Related provisions for SUP 10A.9.13

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SUP 10A.9.1RRP
SUP 10A.9 applies only to a firm which:(1) under SYSC 2.1.1 R or, SYSC 4.1.1 R, apportions a significant responsibility, within the description of the significant management function, to a senior manager of a significant business unit; or(2) undertakes proprietary trading; or(3) (in the case of an EEA firm) undertakes the activity of accepting deposits from banking customers and activities connected with this.
SUP 10A.9.2GRP
The FCA anticipates that there will be only a few firms needing to seek approval for an individual to perform the significant management function set out in SUP 10A.9.1R (1). In most firms, those approved for the FCA governing functions, FCA required functions and, where appropriate, the systems and controls function or the equivalent PRA controlled functions, are likely to exercise all the significant influence at senior management level.
SUP 10A.9.4GRP
The scale, nature and complexity of the firm's business may be such that a firm apportions, under SUP 10A.9.1R (1), a significant responsibility to an individual who is not approved to perform the FCA governing functions, FCA required functions or, where appropriate, the systems and controls function or the equivalent PRA controlled functions. If so, the firm should consider whether the functions of that individual fall within the significant management function. For the purposes
SUP 10A.9.6GRP
The question may arise whether a manager who is based overseas will be performing the significant management function under SUP 10A.9.9 R and should, therefore, be an FCA-approved person. This is especially true where the firm operates matrix management. The fact there is a person performing the apportionment and oversight function, and who has responsibility for activities subject to regulation by the FCA, may have a bearing on this. It is a factor to take into account when assessing
SUP 10A.9.7GRP
Generally, in relation to a branch of a firm, or a firm which is part of an overseas group, where an overseas manager is responsible for strategy, he will not need to be approved for the significant management function. However, where he is responsible for implementing that strategy in the United Kingdom, and has not delegated that responsibility to a senior manager in the United Kingdom, he is likely to be performing that FCA controlled function.
SUP 10A.9.9RRP
The significant management function is the function of acting as a senior manager with significant responsibility for a significant business unit that:(1) carries on designated investment business or other activities not falling within (2) to (4);(2) effects contracts of insurance (other than contractually based investments);(3) makes material decisions on the commitment of a firm's financial resources, its financial commitments, its assets acquisitions, its liability management
SUP 10A.9.10RRP
The significant management function also includes the function of acting as a proprietary trader.
SUP 10A.9.11RRP
The significant management function does not include any of the activities described in any other FCA controlled function or PRA controlled function if that other controlled function applies to the firm.
SUP 10A.9.12GRP
A senior manager carrying on the significant management function under SUP 10A.9.9 R with significant responsibility for a significant business unit that carries on activities other than designated investment business for the purposes of SUP 10A.9.9R (1) could, for example, be the head of a unit carrying on the activities of: retail banking, personal lending, corporate lending, salvage or loan recovery, or proprietary trading, or a member of a committee (that is, a person who,
SUP 10A.9.14GRP
A firm carrying on insurance mediation activity, other than a sole trader, must allocate to a director or senior manager the responsibility for the firm'sinsurance mediation activity (MIPRU 2.2.1 R). MIPRU 2.2.2 R (3) provides that the firm may allocate this responsibility to the person performing the significant management function.
SUP 10A.9.15GRP
Where the person performing the significant management function is also responsible for the firm'sinsurance mediation activity, the words “(insurance mediation)” will be inserted after this FCA controlled function (see MIPRU 2.2.5 G).
SUP 10A.1.6RRP
Only the following FCA controlled functions apply to an overseas firm which maintains an establishment in the United Kingdom from which regulated activities are carried on:(1) the director function where the person performing that function:(a) has responsibility for the regulated activities of a UKbranch which are likely to enable him to exercise significant influence over that branch; or(b) is someone whose decisions or actions are regularly taken into account by the governing
SUP 10A.1.11RRP
Only the following FCA controlled functions apply to an incoming EEA firm with respect to its passported activities carried on from a branch in the United Kingdom:(1) the money laundering reporting function;(2) the significant management function, in so far as the function relates to:(a) designated investment business other than dealing in investments as principal, disregarding article 15 of the Regulated Activities Order; or(b) processing confirmations, payments, settlements,
SUP 10A.1.13RRP
In relation to the activities of a firm for which it has a top-up permission, only the following FCA controlled functions apply:(1) the FCA required functions, other than the apportionment and oversight function and the compliance oversight function;(2) the significant management function, in so far as it relates to:(a) designated investment business other than dealing in investments as principal, disregarding article 15 of the Regulated Activities Order; or(b) processing confirmations,
SUP 10A.1.14RRP
A person does not perform the significant management function for a firm under SUP 10A.1.11 R or SUP 10A.1.13 R if that person would not have been treated as performing any FCA controlled function for that firm if that firm had been a UK firm.
