SYSC 1.1A Application

21The provisions in SYSC should be read in conjunction with GEN 2.2.23 R to GEN 2.2.25 G. In particular:

1. (1)

   [deleted]9

2. (2)

   Provisions made by the FCA, and by the9PRA in the PRA Rulebook,9 may be applied by both regulators to PRA-authorised persons. Such provisions are applied by each regulator to the extent of its powers and regulatory responsibilities.9

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3. (3)

   5For Solvency II firms, the FCA considers that the requirements and guidance in Chapters 2, 3, 12 to 18 and 21 of SYSC are not inconsistent with: 7

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   1. (a)

      the parts of the PRA Rulebook implementing the governance provisions in the Solvency II Directive (articles 40 to 49);7

   2. (b)

      the Solvency II Regulation (EU) 2015/35 of 10 October 2014 (articles 258 to 275), or7

   3. (c)

      EIOPA guidelines on systems of governance dated 28 January 2015.7

   In most cases, there is no direct overlap with those provisions because the SYSC requirements are directed at FCA conduct requirements not expressly covered by or under the Solvency II Directive. Where there is a direct overlap with SYSC rules and guidance, the FCA will take the Solvency II Directive derived requirements and guidelines 7into account and will interpret the SYSCrules and guidance in a way that avoids inconsistency. The definition of Solvency II firm includes (for SYSC) large non-directive insurers because the PRA have applied certain Solvency II derived requirements to those firms. Where SYSC refers to the PRA Rulebook applicable to Solvency II firms, large non-directive insurers should read those references as if they were references to the corresponding part of the PRA Rulebook applicable to large non-directive insurers.8