Conduct Rules
Application provision
1.1 The changes to this rule are effective from 23:00 on 31/12/2020.
- (1) This Part applies to every function a person (P) performs in relation to a firm (A) that is:
- (a) a CRR firm;
- (b) a credit union; or
- (c) a third country CRR firm in relation to:
- (2) This Part only applies if P:
- (a) is approved under section 59 of FSMA to perform a senior management function in relation to A;
- (b) is an employee of A that should have been so approved;
- (c) is an employee or director who is performing a function that would have been a controlled function but for Senior Management Functions 2.3;
- (d) performs a certification function in relation to A;
- (e) is a Conduct Rules non-executive director of A; or
- (f) is a person in relation to whom a notice under section 59ZZA has been or could be given by the PRA to an authorised person.
- (3) 3.1 to 3.3 only apply to a person in (2)(a), (b), or (f).
- (4) 3.4 only applies to a person in (2)(a), (b), (e) or (f).
1
Application and Definitions
1.1
31/12/2020
The changes to this rule are effective from 23:00 on 31/12/2020.
- (1) This Part applies to every function a person (P) performs in relation to a firm (A) that is:
- (a) a CRR firm;
- (b) a credit union; or
- (c) a third country CRR firm in relation to:
- (2) This Part only applies if P:
- (a) is approved under section 59 of FSMA to perform a senior management function in relation to A;
- (b) is an employee of A that should have been so approved;
- (c) is an employee or director who is performing a function that would have been a controlled function but for Senior Management Functions 2.3;
- (d) performs a certification function in relation to A;
- (e) is a Conduct Rules non-executive director of A; or
- (f) is a person in relation to whom a notice under section 59ZZA has been or could be given by the PRA to an authorised person.
- (3) 3.1 to 3.3 only apply to a person in (2)(a), (b), or (f).
- (4) 3.4 only applies to a person in (2)(a), (b), (e) or (f).
1.2
07/11/2017
In this Part, the following definitions shall apply:
means, in relation to a firm, a person who is a member of the board of directors of the firm or, if there is no such board, the equivalent body responsible for the management of the firm.
has the meaning given in Certification 1.2.
means either a PRA senior management function or an FCA designated senior management function.
2
Individual Conduct Rules
2.1
07/03/2016
Individual Conduct Rule 1: You must act with integrity.
2.2
07/03/2016
Individual Conduct Rule 2: You must act with due skill, care and diligence.
3
Senior Manager Conduct Rules
3.1
07/03/2016
Senior Manager Conduct Rule 1: You must take reasonable steps to ensure that the business of the firm for which you are responsible is controlled effectively.
3.2
07/03/2016
Senior Manager Conduct Rule 2: You must take reasonable steps to ensure that the business of the firm for which you are responsible complies with the relevant requirements and standards of the regulatory system.
3.3
07/03/2016
Senior Manager Conduct Rule 3: You must take reasonable steps to ensure that any delegation of your responsibilities is to an appropriate person and that you oversee the discharge of the delegated responsibility effectively.