SUP 10C.6 1FCA-required functions
Compliance oversight function (SMF16)
The compliance oversight function is the function of acting in the capacity of a director or senior manager who is allocated the function in:2
- (1)
SYSC 6.1.4R(2); or2
- (2)
article 22(3) of the MiFID Org Regulation; or2
- (3)
article 22(3) of the MiFID Org Regulation (as applied in accordance with SYSC 1 Annex 1 2.8AR, SYSC 1 Annex 1 3.2-AR, SYSC 1 Annex 1 3.2-BR, SYSC 1 Annex 1 3.2CR and SYSC 1 Annex 1 3.3R).2
Money laundering reporting function (SMF17)
The money laundering reporting function is the function of acting in the capacity of the money laundering reporting officer of a firm.
A firm's obligations in respect of its money laundering reporting officer are set out elsewhere in the Handbook (see SYSC 6.3.9R and, for their scope, see the application provisions in SYSC 1 Annex 1).