SYSC 1 Annex 1 Detailed application of SYSC

Who?

1.124

R

SYSC 2 and SYSC 3 only apply to an insurer, a UK ISPV,32 a managing agent and the Society except that:

(1)

for an incoming EEA firm or an incoming Treaty firm:

(a)

SYSC 2.1.1 R and SYSC 2.1.2 G do not apply;

(b)

SYSC 2.1.3 R to SYSC 2.2.3 G apply, but only in relation to allocation of the function in SYSC 2.1.3 R (2) and only in so far as responsibility for the matter in question is not reserved by an EU3 instrument to the firm'sHome State regulator; and

(c)

SYSC 3 applies, but only in so far as responsibility for the matter in question is not reserved by an EU3 instrument to the firm'sHome State regulator;

(2)

for an incoming EEA firm which has permission only for cross border services and which does not carry on regulated activities in the United Kingdom, SYSC 2 and SYSC 3 do not apply;

(3)

for an incoming Treaty firm which has permission only for cross border services and which does not carry on regulated activities in the United Kingdom, SYSC 3.2.6A R to SYSC 3.2.6J G do not apply;

(4)

for a sole trader:

(a)

SYSC 2 applies but only if he employs any person who is required to be approved under section 59 of the Act (Approval for particular arrangements);

(b)

SYSC 3.2.6I R does not apply if he has no employees; and

(5)

SYSC 2 and SYSC 3 do not apply to an incoming ECA provider acting as such.

(6)

Except as provided for in (7), SYSC 2 and SYSC 3 do not apply to a firm in relation to benchmark activities.35

(7)

SYSC 2 and SYSC 3 continue to apply to a person with permission to carry on the regulated activity of administering a specified benchmark acting as such.35

351.1A

G

(1)

As a consequence of the benchmarks regulation, the regulated activity referred to in SYSC 1 Annex 1 1.1R(7) will cease to apply in certain circumstances (see SUP TP 10 for an explanation of those circumstances).

(2)

The effect of SYSC 1 Annex 1 1.1R(7) is that SYSC 2 and SYSC 3 continue to apply to firms which still have permission to carry on the regulated activity in SYSC 1 Annex 1 1.1R(7) when carrying on that activity.35

1.224

G

(1)

Question 12 in SYSC 2.1.6 G contains guidance on SYSC 1 Annex 1.1.1R(1)(b) and SYSC 1 Annex 1.1.1R(1)(c).

(2)

SYSC 1 Annex 1 .1.8R further restricts the territorial application of SYSC 2 and SYSC 3 for an incoming EEA firm or an incoming Treaty firm.

(3)

SYSC 1 Annex 1 .1.1R(3) puts an incoming EEA firm on an equal footing with unauthorised overseas persons who utilise the overseas persons exclusions in article 72 of the Regulated Activities Order.

(4)

Further guidance on which matters are reserved to a firm'sHome State regulator can be found at SUP 13A Annex 2.

What?

1.324

R

SYSC 2 and SYSC 3 apply with respect to the carrying on of:

(1)

regulated activities;

(2)

activities that constitute dealing in investments as principal, disregarding the exclusion in article 15 of the Regulated Activities Order (Absence of holding out etc); 32

(3)

ancillary activities in relation to designated investment business, home finance activity and insurance mediation activity; and32

32(4)

activities directly arising from insurance risk transformation;

except that SYSC 3.2.6A R to SYSC 3.2.6J G do not apply as described in SYSC 1 Annex 1.1.4R.

1.4

21

R

SYSC 3.2.6A R to SYSC 3.2.6J G do not apply:

(1)

with respect to the activities described in SYSC 1 Annex 1.1.3R(2) and SYSC 1 Annex 1.1.3R(3); or

(2)

in relation to the following regulated activities:

(a)

general insurance business;

32(aa)

insurance risk transformation;

(b)

insurance mediation activity in relation to a general insurance contract or pure protection contract;

(c)

long-term insurance business which is outside the Solvency II Directive18 (unless it is otherwise one of the regulated activities specified in this rule);

(d)

business relating to contracts which are within the Regulated Activities Order only because they fall within paragraph (e) of the definition of "contract of insurance" in article 3 of that Order;

(e)

(i)

arranging, by the Society, of deals in general insurance contracts written at Lloyd's; and

(ii)

managing the underwriting capacity of a Lloyd's syndicate as a managing agent at Lloyd's;

(f)

home finance mediation activity and administering a home finance transaction; and

(g)

reversion activity; or21

21(3)

to a pure reinsurer; or32

32(4)

in relation to activities directly arising from insurance risk transformation.

1.524

R

SYSC 2 and SYSC 3, except SYSC 3.2.6A R to SYSC 3.2.6J G, also apply with respect to the communication and approval of financial promotions which:

(1)

if communicated by an unauthorised person without approval would contravene section 21(1) of the Act (Restrictions on financial promotion); and

(2)

may be communicated by a firm without contravening section 238(1) of the Act (Restrictions on promotion of collective investment schemes).

1.624

R

SYSC 2 and SYSC 3, except SYSC 3.2.6A R to SYSC 3.2.6J G, also:

(1)

apply with respect to the carrying on of unregulated activities in a prudential context; and

(2)

take into account any activity of other members of a group of which the firm is a member.

1.724

G

SYSC 1 Annex 1 .1.6R(2) does not mean that inadequacy of a group member's systems and controls will automatically lead to a firm contravening, for example, SYSC 3.1.1 R. Rather, the potential impact of a group member's activities, including its systems and controls, and any systems and controls that operate on a group basis, will be relevant in determining the appropriateness of the firm's own systems and controls.

Where?

1.824

R

SYSC 2 and SYSC 3 apply with respect to activities carried on from an establishment maintained by the firm (or its appointed representative or, where applicable, its tied agent) in the United Kingdom unless another applicable rule which is relevant to the activity has a wider territorial scope, in which case SYSC 2 and SYSC 3 apply with that wider scope in relation to the activity described in that rule.

211.8A

R

(1) SYSC 3, except SYSC 3.2.6AR to SYSC 3.2.6JG, and

(2) for a UK domestic firm, SYSC 2;

also apply in a prudential context with respect to activities wherever they are carried on.

1.924

R

SYSC 2 and SYSC 3, except SYSC 3.2.6A R to SYSC 3.2.6J G, also apply in a prudential context to a UK domestic firm with respect to activities wherever they are carried on.

1.1024

R

SYSC 3 , except SYSC 3.2.6A R to SYSC 3.2.6J G, also applies in a prudential context to an overseas firm (other than an incoming EEA firm or an incoming Treaty firm) with respect to activities wherever they are carried on.

1.1124

G

(1)

In considering whether to take regulatory action under SYSC 2 or SYSC 3 in relation to activities carried on outside the United Kingdom, the appropriate regulator will take into account the standards expected in the market in which the firm is operating.

(2)

Most of the rules in SYSC 3 are linked to other requirements and standards under the regulatory system which have their own territorial limitations so that those SYSC rules are similarly limited in scope.

Actions for damages

1.1224

R

A contravention of the rules in SYSC 2 and SYSC 3 does not give rise to a right of action by a private person under section 138D of the Act (and each of those rules is specified under section 138D(3) of the Act as a provision giving rise to no such right of action).

Who?

2.124

R

The common platform requirements apply to every firm apart from an insurer, a UK ISPV,32 a managing agent and the Society unless provided otherwise in a specific rule.

2.224

R

For an incoming EEA firm or an incoming Treaty firm:

(1)

the rule on responsibility of senior personnel (SYSC 4.3) does not apply;

(2)

the common platform requirements apply only in so far as responsibility for the matter in question is not reserved by an EU3 instrument to the firm'sHome State regulator;

(3)

for an incoming EEA firm which has permission only for cross-border services and which does not carry on regulated activities in the United Kingdom, the common platform requirements do not apply;

(4)

for an incoming Treaty firm which has permission only for cross-border services and which does not carry on regulated activities in the United Kingdom, the common platform requirements on financial crime do not apply.

2.324

R

For a sole trader:

(1)

SYSC 4.3 and 4.4 do not apply as long as he does not employ any person who is required to be approved under section 59 of the Act (Approval for particular arrangements);

(2)

SYSC 4.1.4 R and SYSC 6.3.9 R do not apply if he has no employees.

2.424

R

For a UCITS qualifier:

(1)

the rule on responsibility of senior personnel (SYSC 4.3) does not apply; and

(2)

the common platform requirements apply in relation to the communication and approval of financial promotions only as set out in SYSC 1 Annex 1.2.12R.

