SYSC 26.1 Application
Main application rules
1This chapter applies to:
- (1)
an SMCR banking firm; and
- (2)
an SMCR insurance firm that is a Solvency II firm (including a large non-directive insurer) but excluding:
- (a)
- (b)
a firm in SYSC 23 Annex 1 5.2R (firms in run-off);
1This chapter is not limited to regulated activities or other specific types of activities.
Exclusions
1This chapter does not apply to an EEA SMCR firm.
Territorial scope
1There is no territorial limitation on the application of this chapter, save as set out in SYSC 26.1.5R.
1When this chapter applies to an overseas SMCR firm, it applies in relation to the firm’s branch in the United Kingdom.
1Unless the context requires otherwise, the terms in the first column of the table in SYSC 26.1.7R are modified as described in the second column of that table in relation to an overseas SMCR firm.
1Table: Application of this chapter to a third-country SMCR firm
Reference in this chapter |
Modification |
treated as a reference to the branch |
|
(a) treated as a reference to the branch’s governing body; (b) the Glossary definition of this term is adjusted so as to refer to the branch rather than the firm as a whole |
|
treated as including the rest of the firm |
|
chief executive |
branch manager or the person performing the PRA’s Head of Overseas Branch designated senior management function |