SUP 1.2 Introduction

1. (1)

   The Authorisation manual (AUTH), the Supervision manual (SUP) and Decision, Procedure and Penalties manual (DEPP)2 form the regulatory processes part of the Handbook.

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2. (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. (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. (4)

   [deleted]2

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5. (5)

   DEPP is principally concerned with and sets out the FSA's decision making procedures that involve the giving of statutory notices, the FSA's policy in respect to the imposition and amount of penalties, and the conduct of interviews to which a direction under section 169(7) of the Act has been given or the FSA is considering giving. 2

   2

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.