[Note: section 266 of the Act.]

162.4A24

R

For an AIFM qualifier:

(1)

the rule on responsibility of senior personnel (SYSC 4.3) does not apply; and

(2)

the common platform requirements apply in relation to the communication and approval of financial promotions only as set out in SYSC 1 Annex 1, 2.12R.

2.524

R

For an authorised professional firm when carrying on non-mainstream regulated activities, the common platform requirements on financial crime, conflicts of interest and Chinese walls do not apply.

152.5A24

R

The common platform requirements on financial crime do not apply to a firm for which a professional body listed in Schedule 129 to the Money Laundering Regulations, and not the FCA, acts as the supervisory authority for the purposes of those regulations.

2.624

R

The common platform requirements do not apply to an incoming ECA provider acting as such.7

72.6A24

R

The common platform requirements do not apply to a firm (including an incoming EEA firm) in relation to its carrying on of auction regulation bidding, except for:

(1)

SYSC 6.1.1 R which only applies to the extent that it relates to the obligation to establish, implement and maintain adequate policies and procedures for countering the risk that the firm (including its managers, employees and appointed representatives) might be used to further financial crime; and

(2)

SYSC 6.3 (Financial crime).

112.6B24

R

Subject to SYSC 1 Annex 1 2.6CR, the common platform requirements do not apply to a full-scope UK AIFM of an unauthorised AIF except for:

(1)

SYSC 4.1.1 R to SYSC 4.1.2 R and SYSC 4.1.2B R to SYSC 4.1.2D R;

(2)

SYSC 4.2.1 R , SYSC 4.2.1B R, SYSC 4.2.2 R to SYSC 4.2.5 G, SYSC 4.2.7 R and SYSC 4.2.8 G;

(3)

SYSC 6.1.1 R , which only applies to the extent that it relates to the obligation to establish, implement and maintain adequate policies and procedures for countering the risk that the firm (including its managers and employees) might be used to further financial crime;

(4)

SYSC 6.1.4B G 13

(5)

SYSC 6.3 ;

(6)

SYSC 7.1.7BA G 13

(7)

SYSC 10.1.1 R and SYSC 10.1.22 R to SYSC 10.1.26 R; and

(8)

SYSC 10.2 .

2.6C24

R

The common platform requirements apply to an AIFM investment firm which is a full-scope UK AIFM in respect of its MiFID business in line with Column A in Table A 27of Part 3. 11

2.6D24

R

The common platform requirements apply to a full-scope UK AIFM of an authorised AIF in line with Column27 A++ in Table A 27of Part 3. 11

2.6E24

G

The common platform requirements apply to a small authorised UK AIFM in line with Column B in Table A 27 of Part 3 (unless such a firm is also a common platform firm, in which case they must comply with Column A).11

112.6F24

R

The common platform requirements do not apply to an incoming EEA AIFM branch in respect of its management of a UK AIF, except for:

(1)

those common platform requirements which are AIFMD host state requirements;

(2)

SYSC 6.1.1 R which only applies to the extent that it relates to the obligation to establish, implement and maintain adequate policies and procedures for countering the risk that the firm (including its managers and employees) might be used to further financial crime; and

(3)

SYSC 6.3 .

352.6G

R

(1)

Except as provided for in (2), the common platform requirements (other than SYSC 4.5 to SYSC 4.9 and SYSC 4 Annex 1) do not apply to a firm in relation to benchmark activities.

(2)

The common platform requirements continue to apply to a person with permission to carry on the regulated activity of administering a specified benchmark acting as such. 35

35 2.6H

G

(1)

As a consequence of the benchmarks regulation, the regulated activity referred to in SYSC 1 Annex 1 2.6GR(2) will cease to apply in certain circumstances (see SUP TP 10 for an explanation of those circumstances).

(2)

The effect of SYSC 1 Annex 1 2.6GR(2) is that the common platform requirements continue to apply to firms which still have permission to carry on the regulated activity in SYSC 1 Annex 1 2.6GR(2) when carrying on that activity.

2.724

G

EEA MiFID investment firms are reminded in particular that they must comply with the common platform record-keeping requirements in relation to a branch in the United Kingdom.6

62.7A24

G

EEA UCITS management companies are also reminded that they must comply with:

(1)

the common platform requirements indicated in Column A+ (Application to a management company) in Table A 27in Part 3 of this Annex;

(2)

the common platform record-keeping requirements; and

(3)

the common platform requirements on financial crime;

in relation to activities carried on from a branch in the United Kingdom. Where the common platform requirement addresses matters within the scope of article 12 of the UCITS Directive, an EEA UCITS management company should note that those matters may also be subject to the rules of its Home State regulator.

[Note: articles 12(1)(b), 14(1)(c),14(1)(d), 17(4), 18(3) and 19(1) of the UCITS Directive and articles 4(1)(e), 10(1), 10(2) and 10(3) of the UCITS implementing Directive]

What?

2.824

R

The common platform organisational requirements apply with respect to the carrying on of the following (unless provided otherwise within a specific rule):

(1)

regulated activities;

(2)

activities that constitute dealing in investments as principal, disregarding the exclusion in article 15 of the Regulated Activities Order (Absence of holding out etc);

(3)

ancillary activities;

(4)

in relation to MiFID business, ancillary services; and6

6(5)

collective portfolio management.

272.8A

R

(1)

Subject to (2) and (3), 30 articles 1(2), 21 to 25, 30 to 32 and 72 of the MiFID Org Regulation (including any relevant definitions in MiFID, MiFIR and the MiFID Org Regulation) apply as if they were rules or guidance in accordance with Part 3 (Tables summarising the application of the common platform requirements to different types of firm)30 to a firm’s carrying on of the business set out in SYSC 1 Annex 1 2.8R which is not 30MiFID business or a structured deposits regulated activity30.

(1A)30

Subject to (2) and (3), articles 33 to 35 of the MiFID Org Regulation of the MiFID Org Regulation (including any relevant definitions in MiFID, MiFIR and the MiFID Org Regulation) apply as if they were rules or guidance in accordance with Part 3 (Tables summarising the application of the common platform requirements to different types of firm) to a firm’s carrying on of the business set out in SYSC 10.1.1R which is not MiFID business or a structured deposits regulated activity.30

(2)

References in Column (1) to a word or phrase used in the MiFID Org Regulation for the purpose of (1) have the meaning indicated in Column (2) of the table below:

(1)

(2)

“ancillary services”

ancillary services or ancillary activities associated with the firm’s regulated activities

“client” and “potential client”

client

“competent authority”

FCA

“investment firm” and “firm”

firm

“investment service” and “investment services and activities”

designated investment business

“portfolio management” and “portfolio management service”

managing investments

“Directive 2014/65/EU”; “Regulation (EU) No 600/2014”; “Directive 2014/57/EU” and “Regulation (EU) No 596/2014” and their implementing measures

regulatory system, except where the reference is to a specific provision of a Directive or Regulation in Column (1) in which case the reference must be read as referring to such specific provision

“shall”

must

(3)

Any references within the MiFID Org Regulation for the purpose of (1) to other provisions of EU law must be interpreted in light of this rule.

(4)

This rule does not apply to a collective portfolio management investment firm in relation to the firm’s business other than its MiFID business.

[Note: The MiFID Org Regulation can be found at: http://eur-lex.europa.eu/legal-content/EN/TXT/PDF/?uri=CELEX:32017R0565&from=EN.]

2.8B

G

The purpose of SYSC 1 Annex 1 2.8R and SYSC 1 Annex 1 2.8AR is that the common platform organisational requirements and the common platform requirements on conflicts of interest30 also apply when carrying on any of the activities listed in SYSC 1 Annex 1 2.8R or SYSC 10.1.1R respectively30 even where they do not involve investment services and/or activities and, where relevant, ancillary services (unless provided otherwise within a specific rule).

2.8C

G

SYSC 1 Annex 1 2.8AR(3) has the effect that, where the requirement in the MiFID Org Regulation that is a common platform organisational requirement or a common platform requirement on conflicts of interest30 includes a reference or cross reference to another part of the MiFID Org Regulation, that reference or cross reference is given the same meaning as for the purposes of SYSC 1 Annex 1 2.8AR.

2.8D

G

For the purpose of SYSC 1 Annex 1 2.8AR, a firm should apply any guidance published by the FCA that assists with interpreting the definitions in MiFID, MiFIR and the MiFID Org Regulation.

