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TC 1.1 Who, what and where?

Who and what?

TC 1.1.1RRP

3This sourcebook applies to a firm where its employee carries on an activity in TC App 1 for retail clients, customers or consumers (subject to the limitations set out in TC App 3).

TC 1.1.1ARRP

4The application of this sourcebook is modified for:5

  1. (1)

    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; and5

  2. (2)

    a firm carrying on insurance distribution activities by the provisions in TC 4.2.5

TC 1.1.1BGRP

4ESMA has issued guidelines specifying criteria for the assessment of knowledge and competence (3 January 2017 ESMA71-1154262120-153 EN (rev))6.

Where?

TC 1.1.2R

The territorial scope of this sourcebook is set out in TC App 2.

Purpose

TC 1.1.3GRP

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

TC 1.1.4GRP

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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