Application and purpose

Part

SYSC Senior Management Arrangements, Systems and Controls sourcebook

Chapter

Application and purpose

Printed on: 05/05/2024

Rulebook at: 01/10/2015

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

http://www.esma.europa.eu/content/Final-report-Guidelines-systems-and-controls-automated-trading-environment-trading-platforms;

and

- 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

The application of this sourcebook is summarised at a high level in the following table. The detailed application is cut back in SYSC 1 Annex 1 and in the text of each chapter.

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

01/07/2015

SYSC 1.1A.1A

Chapters 4 to 9 are not applicable to CRR firms (other than incoming firms).

03/08/2015

SYSC 1.1A.2

The provisions in SYSC should be read in conjunction with GEN 2.2.23 R to GEN 2.2.25 G. In particular:

(1) Provisions made by both the FCA and PRA may contain obligations for or references to FCA-authorised persons. GEN 2.2.23 R limits the application of those provisions so that the PRA will only apply them in respect of PRA-authorised persons and not to such FCA-authorised persons as are included within the provision.

(2) Provisions made by both the FCA and PRA may be applied by both regulators to PRA-authorised persons. Such provisions are applied by each regulator to the extent of its powers and regulatory responsibilities.

01/04/2013

SYSC 1.2

Purpose

01/12/2004

SYSC 1.2.1A

The purposes of SYSC are:

(1) to encourage firms' directors and senior managers to take appropriate practical responsibility for their firms' arrangements on matters likely to be of interest to the PRA because they impinge on the PRA's functions under the Act;

(2) to encourage firms to vest responsibility for effective and responsible organisation in specific directors and senior managers; and

(3) to create a common platform of organisational and systems and controls requirements for all firms.

19/06/2014

SYSC 1.4

Application of SYSC 11 to SYSC 21

01/05/2011

What?

SYSC 1.4.1

The application of each of chapters SYSC 11 to SYSC 21 is set out in those chapters and in SYSC 1.4.1A R.

01/04/2013

SYSC 1.4.1A

SYSC 12, SYSC 19A, SYSC 19D, SYSC 20 and SYSC 21 do not apply to a firm in relation to its carrying on of auction regulation bidding.

01/07/2015

SYSC 1.4.1B

Apart from SYSC 12, SYSC 19A, SYSC 19D, SYSC 20 and SYSC 21 which are disapplied by SYSC 1.4.1A R, the other chapters of SYSC 11 to SYSC 17 do not apply in relation to a firm's carrying on of auction regulation bidding because they only apply to an insurer. SYSC 18 provides guidance on the Public Interest Disclosure Act.

01/07/2015

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

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

(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

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

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

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

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

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

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

(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

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

[deleted]

2.2

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

The common platform requirements do not apply to an incoming ECA provider acting as such.

2.6A

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

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

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

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

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

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

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

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

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

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

For a full-scope UK AIFM of an authorised AIF, they apply in line with Column A++ in the table below.

3.2C

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

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

Provision SYSC 10 does not apply to PRA-authorised persons and the table below must be read accordingly.

3.3A

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

For the purposes of Provision SYSC 4 to Provision SYSC 9 in the table below, the references to:

(1) "common platform firm" in Column A must be read as "a common platform firm apart from a CRR firm (other than an incoming firm)"; and

(2) "all other firms" in Column B must be read as "all other firms apart from a CRR firm (other than an incoming firm)".

(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

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

SYSC 4.1.1A R

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

Rule

Not applicable

SYSC 4.1.3 R

[deleted]