2.924

G27

The application of the provisions on the conflicts of interest in SYSC 10 is set out in SYSC 10.1.-2G to SYSC 10.1.1AR27 and SYSC 10.2.1 R

2.1024

R

The provisions on record-keeping in SYSC 9 and articles 21 and 72 of the MiFID Org Regulation27 apply as set out in SYSC 1 Annex 1.2.8R and SYSC 1 Annex 1.2.8AR, except that they only apply to the carrying on of ancillary activities that are performed in relation to:

(1)

designated investment business;

(2)

home finance activity;

(3)

insurance mediation activity;12

(4)

credit-related regulated activity.12

2.1124

R

The common platform requirements on financial crime apply as set out in SYSC 1 Annex 1.2.8R, except that they do not apply:

(1)

with respect to:

(a)

activities that constitute dealing in investments as principal, disregarding the exclusion in article 15 of the Regulated Activities Order (Absence of holding out etc); and

(b)

ancillary activities; or

(2)

in relation to the following regulated activities:

(a)

general insurance business;

(b)

insurance mediation activity in relation to a general insurance contract or pure protection contract;

(c)

long-term insurance business which is outside theSolvency II Directive18 (unless it is otherwise one of the regulated activities specified in this rule);

(d)

business relating to contracts which are within the Regulated Activities Order only because they fall within paragraph (e) of the definition of "contract of insurance" in article 3 of that Order;

(e)

(i)

arranging by the Society of deals in general insurance contracts written at Lloyd's; and

(ii)

managing the underwriting capacity of a Lloyd's syndicate as a managing agent at Lloyd's;

(f)

home finance mediation activity and administering a home finance transaction;

(g)

reversion activity; and2

(h)

meeting of repayment claims and managing dormant account funds (including the investment of such funds)2managing dormant account funds (including the investment of such funds).

2.1224

R

The common platform organisational requirements, except the common platform requirements on financial crime, also apply with respect to the communication and approval of financial promotions which:

(1)

if communicated by an unauthorised person without approval would contravene section 21(1) of the Act (Restrictions on financial promotion); and

(2)

may be communicated by a firm without contravening section 238(1) of the Act (Restrictions on promotion of collective investment schemes).

2.1324

R

The common platform organisational requirements, except the common platform requirements on financial crime, also:

(1)

apply with respect to the carrying on of unregulated activities in a prudential context; and

(2)

take into account any activity of other members of a group of which the firm is a member.

2.13A24

R

SYSC 6.3 only applies to a firm in relation to carrying on a credit-related regulated activity, or operating an electronic system in relation to lending,17 to which the Money Laundering Regulations also apply.12

2.13B24

R

SYSC 6.3.8 R and SYSC 6.3.9 R do not apply to a firm with a limited permission for entering into a regulated credit agreement as lender. 12

2.13C24

G

The persons to whom the Money Laundering Regulations apply are set out in regulation 1029 of the Money Laundering Regulations. The persons include credit institutions (for example, banks) and financial institutions (for example, persons who carry on regulated activities which consist of or include entering into regulated credit agreements as lender). These expressions are defined in regulation 1029 of those Regulations.12

192.13D

R

SYSC 4.5 (Management responsibilities maps for UK20 relevant authorised persons), SYSC 4.6 (Management responsibilities maps for non-UK relevant authorised persons),20SYSC 4.7 (Senior management responsibilities for UK20 relevant authorised persons: allocation of responsibilities), SYSC 4.8 (Senior management responsibilities for third country relevant authorised persons: allocation of responsibilities),20SYSC 4.9 (Handover procedures and material) and25SYSC 5.2 (Certification regime)25 also:

19(1)

Apply to the carrying on of unregulated activities; and

19(2)

Take into account any activity of other members of a group of which the firm is a member.

2.1424

G

SYSC 1 Annex 1 .2.13R(2) does not mean that inadequacy of a group member's systems and controls will automatically lead to a firm contravening any of the common platform organisational requirements. Rather, the potential impact of a group member's activities, including its systems and controls, and any systems and controls that operate on a group basis, will be relevant in determining the appropriateness of the firm's own systems and controls.

272.14A

G

The systems and control requirements in article 17 of MiFID for the following are in chapter 7A of the Market Conduct sourcebook (MAR):

(1)

algorithmic trading;

(2)

direct electronic access to a trading venue; and

(3)

acting as a general clearing member of a trading venue.

272.14B

G

Firms should refer to articles 38 to 42 of the MiFID Org Regulation for additional organisational requirements for underwriting and placing.

Where?

2.1524

R

The common platform requirements, except the common platform record-keeping requirements, apply to a firm in relation to activities carried on by it from an establishment in the United Kingdom. However, SYSC 4.5 (Management responsibilities maps for UK20 relevant authorised persons), SYSC 4.6 (Management responsibilities maps for non-UK relevant authorised persons),20SYSC 4.7 (Senior management responsibilities for UK20 relevant authorised persons: allocation of responsibilities), SYSC 4.8 (Senior management responsibilities for third country relevant authorised persons: allocation of responsibilities),20SYSC 4.9 (Handover procedures and material) and25SYSC 5.2 (Certification regime)25 apply in accordance with the rules in those sections.19

2.1624

R

The common platform requirements, except the common platform requirements on financial crime and the common platform record-keeping requirements, apply to a firm that is not a UK UCITS management company6 in relation to passported activities carried on by it from a branch in another EEA State.6

62.16A24

R

(1)

The common platform requirements referred to in Column A+ in Table A 27of Part 3 (below) apply to a UK UCITS management company in relation to passported activities carried on by it from a branch in another EEA State.

(2)

Any other common platform requirement applies to a UK UCITS management company in relation to passported activities carried on by it from a branch in another EEA State to the extent that the requirement addresses matters within the scope of article 12 of the UCITS Directive.

62.16B24

G

The matters referred to in paragraph 2.16AR of this Annex may also be subject to the rules of the UK UCITS management company'sHost State regulator.

2.16C24

R

The common platform requirements apply to a full-scope UK AIFM in respect of its management of an AIF where carried on from an establishment in the UK. 11

2.16D24

R

The common platform requirements, except those which are AIFMD host state requirements, apply to a full-scope UK AIFM in respect of its management of an EEA AIF from a branch in another EEA State.11

2.16E24

R

The common platform requirements apply to an AIFM investment firm which is a full-scope UK AIFM in respect of its MiFID business where carried on from an establishment in the UK.11

2.16F24

R

The common platform requirements, except the common platform requirements on financial crime and the common platform record-keeping requirements, apply to an AIFM investment firm in respect of its MiFID business where carried on from a branch in another EEA State.11

2.1724

R

The common platform record-keeping requirements apply to activities carried on by a firm from an establishment maintained in the United Kingdom, unless another applicable rule which is relevant to the activity has a wider territorial scope, in which case the common platform record-keeping requirements apply with that wider scope in relation to the activity described in that rule.

[Note: article16(11) first paragraph 27of MiFID]

2.1824

R

The common platform organisational requirements, except the common platform requirements on financial crime, also apply in a prudential context to a UK domestic firm and to an overseas firm (other than an incoming EEA firm or an Incoming Treaty firm) with respect to activities wherever they are carried on. However, SYSC 4.5 (Management responsibilities maps for UK20 relevant authorised persons), SYSC 4.6 (Management responsibilities maps for non-UK relevant authorised persons),20SYSC 4.8 (Senior management responsibilities for third country relevant authorised persons: allocation of responsibilities),20SYSC 4.7 (Senior management responsibilities for UK20 relevant authorised persons: allocation of responsibilities), SYSC 4.9 (Handover procedures and material) and25SYSC 5.2 (Certification regime)25 apply in accordance with the rules in those sections.19

272.18A

G

SYSC 6.1.1R on systems and controls for countering the risk that a firm might be used to further financial crime is:

(1)

a common platform organisational requirement, not a common platform requirement on financial crime; and

(2)

subject to the application, amongst other provisions, of SYSC 1 Annex 1 2.13R, SYSC 1 Annex 1 2.16R and SYSC 1 Annex 1 2.18R.

Actions for damages

2.1924

R

A contravention of a rule in the common platform requirements does not give rise to a right of action by a private person under section 138D of the Act (and each of those rules is specified under section 138D(3) of the Act as a provision giving rise to no such right of action).

3.124

G

The common platform requirements apply as described in the following table 27 (subject to the provisions in Part 2 of this Annex (Application of the common platform requirements)27).

