Application provision

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

  1. (1) a CRR firm; or
  2. (2) a credit union; or
  3. (3) a third country CRR firm in relation to the activities of its establishment in the UK.



Future version

[Not in force]



For the purposes of this Part, any function that is performed by a significant risk taker for a firm is a certification function to the extent that the function requires the significant risk taker to be involved in one or more aspects of the firm’s affairs, so far as relating to a regulated activity carried on by the firm.



However, a significant risk taker does not perform a certification function for a firm  under 2.2 if the significant risk taker is performing any controlled function for that firm.



To the extent that:

  1. (1) a firm appoints a person to perform a function which, but for this rule, would be a certification function;
  2. (2) the appointment solely is to provide cover for a certification employee  whose absence is reasonably unforeseen; and
  3. (3) the appointment is for less than four weeks;

such a person does not perform a certification function.