SYSC 4.1.4 R

Rule

Not applicable

(1) and (3) Guidance (2) Rule

SYSC 4.1.4A G

Not applicable

Guidance

SYSC 4.1.5 R

Rule applies only to a MiFID investment firm

Rule

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

Not applicable

Guidance

SYSC 4.1.7A G

Not applicable

Guidance

SYSC 4.1.8 G

Guidance

SYSC 4.1.9 R

Rule

Not applicable

SYSC 4.1.10 R

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

Guidance

Guidance

Guidance

Guidance

Rule

- UK branch of non-EEA bank - rule applies.
- Other firms - Guidance

SYSC 4.2.1A G

Not applicable

Guidance

SYSC 4.2.2 R

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

- 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

Rule

Not applicable

SYSC 4.2.8 G

Not applicable

Rule

Not applicable

SYSC 4.2.9G

Not applicable

Guidance

Not applicable

SYSC 4.3.1 R

Rule

Not applicable

Rule (but not applicable to incoming EEA firms, incoming Treaty firms or UCITS qualifiers)

SYSC 4.3.2 R

Rule

Not applicable

Guidance (but not applicable to incoming EEA firms, incoming Treaty firms or UCITS qualifiers)

SYSC 4.3.2A G

Not applicable

Guidance (but not applicable to incoming EEA firms, incoming Treaty firms or UCITS qualifiers)

SYSC 4.3.3 G

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

SYSC 4.3A.2 R

Rule applicable to CRR firms

Rule for a CRR firm that is a UCITS investment firm

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

SYSC 4.3A.4 R

Rule applicable to CRR firms

Rule for a CRR firm that is a UCITS investment firm

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

SYSC 4.3A.6 R

Rule applicable for CRR firms

Rule for a CRR firm that is a UCITS investment firm

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

SYSC 4.3A.8 R

Rule applicable to CRR firms

Rule for a CRR firm that is a UCITS investment firm

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

SYSC 4.3A.10 R

Rule applicable to CRR firms

Rule for a CRR firm that is a UCITS investment firm

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

SYSC 4.4.1 R

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

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

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

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

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

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

Not applicable

Rule

SYSC 5.1.2 G

Guidance

SYSC 5.1.3 G

Guidance

Not applicable

Guidance

Guidance

Guidance

Guidance

Rule

Guidance

SYSC 5.1.7 R

Rule

Rule for a UCITS investment firm; otherwise guidance

Guidance

SYSC 5.1.7A G

Not applicable

Not applicable to a UCITS investment firm; otherwise guidance

Guidance

SYSC 5.1.8 G

Guidance

SYSC 5.1.9 G

Guidance

SYSC 5.1.10 G

Guidance

Guidance, but not applicable for the segregation of risk management functions

Guidance

SYSC 5.1.11 G

Guidance

SYSC 5.1.12 R

Rule

Not applicable

Guidance

SYSC 5.1.12A G

Not applicable

Guidance

SYSC 5.1.13 R

Rule

Not applicable

Rule

SYSC 5.1.14 R

Rule

Not applicable

Guidance

SYSC 5.1.15 G

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 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

SYSC 6.1.2 R

Rule

Not applicable

Guidance

SYSC 6.1.2A G

Not applicable

Guidance

SYSC 6.1.3 R

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

Guidance

SYSC 6.1.4 R

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

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

Guidance

SYSC 6.2.1 R

Rule

Not applicable

Guidance

SYSC 6.2.1A G

Not applicable

Guidance

SYSC 6.2.2 G

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

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

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

SYSC 7.1.7C G

Guidance

SYSC 7.1.8 G

[deleted]

SYSC 7.1.9 R

Rule applies to a BIPRU firm

Rule for a UCITS investment firm; otherwise 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

SYSC 7.1.11 R

Rule applies to a BIPRU firm

Rule for a UCITS investment firm; otherwise 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

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

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

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

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

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

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

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

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

Not applicable

Guidance

SYSC 8.1.3 G

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

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

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 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

SYSC 9.1.4 G

Guidance

SYSC 9.1.5 G

Guidance

Not applicable

Guidance

SYSC 9.1.6 G

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

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

Not applicable

Rule

SYSC 10.1.2 G

Guidance

Not applicable

Guidance

SYSC 10.1.3 R

Rule

Not applicable

Rule

SYSC 10.1.4 R

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

Guidance

SYSC 10.1.5 G

Guidance

Not applicable

Guidance

SYSC 10.1.6 R

Rule

Not applicable

SYSC 10.1.6A G

Not applicable