SYSC 19.1 Application

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.

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

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.