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  4. Point in time
    2020-03-27

SUP 10C.6 1FCA-required functions

Compliance oversight function (SMF16)

SUP 10C.6.1RRP

The compliance oversight function is the function of acting in the capacity of a person3 who is allocated the function in:2

  1. (1)

    SYSC 6.1.4R(2); 3

    2
  2. (2)

    article 22(3) of the MiFID Org Regulation; 3

    2
  3. (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);3

    2
  4. (4)

    SYSC 6.1.4CR;

    3
  5. (5)

    SYSC 3.2.8R; or4

    3
  6. (6)

    4(for a full-scope UK AIFM) article 61(3)(b) of the AIFMD level 2 regulation.

Money laundering reporting function (SMF17)

SUP 10C.6.2RRP

The money laundering reporting function is the function of acting in the capacity of the money laundering reporting officer of a firm.

SUP 10C.6.3GRP

[deleted]3

Conduct risk oversight (Lloyd’s) function (SMF23b)

SUP 10C.6.4R

3The conduct risk oversight (Lloyd’s) function is the function of acting in the capacity of a person who is allocated the function in SYSC 3.2.9AR.

Limited scope function (SMF29)

SUP 10C.6.5R

4The limited scope function is the function of acting in the capacity of a person responsible for the apportionment function and/or the oversight function set out in SYSC 4.4.5R.

SUP 10C.6.6G

4The fact that there is a person performing the limited scope function, and who has responsibility for activities subject to regulation by the FCA, may have a bearing on whether a manager who is based overseas will be performing an FCA controlled function. It is a factor to take into account when assessing the likely influence of the overseas manager.