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  1. Point in time
    2010-06-25

SYSC 19.1 Application

Who?

SYSC 19.1.1R
  1. (1)

    1The Remuneration Code applies to a firm that meets at least one of the conditions in this rule.

  2. (2)

    The first condition is that the firm is a UK bank or building society that had capital resources exceeding £1 billion on its last accounting reference date.

  3. (3)

    The second condition is that the firm is a BIPRU 730k firm that had capital resources exceeding £750 million on its last accounting reference date.

  4. (4)

    The third condition is that:

    1. (a)

      the firm is a full credit institution, a BIPRU 730k firm or a third country BIPRU 730k firm;

    2. (b)

      the firm is part of a group; and

    3. (c)

      on the firm's last accounting reference date total capital resources held within the group:

      1. (i)

        by UK banks or building societies exceeded £1 billion; or

      2. (ii)

        by BIPRU 730k firms exceeded £750 million.

SYSC 19.1.2R

The Remuneration Code does not apply to a firm to the extent that it is acting as an incoming EEA firm.

What? Where?

SYSC 19.1.3R
  1. (1)

    If the Remuneration Code applies to a firm, it applies in the same way as SYSC 4.1.1 R (General Requirements).

  2. (2)

    In relation to an overseas firm the Remuneration Code applies only in relation to activities carried on from an establishment in the United Kingdom.

SYSC 19.1.4G

Part 2 of SYSC 1 Annex 1 provides for the application of SYSC 4.1.1 R (General Requirements).