Related provisions for SUP 10A.1.14
1 - 5 of 5 items.
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
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,
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.