SUP 1.2 Introduction
- (1)
The Authorisation manual (AUTH), the Supervision manual (SUP), the Enforcement manual (ENF) and the Decision making manual (DEC) form the regulatory processes part of the Handbook.
- (2)
AUTH sets out the relationships between the FSA and applicants for Part IV permission and persons wishing to exercise EEA rights, Treaty rights or UCITS Directive rights.
- (3)
SUP sets out the relationship between the FSA and authorised persons (referred to in the Handbook as firms). As a general rule, material that is of continuing relevance after authorisation is in SUP.
- (4)
ENF describes the FSA's enforcement powers under the Act and sets out its policies for using those powers.
- (5)
DEC is principally concerned with, and sets out, the FSA's decision making procedures for decisions that involve the giving of statutory notices.
For a firm which undertakes business internationally (or is part of a group which does), the FSA will have regard to the context in which it operates, including the nature and scope of the regulation to which it is subject in jurisdictions other than the United Kingdom. For a firm with its head office outside the United Kingdom, the regulation in the jurisdiction where the head office is located will be particularly relevant. As part of its supervision of such a firm, the FSA will usually seek to cooperate with relevant overseas regulators, including exchanging information on the firm. Different arrangements apply for an incoming EEA firm, an incoming Treaty firm and a UCITS qualifier. The arrangements applying for an incoming EEA firm and an incoming Treaty firm are addressed in SYSC App 1. For UCITS qualifiers see also COLLG, and CIS 2.3, CIS 16, and CIS 171.
The FSA continues to develop the risk assessment approach set out in this chapter. The approach will not be introduced for all firms at commencement. For those firms where the approach is not introduced at commencement, the FSA continues to operate the risk assessment approach of the firm's previous regulator.