Type of firm

Common platform requirements

Common platform firm

SYSC 1 Annex 1 3.2G, SYSC 1 Annex 1 3.2-AR and SYSC 1 Annex 1 3.2-BR

Management company

SYSC 1 Annex 1 3.2AG

Full-scope UK AIFM of an authorised AIF

SYSC 1 Annex 1 3.2BR

MiFID optional exemption firm

SYSC 1 Annex 1 3.2CR

Third country firm

SYSC 1 Annex 1 3.2CR

All other firms (apart from insurers, managing agents, the Society, full-scope UK AIFMs of unauthorised AIFs, MiFID optional exemption firms and third country firms)

SYSC 1 Annex 1 .3.3R

Common platform firm27

3.224

G

For a common platform firm (other than a dormant account fund operator not subject to MiFID):27

(1)27

SYSC 4 to SYSC 1027 apply in accordance with Column A in Table A below;27 and

(2)27

articles 1(2), 21 to 25, 30 to 3530 and 72 of the MiFID Org Regulation are directly applicable to the firm27.

273.2-A

R

For a common platform firm (other than a dormant account fund operator not subject to MiFID), articles 1(2), 21 to 25, 30 to 3530 and 72 of the MiFID Org Regulation apply to the firm’s business other than MiFID business or structured deposits regulated activities as if the MiFID Org Regulation applied to the firm as rules in accordance with SYSC 1 Annex 1 2.8R and SYSC 1 Annex 1 2.8AR.

273.2-B

R

For a common platform firm that is a dormant account fund operator and is not subject to MiFID:

(1)

SYSC 4 to SYSC 10 apply in accordance with Column A in Table A below; and

(2)

articles 1(2), 21 to 25, 30 to 3530 and 72 of the MiFID Org Regulation apply as if the MiFID Org Regulation applied to the firm as rules in accordance with SYSC 1 Annex 1 2.8R and SYSC 1 Annex 1 2.8AR.

27Management company

63.2A24

G

For a management company, the common platform requirements in SYSC 4 to SYSC 1027 apply in accordance with Column A+ in Table A27 below.

27Full-scope UK AIFM of an authorised AIF

3.2B24

R

For a full-scope UK AIFM of an authorised AIF, the common platform requirements in SYSC 4 to SYSC 1027 apply in accordance27 with Column A++ in 27Table A below.

27MiFID optional exemption firm and a third country firm

273.2C

R

For a MiFID optional exemption firm and a third country firm:

(1)

SYSC 4 to SYSC 10 apply as rules or as guidance in accordance with Table B below in the following way:

(a)

where a rule is shown modified as 'Guidance', it should be read as guidance (as if "should" appeared in that rule instead of "must"); and

(b)

the provision should be applied in a proportionate manner, taking into account the nature, scale and complexity of the firm’s business; and

(2)

articles 1(2), 21 to 25, 30 to 32 and 72 of the MiFID Org Regulation apply as if the MiFID Org Regulation applied to the firm as rules (in accordance with SYSC 1 Annex 1 2.8R and SYSC 1 Annex 1 2.8AR) or as guidance in accordance with Part 1 of Table C below. Part 2 of Table C sets out those articles of the MiFID Org Regulation.

273.2D

R

(1)

Subject to (2), SYSC 4.3A.6R, SYSC 4.3A.8R and SYSC 7.1.18R apply to a MiFID optional exemption firm that is ‘significant’ as a rule or as guidance in accordance with SYSC 1 Annex 1 3.2CR.

(2)

In (1), ‘significant’ means a MiFID optional exemption firm that meets one of more of the conditions in paragraphs (1) to (5) of IFPRU 1.2.3R and related rules and guidance.

27Other firms

3.2E30

R

SYSC 1 Annex 1 3.3R does not apply to the following:

(1)

insurers and UK ISPVs32;

(2)

managing agents;

(3)

the Society;

(4)

full-scope UK AIFMs of unauthorised AIFs;

(5)

MiFID optional exemption firms; and

(6)

third country firms.

3.324

R

For all other firms:27

(1)27

SYSC 4 to SYSC 1027 apply as rules or as guidance27 in accordance with Column B in Table A27 below in the following way:27

(a)27

27where a rule is shown modified in Column B as 'Guidance', it should be read as guidance (as if "should" appeared in that rule27 instead of "must"); 27and

(b)27

the provision27 should be applied in a proportionate manner, taking into account the nature, scale and complexity of the firm’s27 business; and27

(2)27

articles 1(2), 21 to 25, 30 to 3530 and 72 of the MiFID Org Regulation do not apply27.

273.3A

R

SYSC 1 Annex 1 3.3R(1)(b) does not apply to a firm in relation to the requirements in SYSC 4.5 (Management responsibilities maps for UK relevant authorised persons), SYSC 4.6 (Management responsibilities maps for non-UK relevant authorised persons), SYSC 4.7 (Senior management responsibilities for UK relevant authorised persons: allocation of responsibilities), SYSC 4.8 (Senior management responsibilities for third country relevant authorised persons: allocation of responsibilities), SYSC 4.9 (Handover procedures and material) and SYSC 5.2 (Certification regime).

27 SYSC 4.1.-2G

Guidance

Not applicable save in relation to a UCITS investment firm and its MiFID business

Not applicable

Not applicable

27 SYSC 4.1.-1G

Not applicable

Not applicable

Not applicable

Not applicable

SYSC 4.1.1R 24

Rule10

Rule10

Rule10

Rule10

SYSC 4.1.1AR 24

Not applicable

Not applicable

Rule

Not applicable

SYSC 4.1.1BR 24

Not applicable

Not applicable

Rule

Not applicable

14 SYSC 4.1.1CR 24

Rule for a BIPRU firm

Rule for a BIPRU firm that is a UCITS investment firm

Not applicable

Third country BIPRU firms: Rule27

Other firms:27 Not applicable

23 SYSC 4.1.1DR

Not applicable

Rule

Not applicable

Not applicable

23 SYSC 4.1.1ER

Not applicable

Rule

Not applicable

Not applicable

23 SYSC 4.1.1FG 26

Not applicable

Guidance

Not applicable

Not applicable

SYSC 4.1.2R 24

Rule

Rule for a UCITS investment firm; otherwise guidance

Rule

Guidance

SYSC 4.1.2AG 24

Not applicable

Guidance for a UCITS firm; not applicable to a UCITS investment firm

Not applicable

Guidance

14 SYSC 4.1.2AAR 24

Rule for a BIPRU firm

Rule for a BIPRU firm that is a UCITS investment firm

Not applicable

Not applicable

SYSC 4.1.2BR 24

Not applicable

Rule

Rule

Not applicable

SYSC 4.1.2CR 24

Not applicable

Rule

Not applicable

SYSC 4.1.2DR 24

Not applicable

Not applicable

Rule

Not applicable

SYSC 4.1.3R 24

[deleted]10

[deleted]10

[deleted]10

[deleted]10

SYSC 4.1.4R 24

Not applicable27

Rule

Not applicable

(1) and (3):27 Guidance; (2):27 Rule

SYSC 4.1.4AG 24

Not applicable

Not applicable

Not applicable

Guidance

SYSC 4.1.5R 24

Not applicable27

Rule

Not applicable

Not applicable

SYSC 4.1.6R 24

Rule

Rule for a UCITS investment firm; otherwise guidance

Not applicable

Guidance

SYSC 4.1.7R 24

Rule CRR firm for a only27

Rule

Not applicable

Guidance

SYSC 4.1.7AG 24

Not applicable

Not applicable

Not applicable

Guidance

SYSC 4.1.8G 24

Guidance

Guidance

Guidance

Guidance

SYSC 4.1.9R 24

Not applicable27

Rule

Not applicable

Not applicable

SYSC 4.1.10R 24

Not applicable27

Rule

Not applicable

Guidance - except reference to SYSC 4.1.9 R which does not apply to these firms

SYSC 4.1.10AG 24

Not applicable

Not applicable

Not applicable

Guidance

SYSC 4.1.11G 24

Guidance

Guidance

Guidance

Guidance

SYSC 4.1.13G 24

Guidance

Guidance

Guidance

Guidance

SYSC 4.1.14G 24

Guidance

Guidance

Guidance

Guidance

SYSC 4.2.1R 24

Rule

Rule

Rule

27Guidance

SYSC 4.2.1AG 24

Not applicable

Not applicable

Not applicable

Guidance

SYSC 4.2.2R 24

Rule

Rule

Rule

Not applicable27

SYSC 4.2.3G - 4.2.5G24

Guidance

Guidance

Guidance

Not applicable27

SYSC 4.2.6R 24

Rule

Rule for a UCITS investment firm; otherwise not applicable

Not applicable

Not applicable27

SYSC 4.2.7R 24

Not applicable

Not applicable

Rule

Not applicable

SYSC 4.2.8G 24

Not applicable

Not applicable

Rule

Not applicable

SYSC 4.2.9G24

[deleted]24

[deleted]24

[deleted]24

[deleted]24

SYSC 4.3.1R 24

Not applicable27

Rule

Not applicable

Rule (but not applicable to incoming EEA firms, incoming Treaty firms or UCITS qualifiers)

