SUP 10C.8A EEA branch senior manager function (SMF21)

1This section applies to an EEA SMCR firm.

1. (1)

   1A person performs the EEA branch senior manager function in relation to the branch in the United Kingdom of an EEA SMCR firm if that person has significant responsibility for one or more significant business units of the branch that carry on any of the activities listed in (2).

2. (2)

   The activities listed in this paragraph are:

   1. (a)

      designated investment business other than dealing in investments as principal, disregarding article 15 of the Regulated Activities Order;

   2. (b)

      processing confirmations, payments, settlements, insurance claims, client money and similar matters, in so far as this relates to designated investment business;

   3. (c)

      the activity of accepting deposits from banking customers and activities substantially connected to that activity to the extent that it does not fall within (a) or (b), above; and

   4. (d)

      activities that are subject to CASS.

3. (3)

   In considering whether a person performs the functions in (2), only activities carried on from the branch are relevant.

4. (4)

   Paragraph (2)(d) only applies in relation to the regulated activities of a firm that are not passported activities as defined in (5) and (6)2.

5. (5)

   For the purposes of this rule, “passported activities” of an EEA PTV firm means regulated activities that meet the following conditions:2

   1. (a)

      they are included in the permission of the EEA SMCR firm under the EEA Passport Rights (Amendment, etc., and Transitional Provisions) (EU Exit) Regulations 2018; and2

   2. (b)

      the firm was entitled to carry them on in the United Kingdom immediately before IP completion day by virtue of section 31(1)(b) or (c) of the Act as it was in force immediately before IP completion day.2

6. (6)

   For the purposes of this rule, “passported activities” of an EEA SMCR firm also mean regulated activities that were subject to an EEA right applicable to the category of firm into which the EEA SMCR firm falls and which the firm is entitled to carry on in its Home State. For these purposes EEA right has the meaning that it did in Schedule 3 of the Act as it was in force immediately before IP completion day and Home State has the meaning that it did in the Glossary as it was in force immediately before IP completion day.2