SYSC 20.1 Application and purpose

SYSC 20 applies to:

1. (a)

   a firm

   which is:

   1. (i)

      a bank; or

   2. (ii)

      a building society; or

   3. (iii)

      a designated investment firm which meets any of the criteria set out in (2) on an individual basis, or in (3) on a consolidated basis; and

2. (b)

   an insurer unless it is:

   1. (i)

      a non-directive friendly society; or

   2. (ii)

      a Swiss general insurer; or

   3. (iii)

      an EEA-deposit insurer; or

   4. (iv)

      an incoming EEA firm; or

   5. (v)

      an incoming Treaty firm.

Subject to (4), SYSC 20 applies to a designated investment firm if:

1. (a)

   it has assets under management or administration of at least £10 billion (or the equivalent amount in foreign currency); or

2. (b)

   the total annual fee and commission income arising from its regulated activities isat least £250 million (or the equivalent amount in foreign currency); or

3. (c)

   it has assets or liabilities of at least £2 billion (or the equivalent amount in foreign currency).

Subject to (4), where all of the designated investment firms within the same consolidation group or non-EEA sub-group, taken together as if they were one firm, meet any of the criteria in (2), SYSC 20 applies to each of those designated investment firms as if it individually met the inclusion criteria in (2).

Any designated investment firm which is included within the scope of SYSC 20 in accordance with (2) or (3) in any given year will continue to be subject to SYSC 20 for the following two years irrespective of whether or not it continues to meet the inclusion criteria in any of those subsequent years.

SYSC 20 applies to:

1. (a)

   an IFPRU investment firm; and

2. (b)

   a BIPRU firm which meets any of the criteria in (2) on an individual basis, or in (3) on a consolidated basis.

Subject to (4), SYSC 20 applies to a BIPRU firm if:

1. (a)

   it has assets under management or administration of at least £10 billion (or the equivalent amount in foreign currency); or

2. (b)

   the total annual fee and commission arising from regulated activities is at least £250 million (or the equivalent amount in foreign currency); or

3. (c)

   it has assets or liabilities of at least £2 billion (or the equivalent amount in foreign currency).

Subject to (4), where all of the BIPRU firms within the same UK consolidation group or the non-UK sub-group, taken together, as if they were one firm, meet any of the criteria in (2), SYSC 20 applies to each of those BIPRU firms as if it individually met the criteria in (2).

Any BIPRU firm which is included within the scope of SYSC 20 in accordance with (2) or (3) in any given year will continue to be subject to SYSC 20 for the following two years, irrespective of whether or not it continues to meet the inclusion criteria in any of those subsequent years.