Senior Management Functions UK Branch of Overseas Firm
Application provision
7.1 The changes to this rule are effective from 23:00 on 31/12/2020.
This Chapter applies only to a third country CRR firm in relation to:
7.1
31/12/2020
The changes to this rule are effective from 23:00 on 31/12/2020.
This Chapter applies only to a third country CRR firm in relation to:
7.1A
31/12/2020
7.2
31/12/2020
The changes to this rule are effective from 23:00 on 31/12/2020.
The Head of Overseas Branch Function (SMF 19) is the function of having responsibility alone or jointly with others, for:
- (1) the conduct of all activities of the UK establishment of a third country firm which are subject to the UK regulatory system; or
- (2) where the firm does not have an establishment in the UK, the conduct of all activities which are subject to the UK regulatory system.
7.3
07/03/2016
- (1) A third country CRR firm must ensure that at least one person performs the Head of Overseas Branch Function on its behalf.
- (2) If a vacancy arises in respect of the Head of Overseas Branch Function, a third country CRR firm must ensure that it appoints a person to fill that vacancy as soon as practicable.
7.4
31/12/2020
This rule is effective from 23:00 on 31/12/2020.
A SRO firm must ensure that at least one person performs the Head of Overseas Branch function on its behalf.
7.5
31/12/2020
This rule is effective from 23:00 on 31/12/2020.
For the purposes of 7.4, the Head of Overseas Branch Function (SMF 19) is the function of having responsibility to oversee the orderly run-off of the firm’s regulated activities in the UK.