mechanisms at the level of any consolidation group or non-EEA sub-group of which it is a member comply with the obligations set out in the following provisions on a consolidated (or sub-consolidated) basis:
(3) ensure that compliance with the obligations in (2) enables the consolidation group or non-EEA sub-group to have arrangements, processes and mechanisms that are consistent and well integrated and that any data relevant to the purpose of supervision can be produced.
[Note: article 109(2) of CRD]
- 01/10/2015
SYSC 12.1.13B
See Notes
SYSC 12.1.14
See Notes
SYSC 12.1.15
See Notes
Insurance undertakings
SYSC 12.1.16
See Notes
SYSC 12.1.17
See Notes
Nature and extent of requirements and allocation of responsibilities within the group
SYSC 12.1.18
See Notes
SYSC 12.1.19
See Notes
SYSC 12.1.20
See Notes
SYSC 12.1.21
See Notes
SYSC 12.1.22
See Notes
SYSC 13
Operational risk: systems and controls for insurers
SYSC 13.1
Application
- 31/12/2006
SYSC 13.1.1
See Notes
SYSC 13.1.2
See Notes
only in respect of the activities of the firm carried on from a branch in the United Kingdom.
SYSC 13.1.4
See Notes
SYSC 13.2
Purpose
- 31/12/2006
SYSC 13.2.1
See Notes
SYSC 13.2.2
See Notes
SYSC 13.2.3
See Notes
SYSC 13.2.4B
See Notes
- 01/04/2013
SYSC 13.3
Other related Handbook sections
- 31/12/2006
SYSC 13.3.1B
See Notes
- 01/04/2013
SYSC 13.4
Requirements to notify the appropriate regulator
- 01/04/2013
- Past version of SYSC 13.4 before 01/04/2013
SYSC 13.4.1
See Notes
SYSC 13.4.2
See Notes
SYSC 13.5
Risk management terms
- 31/12/2006
SYSC 13.5.1
See Notes
SYSC 13.6
People
- 31/12/2006
SYSC 13.6.1
See Notes
SYSC 13.6.2
See Notes
Employee responsibilities
SYSC 13.6.3
See Notes
SYSC 13.6.4
See Notes
SYSC 13.7
Processes and systems
- 31/12/2006
SYSC 13.7.1
See Notes
Internal documentation
SYSC 13.7.2
See Notes
External documentation
SYSC 13.7.3
See Notes
SYSC 13.7.4
See Notes
IT systems
SYSC 13.7.5
See Notes
SYSC 13.7.6
See Notes
Information security
SYSC 13.7.7
See Notes
SYSC 13.7.8
See Notes
Geographic location
SYSC 13.7.9
See Notes
SYSC 13.8
External events and other changes
- 31/12/2006
SYSC 13.8.1
See Notes
SYSC 13.8.2
See Notes
Unexpected changes and business continuity management
SYSC 13.8.3
See Notes
SYSC 13.8.4A
See Notes
- 02/04/2015
SYSC 13.8.5
See Notes
SYSC 13.8.6
See Notes
SYSC 13.8.7
See Notes
SYSC 13.8.8
See Notes
SYSC 13.9
Outsourcing
- 31/12/2006
SYSC 13.9.1
See Notes
SYSC 13.9.2
See Notes
SYSC 13.9.3
See Notes
SYSC 13.9.4
See Notes
SYSC 13.9.5
See Notes
SYSC 13.9.6
See Notes
SYSC 13.9.7
See Notes
SYSC 13.9.8
See Notes
SYSC 13.10
Insurance
- 31/12/2006
SYSC 13.10.1
See Notes
SYSC 13.10.2
See Notes
SYSC 14
Risk management and associated systems and controls for insurers
SYSC 14.1
Application
- 31/12/2006
SYSC 14.1.1
See Notes
SYSC 14.1.2
See Notes
SYSC 14.1.2A
See Notes
Purpose
SYSC 14.1.3
See Notes
SYSC 14.1.4
See Notes
SYSC 14.1.5
See Notes
How to interpret this section
SYSC 14.1.6
See Notes
SYSC 14.1.7
See Notes
SYSC 14.1.8
See Notes
SYSC 14.1.9
See Notes
The role of systems and controls
SYSC 14.1.10
See Notes
The prudential responsibilities of senior management and the apportionment of those responsibilities
SYSC 14.1.11
See Notes
The delegation of responsibilities within the firm
SYSC 14.1.12
See Notes
SYSC 14.1.13
See Notes
Firms subject to risk management on a group basis
SYSC 14.1.14
See Notes
SYSC 14.1.15
See Notes