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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; or
  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.

2.1

07/03/2017

A firm must take reasonable care to ensure that none of its employees performs a certification function under an arrangement entered into by the firm in relation to the carrying on by the firm of a regulated activity, unless the employee has a valid certificate issued by the firm.

2.2

07/03/2016

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.

2.3

07/03/2016

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.

2.4

07/03/2016

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.