TC 1.1 Who, what and where?
Who and what?
4The application of this sourcebook is modified for a MiFID investment firm and a third country investment firm by the provisions in TC 4.1 where its employee carries on an activity in TC App 1 which is also an activity in TC 4.1.2R.
4ESMA has issued guidelines specifying criteria for the assessment of knowledge and competence. The ESMA guidelines can be found at https://www.esma.europa.eu/document/guidelines-assessment-knowledge-and-competence.
Where?
The territorial scope of this sourcebook is set out in TC App 2.
Purpose
The competent employees rule is the main4 requirement relating to the competence of employees. The purpose of this sourcebook is to support the FCA's supervisory function by supplementing the competent employees rule for retail activities.
Meaning of competence
In this sourcebook, competence means having the skills, knowledge and expertise needed to discharge the responsibilities of an employee's role. This includes achieving a good standard of ethical behaviour.
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