SUP 10A.1.21GRP
For a firm that is exempt from MiFID under article 2(1)(i) and whose only permission is bidding in emissions auctions, the only FCA controlled functions that apply to it are: (1) the FCA governing functions;(2) the money laundering reporting function; (3) the customer function; and(4) (where it has exercised an opt-in to CASS in accordance with CASS 1.4.9 R and is a CASS medium firm or a CASS large firm) the CASS operational oversight function. This is because the FCA-approved
APER 3.1.7AGRP
12Statements of Principle 1 to 4 apply to all approved persons. A person performing an accountable significant-influence function is also subject to the additional requirements set out in Statements of Principle 5 to 7 in performing that accountable function. Those responsible under SYSC 2.1.3 R or SYSC 4.4.5 R (Apportionment of responsibilities) for the firm's apportionment obligation will be specifically subject to Statement of Principle 5 (and see, in particular, APER 4.5.6
APER 3.1.8AGRP
12In applying Statements of Principle 5 to 7, the nature, scale and complexity of the business under management and the role and responsibility of the individual performing an accountable higher management function within the firm will be relevant in assessing whether an approved person's conduct was reasonable. For example, the smaller and less complex the business, the less detailed and extensive the systems of control need to be. The FCA will be of the opinion that an individual
APER 3.3.1ERP
In determining whether or not the conduct of an approved person performing an accountable significant-influence function3 complies with Statements of Principle 5 to 7, the following are factors which, in the opinion of the FCA,3 are to be taken into account:33(1) whether he exercised reasonable care when considering the information available to him;(2) whether he reached a reasonable conclusion which he acted on;(3) the nature, scale and complexity of the firm's business;(4) his role
SUP 10A.6.3RRP
Each of the FCA governing functions includes:(1) (where apportioned under SYSC 2.1.1 R or SYSC 4.3.1 R and SYSC 4.4.3 R (or, for a full-scope UK AIFM apportioned under article 60(1) of the AIFMD level 2 regulation))1(a) the systems and controls function (if it applies to the firm); and(b) the significant management function;(2) (in respect of bidding in emissions auctions) that part of the customer function specified in SUP 10A.10.7R (7) (bidder’s representative).This does not
SUP 10A.6.4GRP
(1) The effect of SUP 10A.6.3 R is that a person who is approved to perform an FCA governing function will not have to be specifically FCA-approved to perform the systems and controls function or the significant management function or the part of the customer function specified in SUP 10A.10.7R (7). However, a person who is approved to perform an FCA governing function will have to be additionally FCA-approved before he can perform any of the FCA required functions or the customer
SYSC 6.3.8RRP
A firm must allocate to a director or senior manager (who may also be the money laundering reporting officer) overall responsibility within the firm for the establishment and maintenance of effective anti-money laundering systems and controls.1
MIPRU 2.2.2RRP
The firm may allocate the responsibility for its insurance mediation activity to an approved person (or persons) performing:(1) a governing function (other than the non-executive director function); or(2) the apportionment and oversight function; or(3) the significant management function in so far as it relates to dealing in investments as principal, disregarding article 15 of the Regulated Activities Order (Absence of holding out etc) (or agreeing to do so) or an activity which
SUP 10A.5.1GRP
The FCA significant-influence functions, which are specified in SUP 10A.4.1 R, comprise the FCA governing functions (SUP 10A.6), the FCA required functions (SUP 10A.7), the systems and controls function (SUP 10A.8) and the significant management function (SUP 10A.9). SUP 10A.5 applies to each of the FCA significant-influence functions.
APER 4.4.2AGRP
3For the purpose of this Statement of Principle, regulators in addition to the FCA and the PRA are those which have recognised jurisdiction in relation to regulated activities and a power to call for information from the approved person in connection with his accountable function or (in the case of an individual performing an accountable significant-influence function) in connection with the business for which he is responsible. This may include an exchange or an overseas r
APER 4.5.1AGRP
9The Statement of Principle 5 (see APER 2.1A.3 P) is in the following terms: "An approved person performing an accountable significant-influence function must take reasonable steps to ensure that the business of the firm for which he is responsible in his accountable function is organised so that it can be controlled effectively." References in APER 4.5 to a significant-influence function are to an accountable function to which Statement of Principle 5 applies.