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1The purpose of CTPS is to set out the FCA’s rules for critical third parties.
1The purpose of the FCA’s rules for critical third parties is set out in the supervisory statement referred to in CTPS 2.2.1G.
1The regulators have published a joint Supervisory Statement titled ‘Operational resilience: Critical third parties to the UK financial sector’.
1That document sets out the regulators’ expectations of how critical third parties should comply with the regulators’ rules.
1That means that CTPS does not in general have guidance on the rules in CTPS. Instead, such guidance is to be found in the joint Supervisory Statement referred to in CTPS 2.2.1G. That Supervisory Statement should be the main source of reference for critical third parties on how to approach, interpret and comply with the rules in CTPS and the rules of the other regulators.
1The only exception is that guidance on the rules about skilled persons can be found in CTPS 13 (Reports by skilled persons).
1Virtually all the rules applicable to critical third parties are set out in CTPS. For the most part, a critical third party will not need to look at any other part of the Handbook.
1The table in CTPS 2.3.3G sets out the other parts of the Handbook and related provisions that apply to a critical third party in its capacity as such. The table does not cover a critical third party that is also subject to the Handbook in another capacity such as an authorised person or a person whose securities have been admitted to the official list.
1Table: Other parts of the Handbook and related material that apply:
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Module |
Chapter or section |
Comments |
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The whole of the Glossary applies |
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GEN 1.3 (Emergency) |
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GEN 2 (Interpreting the Handbook) |
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Rows (zp) and (zq) of Part 1A of the table in FEES 3.2.7R (Table of application, notification, vetting and other fees payable to the FCA) and other parts of FEES relating to the payment of such fees. |
These cover fees under sections 166(3)(b) and 166A(2)(b) of the Act, which relate to fees in relation to skilled persons. |
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SUP 8 (Waiver and modification of rules) |
While most of SUP 8 applies to a critical third party, the procedures for applying for a waiver do not apply. The FCA will direct what the application procedure is if and when a critical third party wants to apply for a waiver. SUP 8.1.1AG states that a reference in the chapter to a firm includes a reference to a person subject to rules made by the appropriate regulator which would include, among others, a critical third party. |
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SUP 9 (Individual guidance) |
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The whole of DEPP applies |
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The whole of EG applies |
