UKLR 5.2 Externally managed companies
UKLR 5.2.1R
1An applicant must satisfy the FCA that:
- (1)
the discretion of its board to make strategic decisions on behalf of the applicant has not been limited or transferred to a person outside the applicant’s group; and
- (2)
its board has the capability to act on key strategic matters in the absence of a recommendation from a person outside the applicant’s group.
UKLR 5.2.2G
1In considering whether an applicant has satisfied UKLR 5.2.1R, the FCA will consider, among other things, whether the applicant’s board consists solely of non-executive directors and whether significant elements of the strategic decision-making of or planning for the applicant take place outside the applicant’s group – for example, with an external management company.