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Application provision

1.1 The changes to this rule are effective from 23:00 on 31/12/2020.

Unless otherwise stated, this Part applies to every firm that is:

  1. (1) a CRR firm;
  2. (2) a credit union; or
  3. (3) a third country CRR firm in relation to:
    1. (a) the activities of its establishment in the UK; or
    2. (b) if it does not have an establishment in the UK, its activities in the UK.

1.1

31/12/2020

The changes to this rule are effective from 23:00 on 31/12/2020.

Unless otherwise stated, this Part applies to every firm that is:

  1. (1) a CRR firm;
  2. (2) a credit union; or
  3. (3) a third country CRR firm in relation to:
    1. (a) the activities of its establishment in the UK; or
    2. (b) if it does not have an establishment in the UK, its activities in the UK.

1.2

01/01/2019

In this Part, the following definitions shall apply:

Chief Executive function

has the meaning given in 3.2.

Chief Finance function

has the meaning given in 3.3.

Chief Operations function

has the meaning given in 3.8.

critical function

has the meaning given in section 3(1) and (2) of the Banking Act 2009.

FCA activities

means a function which would, except for SUP10C.9.8R of the FCA Handbook, be an FCA governing function.

FCA approval

means at any time an approval granted to and in effect for a person by the FCA under section 59 of FSMA (Approval for particular arrangements) for the performance of a controlled function specified by the FCA.

Group Entity Senior Manager function

has the meaning given in 5.2.

Head of Key Business Area function

has the meaning given in 3.6.

Head of Overseas Branch function

has the meaning given in Senior Management Functions 7.2.

Senior Independent Director function

has the meaning given in 4.6.

1.3

07/03/2016

This Part does not apply to a function performed by:

  1. (1) a person acting as an insolvency practitioner within the meaning of section 388 of the Insolvency Act 1986; or
  2. (2) a person acting as a nominee in relation to a voluntary arrangement under Parts I (Company Voluntary Arrangements) and VIII (Individual Voluntary Arrangements) of the Insolvency Act 1986; or
  3. (3) a person acting as an insolvency practitioner within the meaning of Article 3 of the Insolvency (Northern Ireland) Order 1989; or
  4. (4) a person acting as a nominee in relation to a voluntary arrangement under Parts II (Company Voluntary Arrangements) and VIII (Individual Voluntary arrangements) of the Insolvency (Northern Ireland) Order 1989.