SYSC 4.3.2R 24

Not applicable27

Rule

Not applicable

Guidance (but not applicable to incoming EEA firms, incoming Treaty firms or UCITS qualifiers)

SYSC 4.3.2AG 24

Not applicable

Not applicable

Not applicable

Guidance (but not applicable to incoming EEA firms, incoming Treaty firms or UCITS qualifiers)

SYSC 4.3.3G 24

Guidance

Guidance

Not applicable

Guidance (but not applicable to incoming EEA firms, incoming Treaty firms or UCITS qualifiers)

14 SYSC 4.3A.-1R 24

Rule 2734(except for an AIFM investment firm that is not a CRR firm)

Rule for a CRR firm that is a UCITS investment firm

Not applicable

Not applicable

10 SYSC 4.3A.1R 24

Rule 2734(except for an AIFM investment firm that is not a CRR firm)

Rule for a CRR firm that is a UCITS investment firm

Not applicable

Not applicable

27 SYSC 4.3A.1AR

Rule 34(except for an AIFM investment firm that is not a CRR firm)

Rule for a CRR firm that is a UCITS investment firm

Not applicable

Not applicable

10 SYSC 4.3A.2R 24

Rule

27 34(except for an AIFM investment firm that is not a CRR firm)

Rule for a CRR firm that is a UCITS investment firm

Not applicable

Not applicable

27 SYSC 4.3A.2AG

Guidance 34(except for an AIFM investment firm that is not a CRR firm)

Guidance for a CRR firm that is a UCITS investment firm

Not applicable

Not applicable

10 SYSC 4.3A.3R 24

Rule 2734(except for an AIFM investment firm that is not a CRR firm)

Rule for a CRR firm that is a UCITS investment firm

Not applicable

Not applicable

10 SYSC 4.3A.4R 24

Rule 2734(except for an AIFM investment firm that is not a CRR firm)

Rule for a CRR firm that is a UCITS investment firm

Not applicable

Not applicable

10 SYSC 4.3A.5R 24

Rule 2734(except for an AIFM investment firm that is not a CRR firm)

Rule for a CRR firm that is a UCITS investment firm

Not applicable

Not applicable

10 SYSC 4.3A.6R 24

Rule 2734(except for an AIFM investment firm that is not a CRR firm)

Rule for a CRR firm that is a UCITS investment firm

Not applicable

Not applicable

10 SYSC 4.3A.7R 24

Rule 2734(except for an AIFM investment firm that is not a CRR firm)

Rule for a CRR firm that is a UCITS investment firm

Not applicable

Not applicable

10 SYSC 4.3A.8R 24

Rule 2734(except for an AIFM investment firm that is not a CRR firm)

Rule for a CRR firm that is a UCITS investment firm

Not applicable

Not applicable

10 SYSC 4.3A.9R 24

Rule 2734(except for an AIFM investment firm that is not a CRR firm)

Rule for a CRR firm that is a UCITS investment firm

Not applicable

Not applicable

10 SYSC 4.3A.10R 24

Rule 2734(except for an AIFM investment firm that is not a CRR firm)

Rule for a CRR firm that is a UCITS investment firm

Not applicable

Not applicable

10 SYSC 4.3A.11R 24

Rule applicable to CRR firms

Rule for a CRR firm that is a UCITS investment firm

Not applicable

Not applicable

SYSC 4.4.1R 24

[deleted]24

[deleted]24

[deleted]24

[deleted]24

SYSC 4.4.1AR 24

Not applicable

Not applicable

Not applicable

Rule applies this section only to:

(1) an authorised professional firm in respect of its non-mainstream regulated activities unless the firm is also conducting other regulated activities and has appointed approved persons to perform the governing functions with equivalent responsibilities for the firm'snon-mainstream regulated activities and other regulated activities;

(2) activities carried on by a firm whose principal purpose is to carry on activities other than regulated activities and which is:

(a) an oil market participant;

(b) a service company;

(c) an energy market participant;

(d) a wholly-owned subsidiary of:

(i) a local authority;

(ii) a registered social landlord;

(e) a firm with permission to carry on insurance mediation activity in relation to non-investment insurance contracts but no other regulated activity

22except advising on P2P agreements

;

(2A) a credit firm which holds a limited permission (other than a not-for-profit debt advice body) with respect to the relevant credit activity (as defined in paragraph 2G of Schedule 6 to the Act) for which it has limited permission;

(3) an incoming Treaty firm, an incoming EEA firm and a UCITS qualifier, (but only SYSC 4.4.5R (2) applies for these firms); and

(4) a sole trader, but only if he employs any person who is required to be approved under section 59 of the Act (Approval for particular arrangements). 12

SYSC 4.4.1AR

Not applicable

Not applicable

Not applicable

SYSC 4.4.2G 24

Not applicable

Not applicable

Not applicable

Guidance only applying to the firms specified in 24SYSC 4.4.1A R8

SYSC 4.4.3R 24

Not applicable

Not applicable

Not applicable

Rule only applying to the firms specified in24SYSC 4.4.1A R8

SYSC 4.4.4G 24

Not applicable

Not applicable

Not applicable

Guidance only applying to the firms specified in24SYSC 4.4.1A R8

SYSC 4.4.5R 24

Not applicable

Not applicable

Not applicable

Rule only applying to the firms specified in24SYSC 4.4.1A R8

SYSC 4.4.6G 24

Not applicable

Not applicable

Not applicable

Guidance only applying to the firms specified in24SYSC 4.4.1A R8

19 SYSC 4.5

Whole section applies to UK relevant authorised persons20 only

Not applicable

Not applicable

Whole section applies to relevant authorised persons only. All rules apply as rules and not as guidance. 27

20 SYSC 4.6

Applies to EEA relevant authorised persons and third country relevant authorised persons in accordance with the rules in SYSC 4.6

Not applicable

Not applicable

Whole section applies to relevant authorised persons only. All rules apply as rules and not as guidance. 27

19 SYSC 4.7

Whole section applies to UK relevant authorised persons20 only

Not applicable

Not applicable

Whole section applies to relevant authorised persons only. All rules apply as rules and not as guidance. 27

20 SYSC 4.8

Applies to third country relevant authorised persons only

Not applicable

Not applicable

Whole section applies to relevant authorised persons only. All rules apply as rules and not as guidance. 27

19 SYSC 4.9

Whole section applies to third country relevant authorised persons and UK relevant authorised persons20 only

Not applicable

Not applicable

Whole section applies to relevant authorised persons only. All rules apply as rules and not as guidance. 27

27 SYSC 5.1.-2G

Guidance

Not applicable save in relation to a UCITS investment firm and its MiFID business

Not applicable

Not applicable

27 SYSC 5.1.-1G

Not applicable

Not applicable

Not applicable

Not applicable

SYSC 5.1.1R 24

Not applicable27

Rule

Not applicable

Rule

SYSC 5.1.2G 24

Guidance

Guidance

Guidance

Guidance

SYSC 5.1.3G 24

Guidance

Guidance

Not applicable

Guidance

SYSC 5.1.4G 24

Guidance

Guidance

Guidance

Guidance

SYSC 5.1.4AG 24

Guidance

Guidance

Guidance

Guidance

SYSC 5.1.5G 24

Guidance

Guidance

Guidance

Guidance

SYSC 5.1.5AG 24

Guidance

Guidance

Guidance

Guidance

28 SYSC 5.1.5AAR

Rule

Not applicable save in relation to a UCITS investment firm and its MiFID business

Not applicable

Rule applicable to the branch of an incoming EEA firm in relation to its MiFID business

Other firms:

Not applicable

28 SYSC 5.1.5ABR

Rule

Not applicable save in relation to a UCITS investment firm and its MiFID business

Not applicable

Rule applicable to the branch of an incoming EEA firm in relation to its MiFID business

Other firms:

Not applicable

28 SYSC 5.1.5ACG

Guidance

Not applicable save in relation to a UCITS investment firm and its MiFID business

Not applicable

Guidance applicable to the branch of an incoming EEA firm in relation to its MiFID business

Other firms:

