SUP 10A.5 Significant-influence functions
What are the FCA significant-influence functions?
The FCA significant-influence functions, which are specified in SUP 10A.4.1 R, comprise the FCA governing functions (SUP 10A.6)3. SUP 10A.5 applies to each of the FCA significant-influence functions.
2Definition of FCA significant-influence function
Each FCA significant-influence function is one which comes within the definition of a significant-influence function.
A 1significant-influence function, in relation to the carrying on of a regulated activity by an appointed representative3, means a function that is likely to enable the person responsible for its performance to exercise a significant influence on the conduct of the appointed representative’s3 affairs, so far as relating to the activity.1
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Whether an FCA controlled function is likely to result in the person responsible for its performance exercising significant influence is a question of fact in each case. 3
3A function is not a significant-influence function unless it also meets the requirements of SUP 10A.3.1R (Provisions related to the Act).
Periods of less than 12 weeks
If:
- (1)
a firm or its appointed representative3 appoints an individual to perform a function which, but for this rule, would be an FCA significant-influence function;
- (2)
the appointment is to provide cover for an approved person whose absence is:
- (3)
the appointment is for less than 12 weeks in a consecutive 12-month period;
the description of the relevant FCA significant-influence function does not relate to those activities of that individual.
SUP 10A.5.6 R enables cover to be given for, as an example, holidays and emergencies and avoids the need for the precautionary approval of, for example, a deputy. However, as soon as it becomes apparent that a person will be performing an FCA controlled function for more than 12 weeks, the authorised approved person employer of the approved person in question3 should apply for approval.