Related provisions for SUP 10A.4.2A
1 - 20 of 26 items.
(1) Every firm will have one or more persons responsible for directing its affairs. These persons will be performing the FCA governing functions and will be required to be FCA-approved persons unless the application provisions in SUP 10A.1, or the particular description of an FCA controlled function, provide otherwise. For example, each director of a company incorporated under the Companies Acts will perform an FCA governing function. However, if the firm is a PRA-authorised person,
(1) The director function applies in relation to a PRA-authorised person, as set out below3. 2(2) 3For a Solvency II firm or a small non-directive insurer3, the FCAdirector function may apply if the person carrying out the function is not approved to carry out a PRA controlled function or the other conditions in SUP 10A.11.12R (minimising overlap with the PRA approved persons regime) are not satisfied.2
(1) [deleted]31(2) For a Solvency II firm and a small non-directive insurer3 only, SUP 10A.11.12R disapplies the FCA governing functions for a person who is approved to perform a PRA controlled function, subject to the conditions in SUP 10A.11.12R.1(3) The FCA functions disapplied in accordance with the FCA2governing functions overlap rule for Solvency II firms and small non-directive insurers3 (SUP 10A.11.12R) are absorbed into the relevant PRA controlled function by virtue
1A person (referred to as “A” in this rule) is not performing an FCA governing function (referred to as the ‘particular’ FCA governing function in this rule) in relation to a Solvency II firm or a small non-directive insurer3 (referred to as “B” in this rule), at a particular time, if:(1) A has been approved by the PRA to perform any PRA controlled function in relation to B;(2) throughout the whole of the period between the time of the PRA approval in (1) and the time in question,
4The actuarial conduct function (third country) is that part of the function of acting in the capacity of an actuary appointed (by a Solvency II firm which is a third-country insurance or reinsurance undertaking) under rule 7.1(2) of the PRA Rulebook: Solvency II Firms: Third Country Branches that relates to compliance with FCA requirements and standards under the regulatory system.
2For a Solvency II firm which is an insurance special purpose vehicle or a third-country insurance or reinsurance undertaking, the systems and controls function is modified as follows:(1) it does not include any of the activities described in any PRA controlled function if that controlled function applies to the firm;(2) it does not include activities allocated to and carried on by another person who is a PRA approved person; and(3) it only includes that part of the function that
(1) The systems and controls function does not apply in relation to a PRA-authorised person. PRA approval is required instead.2(2) The exception is a Solvency II firm which is an insurance special purpose vehicle or a third-country insurance or reinsurance undertaking. For such firms, FCA approval may be required but only to the extent that the activities are not already covered by a PRA controlled function that applies to the firm or are not activities allocated to and carried
(1) SYSC 22.9.1R applies to keeping records created before the date this chapter came into force as well as ones created afterwards.(2) A full scope regulatory reference firm does not breach the requirements of this chapter by failing to include something in a reference because it destroyed the relevant records before the date this chapter came into force in accordance with the record keeping requirements applicable to it at the time of destruction.
The amount to be deducted with respect to each material insurance holding is the higher of:(1) the book value of the material insurance holding; and(2) the solo capital resources requirement for the insurance undertaking or insurance holding company in question calculated in accordance with:19(a) for an insurer that is a Solvency II firm, the PRA Rulebook: Solvency II Firms; and19(b) for an insurer other than in (a), the PRA Rulebook: Non-Solvency II Firms. 19
1(1) Unless otherwise stated,8GENPRU 3.1 applies to every firm that is a member of a financial conglomerate other than:(a) an incoming EEA firm;(b) an incoming Treaty firm;(c) a UCITS qualifier;(d) an ICVC;8(e) a bank;8(f) a designated investment firm; and8(g) an insurer.8(1A) GENPRU 3.1 (except GENPRU 3.1.5R to GENPRU 3.1.13G) applies to each of the following firms that is a member of a financial conglomerate:8(a) a bank;8(b) a designated investment firm; and8(c) an insurer