Not applicable

28 SYSC 5.1.5ADG

Guidance

Not applicable save in relation to a UCITS investment firm and its MiFID business

Not applicable

Guidance applicable to the branch of an incoming EEA firm in relation to its MiFID business

Other firms:

Not applicable

28 SYSC 5.1.5AEG

Guidance

Not applicable save in relation to a UCITS investment firm and its MiFID business

Not applicable

Guidance applicable to the branch of an incoming EEA firm in relation to its MiFID business

Other firms:

Not applicable

SYSC 5.1.6R 24

Not applicable27

Rule

Guidance

Guidance

SYSC 5.1.7R 24

Rule

Rule for a UCITS investment firm; otherwise guidance

Guidance

Guidance

SYSC 5.1.7AG 24

Not applicable

Not applicable to a UCITS investment firm; otherwise guidance

Guidance

Guidance

SYSC 5.1.8G 24

Guidance

Guidance

Guidance

Guidance

SYSC 5.1.9G 24

Guidance

Guidance

Guidance

Guidance

SYSC 5.1.10G 24

Guidance

Guidance

Guidance, but not applicable for the segregation of risk management functions

Guidance

SYSC 5.1.11G 24

Guidance

Guidance

Guidance

Guidance

SYSC 5.1.12R 24

Not applicable27

Rule

Not applicable

Guidance

SYSC 5.1.12AG 24

Not applicable

Not applicable

Not applicable

Guidance

SYSC 5.1.13R 24

Not applicable27

Rule

Not applicable

Rule

SYSC 5.1.14R 24

Not applicable27

Rule

Not applicable

Guidance

SYSC 5.1.15G 24

Not applicable

Not applicable

Not applicable

Guidance

19 SYSC 5.2

Whole section applies to relevant authorised persons only. All rules apply as rules and not as guidance.

Not applicable

Not applicable

Whole section applies to relevant authorised persons only. All rules apply as rules and not as guidance.

25

25

25

.25

25

27 SYSC 6.1.-2G

Guidance

Not applicable save in relation to a UCITS investment firm and its MiFID business

Not applicable

Not applicable

27 SYSC 6.1.-1G

Not applicable

Not applicable

Not applicable

Not applicable

SYSC 6.1.1R 24

Rule

Rule

Rule but only regarding the obligation to establish, implement and maintain adequate policies and procedures for countering the risk that the firm (including its managers and employees) might be used to further financial crime

Rule

SYSC 6.1.1AG 24

Guidance

Guidance

Guidance

Guidance

SYSC 6.1.2R 24

Not applicable27

Rule

Not applicable

Guidance

SYSC 6.1.2AG 24

Not applicable

Not applicable

Not applicable

Guidance

SYSC 6.1.3R 24

Not applicable27

Rule

Not applicable

- Guidance

This provision shall be read with the following additional sentence at the start. "Depending on the nature, scale and complexity of its business, it may be appropriate for a firm to have a separate compliance function. Where a firm has a separate compliance function, the firm should also take into account SYSC 6.1.3R27 and SYSC 6.1.4R27 as guidance."

SYSC 6.1.3AG 24

Not applicable

Not applicable

Not applicable

Guidance

SYSC 6.1.4R 24

Not applicable27

Rule

Not applicable

(1), (3) and (4): Guidance;27

(2):27

- Rule for firms which carry on designated investment business with or for retail clients or professional clients.27

- Guidance for all other firms.27

SYSC 6.1.4-AG 24

Guidance27

Not applicable

Rule

Guidance

SYSC 6.1.4AR 24

Not applicable

Not applicable

Not applicable

Rule for firms which carry on designated investment business with or for retail clients or professional clients.12

SYSC 6.1.4BG 24

Not applicable

Not applicable

Guidance

Not applicable

27 SYSC 6.1.4-CG

Guidance applies to relevant authorised persons only

Not applicable

Not applicable

Not applicable

SYSC 6.1.4CR 24

Not applicable

Not applicable

Not applicable

Rule for debt management firms and credit repair firms.12

SYSC 6.1.5R 24

Not applicable27

Rule

Not applicable

- Guidance

- "investment services and activities" shall be read as "financial services and activities"

SYSC 6.1.6G 24

Not applicable

Not applicable

Not applicable

Guidance

SYSC 6.1.7R 24

Rule

Rule for a UCITS investment firm; otherwise not applicable

Not applicable

Guidance

SYSC 6.2.1R 24

Not applicable27

Rule

Not applicable

Guidance

SYSC 6.2.1AG 24

Not applicable

Not applicable

Not applicable

Guidance

27 SYSC 6.2.1BG

Guidance applies to relevant authorised persons only

Not applicable

Not applicable

Not applicable

SYSC 6.2.2G 24

Guidance

Guidance

Not applicable

Guidance

SYSC 6.3.1R 24

Rule

Rule

Rule

Rule

For firms carrying on a

credit-related regulated activity,or operating an electronic system in relation to lending,17 applies only where the 13Money Laundering Regulations apply to the firm. Rule does not apply to a firm for which a professional body listed in Schedule 129 to the Money Laundering Regulations, and not the FCA, acts as the supervisory authority for the purposes of those regulations.15(FCA Handbook only)12

SYSC 6.3.2G 24

Guidance

Guidance

Guidance

Guidance

For firms carrying on a

credit-related regulated activity,or operating an electronic system in relation to lending,17 applies only where the 13Money Laundering Regulations apply to the firm. Guidance does not apply to a firm for which a professional body listed in Schedule 129 to the Money Laundering Regulations, and not the FCA, acts as the supervisory authority for the purposes of those regulations.15(FCA Handbook only)12

SYSC 6.3.3R 24

Rule

Rule

Rule

Rule

For firms carrying on a

credit-related regulated activity,or operating an electronic system in relation to lending,17 applies only where the 13Money Laundering Regulations apply to the firm. Rule does not apply to a firm for which a professional body listed in Schedule 129 to the Money Laundering Regulations, and not the FCA, acts as the supervisory authority for the purposes of those regulations.15(FCA Handbook only)12

SYSC 6.3.4G 24

Guidance

Guidance

Guidance

Guidance

For firms carrying on a

credit-related regulated activity,or operating an electronic system in relation to lending,17 applies only where the 13Money Laundering Regulations apply to the firm. Guidance does not apply to a firm for which a professional body listed in Schedule 129 to the Money Laundering Regulations, and not the FCA, acts as the supervisory authority for the purposes of those regulations. 15 (FCA Handbook only)12

SYSC 6.3.5G 24

Guidance

Guidance

Guidance

Guidance

For firms carrying on a

credit-related regulated activity,or operating an electronic system in relation to lending,17 applies only where the 13Money Laundering Regulations apply to the firm. Guidance does not apply to a firm for which a professional body listed in Schedule 129 to the Money Laundering Regulations, and not the FCA, acts as the supervisory authority for the purposes of those regulations. 15(FCA Handbook only)12

SYSC 6.3.6G 24

Guidance

Guidance

Guidance

Guidance

For firms carrying on a

credit-related regulated activity,or operating an electronic system in relation to lending,17 applies only where the 13Money Laundering Regulations apply to the firm. Guidance does not apply to a firm for which a professional body listed in Schedule 129 to the Money Laundering Regulations, and not the FCA, acts as the supervisory authority for the purposes of those regulations. 15 (FCA Handbook only)12

SYSC 6.3.7G 24

Guidance

Guidance

Guidance

Guidance

For firms carrying on a

credit-related regulated activity,or operating an electronic system in relation to lending,17 applies only where the 13Money Laundering Regulations apply to the firm. Guidance does not apply to a firm for which a professional body listed in Schedule 129 to the Money Laundering Regulations, and not the FCA, acts as the supervisory authority for the purposes of those regulations. 15 (FCA Handbook only)12

SYSC 6.3.8R 24

Rule

Rule

Rule

Rule

For firms carrying on a

credit-related regulated activity,or operating an electronic system in relation to lending,17 applies only where the 13Money Laundering Regulations apply to the firm. Rule does not apply to a13firm with a limited permission for entering into a regulated credit agreement as lender. Rule does not apply to a firm for which a professional body listed in Schedule 129 to the Money Laundering Regulations, and not the FCA, acts as the supervisory authority for the purposes of those regulations. 15(FCA Handbook only)12

SYSC 6.3.9R 24

Rule

Rule

Rule

Rule

For firms carrying on a

credit-related regulated activity,or operating an electronic system in relation to lending,17 applies only where the 13Money Laundering Regulations apply to the firm. Rule does not apply to a13firm with a limited permission for entering into a regulated credit agreement as lender. Rule does not apply to a firm for which a professional body listed in Schedule 129 to the Money Laundering Regulations, and not the FCA, acts as the supervisory authority for the purposes of those regulations. 15(FCA Handbook only)12

