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SYSC 27.6 Other exclusions

Single Market Directives

SYSC 27.6.1G

1Under section 63E(7) of the Act, this chapter does not apply to an arrangement which allows an employee to perform a function if the question of whether the employee is fit and proper to perform the function is reserved under any of the Single Market Directives or the auction regulation to an authority in a country or territory outside the United Kingdom.

4

Insolvency

SYSC 27.6.2R

1This chapter does not apply to a function performed by a person acting as:

  1. (1)

    an insolvency practitioner under section 388 of the Insolvency Act 1986;

  2. (2)

    a nominee in relation to a voluntary arrangement under Part I (Company Voluntary Arrangements) of the Insolvency Act 1986;

  3. (3)

    an insolvency practitioner under article 3 of the Insolvency (Northern Ireland) Order 1989; or

  4. (4)

    a nominee in relation to a voluntary arrangement under Part II (Company Voluntary Arrangements) of the Insolvency (Northern Ireland) Order 1989.

Non-executive directors

SYSC 27.6.3R

1A function performed by a non-executive director of a firm acting as such is not an FCA certification function for that firm.

Benchmarks

SYSC 27.6.4R

1This chapter does not apply to a firm in relation to benchmark activities.

SYSC 27.6.5G

1Some benchmark activities are within the certification regime under SYSC TP 7.5 (Transitional provisions about benchmarks and the certification regime).

Overall responsibility

SYSC 27.6.6R

1Performing any of the following is not an FCA certification function:

  1. (1)

    a responsibility allocated to an SMF manager under SYSC 26.3 (Main rules); or

  2. (2)

    a responsibility allocated to someone under SYSC 26.4.6R (Exclusion where the 12-week rule applies).

SYSC 27.6.7R

2SYSC 27.6.6R does not apply to having overall or local responsibility for the SMCR legal function.

Administrators

SYSC 27.6.8R

2A function in paragraph (A) of row (6) of the table in COCON 1.1.2R (Table: To whom does COCON apply?) is not an FCA certification function.

Exclusions: Sole traders

SYSC 27.6.9G
  1. (1)

    2An individual sole trader will not themselves be a certification employee.

  2. (2)

    However members of a sole trader’s staff may be.

  3. (3)

    Therefore the certification regime does not apply to a sole trader with no employees.

Exclusions: Internally managed AIFs

SYSC 27.6.10R

2This chapter does not apply to a firm that meets the following conditions:.

  1. (1)

    it is an internally managed AIF;

  2. (2)

    it is a body corporate; and

  3. (3)

    it is not a collective investment scheme.