SC1: You must take reasonable steps to ensure that the business of the firm for which you are responsible is controlled effectively.
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COCON 2.2 1Senior manager conduct rules
SC2: 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.
SC3: 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.
COCON 2.3 1Firms: training and breaches
- (1)
The steps that an SMCR firm3 must take to ensure3 that its conduct rules staff understand how the rules in COCON apply to them include the provision of suitable training.
- (2)
Suitable training should always ensure that those who are subject to the rules in COCON have an awareness and broad understanding of all of the rules in COCON, and that they also have a deeper understanding of the practical application of the specific rules which are relevant to their work.
- (3)
For example:
- (a)
for individuals who trade in the markets, rule 5 in COCON 2.1.5R may apply in various circumstances arising in the individual’s day-to-day activities and additional training may be appropriate to ensure that the individual knows how that rule applies to those activities in those various circumstances; or
- (b)
for individuals who deal directly with customers, rule 4 in COCON 2.1.4R may apply in various circumstances which makes additional training appropriate for such individuals.
- (a)