TC TP 1 Designated Investment Business: Assessments of competence before commencement

71.1

R

(1)

This rule applies in respect of an employee of a firm8 employed at commencement who had, before commencement,8 been assessed as competent by a firm in accordance with the applicable rules of its previous regulator.

(2)

An employee described in (1) is exempt from the requirements in this sourcebook to attain8 an appropriate qualification8 if the activity (or role of a supervisor) carried on by that employee after commencement is the same or substantially the same as that for which the employee had been assessed as competent before commencement.

91.1A

G

Notwithstanding TC TP1 1.1R:10

10(1)

a firm is subject to SYSC 5.1.5ABR in respect of such an employee and should have regard to the guidelines ESMA has issued specifying the criteria for the assessment of knowledge and competence (3 January 2017 | ESMA71-1154262120-153 EN (rev))11; and10

10(2)

a firm, in relation to its insurance distribution activities, is subject to SYSC 28 (Insurance distribution: specific knowledge requirements) in respect of such an employee.10

1.2

R

If an employee8 of a firm is exempted from a qualification8 requirement under TC TP 1.1R and any other firm subsequently employs the individual, that exemption continues to apply in respect of that subsequent employment on the same basis provided that:

(1)

the activity which the employee carries on (or the role of the supervisor) continues to be the same, or substantially the same, as that in respect of which the employee had previously enjoyed the benefit of the exemption; and

(2)

the individual had not experienced any significant break in employment since the last employment in respect of which the individual had the benefit of an exemption under TC TP 1.