SYSC 6.3.10G 24

Guidance

Guidance

Guidance

Guidance

For firms carrying on a

credit-related regulated activity,or operating an electronic system in relation to lending,17 applies only where the 13Money Laundering Regulations apply to the firm. Guidance does not apply to a firm for which a professional body listed in Schedule 129 to the Money Laundering Regulations, and not the FCA, acts as the supervisory authority for the purposes of those regulations.15 (FCA Handbook only)12

SYSC 6.3.11G 24

Guidance

Guidance

Guidance

Guidance

For firms carrying on a

credit-related regulated activity, or operating an electronic system in relation to lending,17 applies only where the 13Money Laundering Regulations apply to the firm.Guidance does not apply to a firm for which a professional body listed in Schedule 129 to the Money Laundering Regulations, and not the FCA, acts as the supervisory authority for the purposes of those regulations. 15 (FCA Handbook only)12

27 SYSC 7.1.-2G

Guidance

Not applicable save in relation to a UCITS investment firm and its MiFID business

Not applicable

Not applicable

27 SYSC 7.1.-1G

Not applicable

Not applicable

Not applicable

Not applicable

SYSC 7.1.1G 24

Guidance

Guidance

Not applicable

Guidance

SYSC 7.1.2R 24

Not applicable27

Rule for a UCITS investment firm in relation to its non-MiFID business27; otherwise guidance

Not applicable

Guidance

SYSC 7.1.2AG 24

Not applicable

Not applicable to a UCITS investment firm; otherwise guidance

Not applicable

Guidance

SYSC 7.1.2BG 24

Not applicable

Guidance

Not applicable

Not applicable

SYSC 7.1.3R 24

Not applicable27

Rule for a UCITS investment firm in relation to its non-MiFID business27; otherwise guidance

Not applicable

Guidance

SYSC 7.1.4R 24

Rule

Rule for a UCITS investment firm; otherwise guidance

Not applicable

Guidance

SYSC 7.1.4AG 24

Guidance27

Rule for a UCITS investment firm; otherwise guidance

Not applicable

Guidance

SYSC 7.1.4BG 24

Not applicable

Rule for a UCITS investment firm; otherwise guidance

Not applicable

Guidance

SYSC 7.1.5R 24

Not applicable27

Rule for a UCITS investment firm in relation to its non-MiFID business27; otherwise guidance

Not applicable

Guidance

SYSC 7.1.6R 24

Not applicable27

Rule for a UCITS investment firm in relation to its non-MiFID business27; otherwise guidance

Not applicable

Guidance

SYSC 7.1.7R 24

Not applicable27

Rule for a UCITS investment firm in relation to its non-MiFID business27; otherwise guidance

Not applicable

Guidance

SYSC 7.1.7AG 24

Not applicable

Rule for a UCITS investment firm; otherwise guidance

Not applicable

Guidance

SYSC 7.1.7BG 24

Guidance applies only to a BIPRU firm

Rule for a UCITS investment firm; otherwise guidance

Guidance

Guidance

SYSC 7.1.7BAG 24

Not applicable

Not applicable

Guidance

Not applicable

14 SYSC 7.1.7BBG 24

Guidance applies only to a BIPRU firm

Guidance applies only to a BIPRU firm that is a UCITSinvestment firm

Not applicable

Not applicable

SYSC 7.1.7CG 24

Guidance

Guidance

Guidance

Guidance

SYSC 7.1.8G 10 24

Guidance27

Guidance27

Guidance27

Guidance27

SYSC 7.1.9R

Rule applies to a BIPRU firm

Rule for a UCITS investment firm; otherwise not applicable

Not applicable

Not applicable

SYSC 7.1.10R 24

Rule applies to a BIPRU firm

Rule for a UCITS investment firm; otherwise not applicable

Not applicable

Not applicable

SYSC 7.1.11R 24

Rule applies to a BIPRU firm

Rule for a UCITS investment firm; otherwise not applicable

Not applicable

Not applicable

SYSC 7.1.12G 24

Guidance applies to a BIPRU firm

Rule for a UCITS investment firm; otherwise not applicable

Not applicable

Not applicable

SYSC 7.1.13R -

7.1.16R 24

Rule applies to a BIPRU firm

Rule for a UCITS investment firm; otherwise not applicable

Not applicable

Not applicable

SYSC 7.1.16AG 24

[deleted]27

[deleted]27

[deleted]27

[deleted]27

SYSC 7.1.16BG 24

[deleted]27

[deleted]27

[deleted]27

[deleted]27

14 SYSC 7.1.16CR 24

Rule applies to a CRRfirm

Not applicable

Not applicable

Not applicable

SYSC 7.1.17R 24

Rule applies to a CRR firm

Rule for a UCITS investment firm that is a CRR firm, otherwise not applicable

Not applicable

Not applicable

SYSC 7.1.18R 24

Rule applies to a CRR firm

Rule for a UCITS investment firm that is a CRR firm, otherwise not applicable

Not applicable

Not applicable

14 SYSC 7.1.18AAG 27 24

Guidance27 applies to a CRR firm

Guidance for a UCITS investment firm that is a CRR firm, otherwise not applicable

Not applicable

Not applicable

14 SYSC 7.1.18BR 24

Rule applies to a CRR firm

Rule for a UCITS investment firm that is a CRR firm, otherwise not applicable

Not applicable

Not applicable

SYSC 7.1.19R 24

Rule applies to a CRR firm

Rule for a UCITS investment firm that is a CRR firm, otherwise not applicable

Not applicable

Not applicable

SYSC 7.1.20R 24

Rule applies to a CRR firm

Rule for a UCITS investment firm that is a CRR firm, otherwise not applicable

Not applicable

Not applicable

SYSC 7.1.21R 24

Rule applies to a CRR firm

Rule for a UCITS investment firm that is a CRRfirm, otherwise not applicable

Not applicable

Not applicable

SYSC 7.1.22R 24

Rule applies to a CRR firm

Rule for a UCITS investment firm that is a CRRfirm, otherwise not applicable

Not applicable

Not applicable

27 SYSC 7.1.23G

Guidance applies to UK relevant authorised persons and third country relevant authorised persons only

Not applicable

Not applicable

Not applicable

27 SYSC 8.1.-2G

Guidance

Not applicable save in relation to a UCITS investment firm and its MiFID business

Not applicable

Not applicable

27 SYSC 8.1.-1G

Not applicable

Not applicable

Not applicable

Not applicable

SYSC 8.1.1R 24

Rule

Rule for a UCITS investment firm; otherwise guidance

Not applicable

Guidance

SYSC 8.1.1AG 24

Not applicable

Not applicable to a UCITS investment firm; otherwise guidance

Not applicable

Guidance

SYSC 8.1.2G 24

Guidance

Guidance

Not applicable

Guidance

SYSC 8.1.3G 24

Guidance

Guidance

Not applicable

Guidance

SYSC 8.1.4R 24

Not applicable27

Rule for a UCITS investment firm; otherwise guidance

Not applicable

Guidance

SYSC 8.1.5R 24

Not applicable27

Rule for a UCITS investment firm; otherwise guidance

Not applicable

Guidance

SYSC 8.1.5AG 24

Not applicable

Rule for a UCITS investment firm; otherwise guidance

Not applicable

Guidance

SYSC 8.1.6R 24

Not applicable27

Rule for a UCITS investment firm in relation to its non-MiFID business; otherwise guidance27

Not applicable

Rule

27 SYSC 8.1.6AG

Guidance for a UCITS investment firm in relation to its MiFID business

Not applicable

Not applicable

Not applicable

SYSC 8.1.7R 24

Not applicable27

Rule for a UCITS investment firm in relation to its non-MiFID business27; otherwise guidance

Not applicable

Guidance

SYSC 8.1.8R 24

Not applicable27

Rule for a UCITS investment firm in relation to its non-MiFID business27; otherwise guidance

Not applicable

Guidance

SYSC 8.1.9R 24

Not applicable27

Rule for a UCITS investment firm in relation to its non-MiFID business27; otherwise guidance

Not applicable

Guidance

SYSC 8.1.10R 24

Not applicable27

Rule for a UCITS investment firm in relation to its non-MiFID business27; otherwise guidance

Not applicable

Guidance

SYSC 8.1.11R 24

Not applicable27

Rule for a UCITS investment firm in relation to its non-MiFID business27; otherwise guidance

