SUP 10C Annex 1 What functions apply to what type of firm
Part One: Introduction
1This annex sets out which FCA controlled function applies to which type of SMCR firm.
1If an FCA controlled function is not included in a table for a particular class of firm, that FCA controlled function does not apply to any firm in that class.
- (1)
1If one of the tables in this annex shows that an FCA controlled function applies to a type of firm, that function does not necessarily apply to every firm in that class.
- (2)
That may be because of limitations in the description of the function itself. For example, the partner function only applies to partnerships.
- (3)
Another reason would be if the rules defining the FCA controlled function refer to a rule elsewhere in the FCA Handbook and the latter only applies to certain types of firm.
- (4)
The exclusions in SUP 10C.1 are also relevant.
- (1)
1The table in SUP 10C Annex 1 3.2R sets out which FCA controlled function applies to which type of SMCR banking firm.
- (2)
SMCR firms in (1) are divided into the following categories for the purposes in (1):
- (a)
- (b)
an EEA SMCR banking firm; and
- (c)
1Table: Controlled functions applying to banking firms
(1) Brief description of function |
(2) Function number |
(3) UK firm |
(4) EEA firm |
(5) Third-country firm |
Governing functions |
||||
SMF 3 |
√ |
× |
√ |
|
SMF 13 |
√ |
× |
× |
|
SMF 27 |
√ |
× |
× |
|
Required functions |
||||
SMF 16 |
√ |
× |
√ |
|
SMF 17 |
√ |
√ |
√ |
|
SMF 18 |
√ |
× |
× |
|
SMF 22 |
× |
× |
√ |
|
Other high-level management functions |
||||
SMF 21 |
× |
√ |
× |
|
Note: The categories of firm in the column headings of this table are to be interpreted in accordance with the classification of firms in SUP 10C Annex 1 3.1R. Therefore: (1) column three (UK firm) refers to SUP 10C Annex 1 3.1R(2)(a); (2) column four (EEA firm) refers to SUP 10C Annex 1 3.1R(2)(b); and (3) column five (Third-country firm) refers to SUP 10C Annex 1 3.1R(2)(c). |
1Part Four: Functions applying to insurance sector firms
- (1)
1The table in SUP 10C Annex 1 4.2R sets out which FCA controlled function applies to which type of SMCR insurance firm.
- (2)
SMCR firms in (1) are divided into the following categories for the purposes in (1):
- (a)
a Solvency II firm not within any other paragraph of this rule;
- (b)
a Solvency II firm within paragraph (c) of the Glossary definition of Solvency II firm (EEA branch);
- (c)
a Solvency II firm within paragraph (b) of the Glossary definition of Solvency II firm (third country branch);
- (d)
- (e)
a firm in SYSC 23 Annex 1 5.2R (firms in run-off); and
- (f)
- (a)
- (3)
An insurance special purpose vehicle only falls into paragraph (2)(f). Subject to that, a firm in (2)(e) does not fall into any other paragraph.
1References to a Solvency II firm include a large non-directive insurer.
1Table: Controlled functions applying to insurance sector firms
(1) Brief description of function |
(2) Function number |
(3) Solvency II and large NDF |
(4) EEA branches |
(5) Third country branches |
(6) Small NDF and other |
(7) ISPV |
Governing functions |
||||||
SMF 3 |
√ |
× |
√ |
√ |
√ |
|
SMF 13 |
√ |
× |
× |
× |
× |
|
SMF 15 |
√ |
× |
√ |
× |
× |
|
SMF 27 |
√ |
× |
× |
√ |
× |
|
Required functions |
||||||
SMF 16 |
√ |
× |
√ |
√ |
√ |
|
SMF 17 |
√ |
√ |
√ |
√ |
× |
|
SMF 18 |
√ |
× |
× |
× |
× |
|
SMF 22 |
× |
× |
√ |
× |
× |
|
Conduct risk oversight (Lloyd’s) function See Note 2 |
SMF 23b |
√ |
× |
× |
× |
× |
Other high-level management functions |
||||||
SMF 21 |
× |
√ |
× |
× |
× |
|
Note 1: The categories of firm in the column headings of this table are to be interpreted in accordance with the classification of firms at SUP 10C Annex 1 4.1R. Therefore: (a) column three (Solvency II and large NDF) refers to SUP 10C Annex 1 4.1R(2)(a); (b) column four (EEA branches) refers to SUP 10C Annex 1 4.1R(2)(b); (c) column five (Third country branches) refers to SUP 10C Annex 1 4.1R(2)(c); (d) column six (Small NDF and other) refers to SUP 10C Annex 1 4.1R(2)(d) and (e); and (e) column seven (ISPV) refers to SUP 10C Annex 1 4.1R(2)(f). |
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Note 2: The conduct risk oversight (Lloyd’s) function only applies to the Society. |