SUP 10C.6 1FCA required functions

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.

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

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.

4The limited scope function is the function of acting in the capacity of a person:5

1. (1)

   responsible for the apportionment function and/or the oversight function set out in SYSC 4.4.5R;5

2. (2)

   who has the responsibility allocated under MAR 8.5.2R (Responsibility for benchmark activities: regulated benchmark administrators); or5

3. (3)

   performing the role of the senior manager described in MAR 8.5.4R(2) (Responsibility for benchmark activities: regulated benchmark administrators).5