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:

  1. (1) the activities of its establishment in the UK; or
  2. (2) if it does not have an establishment in the UK, its activities in the UK.

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:

  1. (1) the activities of its establishment in the UK; or
  2. (2) if it does not have an establishment in the UK, its activities in the UK.

7.1A

31/12/2020

This rule is effective from 23:00 on 31/12/2020.

  1. (1) 7.2 and 7.3(1) do not apply to a third country CRR firm that is a SRO firm.
  2. (2) 7.4 and 7.5 apply only to a SRO firm.

 

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. (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. (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. (1) A third country CRR firm must ensure that at least one person performs the Head of Overseas Branch Function on its behalf.
  2. (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.