Not applicable

Guidance

SYSC 8.1.11AG 24

Not applicable

Not applicable to a UCITS investment firm; otherwise guidance

Not applicable

Guidance

SYSC 8.1.12G 24

Guidance

Guidance

Not applicable

Guidance

SYSC 8.1.13R 24

Not applicable

Rule

Not applicable

Not applicable

SYSC 8.1.14G 24

Not applicable

Guidance

Not applicable

Not applicable

SYSC 8.2 24

[deleted]27

[deleted]27

[deleted]27

[deleted]27

SYSC 8.3 24

[deleted]27

[deleted]27

[deleted]27

[deleted]27

27 SYSC 9.1.-2G

Guidance

Not applicable save in relation to a UCITS investment firm and its MiFID business

Not applicable

Not applicable

27 SYSC 9.1.-1G

Not applicable

Not applicable

Not applicable

Not applicable

SYSC 9.1.1R 24

Not applicable27

Rule

Rule but only for the requirement to arrange for orderly records to be kept of its business and internal organisation which do not relate to portfolio transactions and subscription and redemptions orders

Rule

27 SYSC 9.1.1AR

Rule

Not applicable

Not applicable

Not applicable

SYSC 9.1.2R 24

Rule applies only in relation to MiFID business

Rule applies only in relation to MiFID business of a UCITS investment firm

Rule but only for records specified by the modified application of SYSC 9.1.1 R

Not applicable

SYSC 9.1.3R 24

[deleted]27

[deleted]27

[deleted]27

[deleted]27

SYSC 9.1.4G 24

Guidance

Guidance

Guidance

Guidance

SYSC 9.1.5G 24

Guidance

Guidance

Not applicable

Guidance

SYSC 9.1.6G 24

Guidance

Guidance

Not applicable

Guidance

27 24

[deleted]27

[deleted]27

[deleted]27

[deleted]27

31 SYSC 9.2G

Not applicable

Not applicable

Not applicable

Applicable to credit institutions only, not including incoming EEA firms which have permission for cross border services only and which do not carry on regulated activities in the United Kingdom.

27 SYSC 10.1.-2G

Guidance

Guidance in relation to relation to a UCITS investment firm in relation to its MiFID business; otherwise not applicable

Not applicable

Not applicable

27 SYSC 10.1.-1G

Not applicable

Not applicable

Not applicable

Not applicable

SYSC 10.1.1R 24

Rule

Rule

Not applicable

Rule

SYSC 10.1.1AR 24

Not applicable

Not applicable

Rule

Not applicable

SYSC 10.1.2G 24

Guidance

Guidance

Not applicable

Guidance

SYSC 10.1.3R 24

Rule

Rule

Not applicable

Rule

SYSC 10.1.4R 24

Not applicable27

Rule

Not applicable

Guidance - but applies as a rule in relation to the production or arrangement of investment research28, or the production or dissemination of non-independent research,28 in accordance with COBS 12.228

SYSC 10.1.4AG 24

Not applicable

Not applicable

Not applicable

Guidance

SYSC 10.1.5G 24

Guidance

Guidance

Not applicable

Guidance

SYSC 10.1.6R 24

Not applicable27

Rule

Not applicable

Guidance - but applies as a rule in relation to the production or arrangement of investment research28, or the production or dissemination of non-independent research,28 in accordance with COBS 12.228

SYSC 10.1.6AG 24

Not applicable

Not applicable

Guidance27

Guidance

27 SYSC 10.1.6BG

Not applicable

Guidance

Guidance

Guidance

SYSC 10.1.7R 24

Rule

Rule

Not applicable

Rule

SYSC 10.1.8R 24

Not applicable27

Rule

Not applicable

Rule

SYSC 10.1.8AR 24

Not applicable27

Rule

Not applicable

Rule

SYSC 10.1.9G 24

Not applicable27

Guidance

Not applicable

Guidance

27 SYSC 10.1.9AR

Not applicable

Not applicable

Not applicable

Guidance

SYSC 10.1.10R 24

Not applicable27

Rule

Not applicable

Guidance - but applies as a rule in relation to the production or arrangement of investment research28, or the production or dissemination of non-independent research,28 in accordance with COBS 12.228

SYSC 10.1.11R 24

Not applicable27

Rule

Not applicable

Guidance - but applies as a rule in relation to the production or arrangement of investment research28, or the production or dissemination of non-independent research,28 in accordance with COBS 12.228

SYSC 10.1.11AG 24

Not applicable

Not applicable

Guidance27

Guidance

27 SYSC 10.1.11BG

Not applicable

Guidance

Guidance

Guidance

SYSC 10.1.12G 27 24

Guidance30

Guidance27

Guidance27

Guidance

27 SYSC 10.1.13 - 10.1.15G

[deleted]27

[deleted]27

[deleted]27

[deleted]27

SYSC 10.1.16R 24

Not applicable

Not applicable

Not applicable

Rule

SYSC 10.1.17R 24

Not applicable

Rule

Not applicable

Not applicable

SYSC 10.1.18G

[FCA]

Not applicable

Guidance

Not applicable

Not applicable

SYSC 10.1.19R 24

Not applicable

Rule

Not applicable

Not applicable

SYSC 10.1.20R 24

Not applicable

Rule

Not applicable

Not applicable

SYSC 10.1.21R 24

Not applicable

Rule

Not applicable

Not applicable

SYSC 10.1.22R 24

Not applicable

Rule

Rule

Not applicable

SYSC 10.1.23R to SYSC 10.1.26R24

Not applicable

Not applicable

Rule

Not applicable

SYSC 10.2.1R 24

Rule

Rule

Rule

Rule

SYSC 10.2.2R 24

Rule

Rule

Rule

Rule

SYSC 10.2.3G 24

Guidance

Guidance

Guidance

Guidance

SYSC 10.2.4R 24

Rule

Rule

Rule

Rule

SYSC 10.2.5G 24

Guidance

Guidance

Guidance

Guidance

SYSC 4.1.-2G

Not applicable

Not applicable

SYSC 4.1.-1G

Guidance

Guidance

SYSC 4.1.1R

Rule

Rule

SYSC 4.1.1AR

Not applicable

Not applicable

SYSC 4.1.1BR

Not applicable

Not applicable

SYSC 4.1.1CR

Not applicable

Rule

SYSC 4.1.1DR

Not applicable

Not applicable

SYSC 4.1.1ER

Not applicable

Not applicable

SYSC 4.1.1FG

Not applicable

Not applicable

SYSC 4.1.2R

Rule

Guidance

SYSC 4.1.2AG

Not applicable

Not applicable

SYSC 4.1.2AAR

Not applicable

Not applicable

SYSC 4.1.2BR

Not applicable

Not applicable

SYSC 4.1.2CR

Not applicable

Not applicable

SYSC 4.1.2DR

Not applicable

Not applicable

SYSC 4.1.4R

Not applicable

Not applicable

SYSC 4.1.4AG

Not applicable

Not applicable

SYSC 4.1.5R

Not applicable

Not applicable

SYSC 4.1.6R

Rule

Guidance

SYSC 4.1.7R

Rule

Guidance

SYSC 4.1.7AG

Not applicable

Not applicable

SYSC 4.1.8G

Guidance

Guidance

SYSC 4.1.9R

Not applicable

Not applicable

SYSC 4.1.10R

Not applicable

Not applicable

SYSC 4.1.10AG

Not applicable

Not applicable

SYSC 4.1.11G

Guidance

Guidance

SYSC 4.1.13G

Guidance

Guidance

SYSC 4.1.14G

Guidance

Guidance

SYSC 4.2.1R

Rule

Rule

SYSC 4.2.1AG

Not applicable

Not applicable

SYSC 4.2.2R

Rule

Rule

SYSC 4.2.3G - 4.2.5G

Guidance

Guidance

SYSC 4.2.6R

Rule

Rule

SYSC 4.2.7R

Not applicable

Not applicable

SYSC 4.2.8G

Not applicable

Not applicable

SYSC 4.3.1R

Not applicable

Not applicable

SYSC 4.3.2R

Not applicable

Not applicable

SYSC 4.3.2AG

Not applicable

Not applicable

SYSC 4.3.3G

Guidance

Guidance

SYSC 4.3A.-1R

Rule

Not applicable

SYSC 4.3A.1R

Rule

Not applicable

SYSC 4.3A.1AR

Rule

Not applicable

SYSC 4.3A.2R

Rule

Not applicable

SYSC 4.3A.2AG

Guidance

Not applicable