Related provisions for SUP 10C.11.16

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SUP 10C.11.10DRP
An application by a firm to the FCA for the variation of an existing approval under section 63ZA of the Act (Variation of a senior manager’s approval at request of relevant authorised person) must be accompanied by a statement of responsibilities.
SUP 10C.11.13DRP
(1) A firm must prepare statements of responsibilities (including revised ones) for one of its FCA-approved SMF managers as a single document covering every designated senior management function for which:(a) that FCA-approved SMF manager has approval; or(b) for which an application for approval is being made;for that firm.(2) The statement must be up to date for each designated senior management function.
SUP 10C.11.15GRP
If a person is an SMF manager for several firms in a group that are relevant authorised persons, there should be a separate document for each firm.
SUP 10C.11.20RRP
A firm must, at all times, have a complete set of current statement of responsibilities for all its SMF managers.
SUP 10C.11.23GRP
A statement of responsibilities should:(1) show clearly how the responsibilities that the SMF manager performs as part of their FCA-designated senior management function fit in with the firm's overall governance and management arrangements; and(2) be consistent with the firm'smanagement responsibilities map. (See SYSC 4.5.9G, SYSC 4.6.12G and SYSC 4.6.27G2 for more about this.)
SUP 10C.11.26GRP
(1) SYSC or another part of the regulatory system will generally impose requirements (referred to as ‘prescribed requirements’ in this paragraph) that relate to a particular post or set of responsibilities. (2) For instance, these include:(a) the responsibilities that go with the FCA required functions; and(b) the FCA-prescribed senior management responsibilities, the PRA-prescribed senior management responsibilities and the PRA-prescribed UK branch senior management responsibilities2.(3)
SUP 10C.11.27GRP
(1) A firm'sstatements of responsibilities for its SMF managers should together demonstrate that there are no gaps in the allocation of responsibilities among its SMF managers.(2) A firm'sstatements of responsibilities should be interpreted, where possible, so as to avoid any gaps in the allocation of responsibility for its activities among its SMF managers.(3) Paragraphs (1) and (2) are not relevant to EEA relevant authorised persons.2
SUP 10C.11.28GRP
(1) A statement of responsibilities of an SMF manager should include details about any:(a) FCA-prescribed senior management responsibilities, PRA-prescribed senior management responsibilities and PRA-prescribed UK branch senior management responsibilities2 allocated to the SMF manager; (b) functions that are included in a PRA controlled function under SUP 10C.9 (Minimising overlap with the PRA approved persons regime); and(c) responsibility for a function allocated to the SMF
SUP 10C.11.29GRP
(1) The definition of every FCA-designated senior management function contains a responsibility which is inherent, inseparable from and intrinsically built into the specific role. (2) In many ways, this inherent responsibility is the most important responsibility of any given SMF manager, as it provides a rationale as to why that specific function is subject to pre-approval by the FCA in the first place.(3) Even where an SMF manager has not been allocated any other responsibilities
SUP 10C.11.30GRP
(1) The FCA may request a firm to include specific responsibility for a regulatory outcome in the statement of responsibilities of the relevant SMF managers. (2) For example, where the FCA asks a firm to take remediation action following an internal or supervisory review or a report under section 166 of the Act (Reports by skilled persons) and considers it appropriate for an SMF manager to take responsibility for that action, it may ask the firm to add an additional, customised,
SUP 10C.11.31GRP
(1) Where a responsibility or function is shared or divided between an SMF manager and others, the statements of responsibilities for each SMF manager concerned should make this clear. (2) Where a responsibility or function is divided between an SMF manager and others, the statements of responsibilities for each SMF manager concerned should make it clear for what part of which responsibility or function that SMF manager has responsibility.(3) Together, the statements of responsibilities
SUP 10C.11.32GRP
(1) Where:(a) an FCA-prescribed senior management responsibility; or(b) any function allocated under SYSC 4.7.8R (Allocation of overall responsibility for a firm’s activities, business areas and management functions) or SYSC 4.8.10R (Local responsibility for a branch’s activities, business areas and management functions)2;is divided or shared between several SMF managers, the statement of responsibilities for each SMF manager should:(c) explain why this has been done; and(d) give
SUP 10C.11.33GRP
(1) Where two or more SMF managers share a responsibility, each will be individually responsible for everything included in that responsibility, including anything inherent in that responsibility (see SUP 10C.11.29G for inherent responsibilities).(2) Where:(a) a responsibility is divided between several SMF managers; but(b) some part of the responsibility has not clearly been allocated to any of them;it should be assumed that that part is the joint responsibility of all of th
SUP 10C.11.34GRP
In general, the FCA expects the statement of responsibilities of a non-executive director who is an SMF manager to be less extensive than those of an executive SMF manager.
SUP 10C.14.1GRP
(1) An FCA-approved SMF manager's job may change from time to time as a result, for instance, of a change in personal job responsibilities or a firm'sregulated activities. (2) Where the changes will involve the SMF manager performing one or more FCA-designated senior management functions different from those for which approval has already been granted, an application must be made to the FCA for approval for the SMF manager to perform those FCA-designated senior management functions.(3)
SUP 10C.14.3GRP
If it is proposed that an FCA-approved SMF manager:(1) will no longer be performing an FCA-designated senior management function under an arrangement entered into by one firm or one of its contractors; but(2) will be performing the same or a different FCA-designated senior management function under an arrangement entered into by a new firm or one of its contractors (whether or not the new firm is in the same group as the old firm);the new firm will be required to make a fresh
SUP 10C.14.5RRP
(1) A firm must notify the FCA no later than seven business days after an FCA-approved SMF manager ceases to perform an FCA-designated senior management function.(2) It must make that notification by submitting to the FCA a completed Form C (SUP 10A Annex 6R).(3) If: (a) the firm is also making an application for approval for that approved person to perform a controlled function within the same firm or group; and(b) ceasing to perform the FCA-designated senior management function
SUP 10C.14.7RRP
(1) A firm must notify the FCA as soon as practicable after it becomes aware, or has information which reasonably suggests, that it will submit a qualified Form C for an FCA-approved SMF manager.(2) Form C is qualified if the information it contains:(a) relates to the fact that the firm has dismissed, or suspended, the FCA-approved SMF manager from its employment; (b) relates to the resignation by the FCA-approved SMF manager while under investigation by the firm, the FCA or any
SUP 10C.14.9GRP
A firm is responsible for notifying the FCA if any FCA-approved SMF manager has ceased to perform an FCA-designated senior management function under an arrangement entered into by its contractor.
SUP 10C.14.13RRP
If an FCA-approved SMF manager's title, name or national insurance number changes, the firm for which the person performs an FCA-designated senior management function must notify the FCA on Form D (SUP 10A Annex 7R), of that change within seven business days of the firm becoming aware of the matter.
SUP 10C.14.14GRP
The duty to notify in SUP 10C.14.13R does not apply to changes to an FCA-approved SMF manager's private address.
SUP 10C.14.15RRP
(1) If any of the details relating to:(a) the arrangements in relation to any of a firm'sFCA-approved SMF managers; or(b) any FCA-designated senior management functions of one of its FCA-approved SMF managers;are to change, the firm must notify the FCA on Form D (SUP 10A Annex 7R).(2) The notification under (1) must be made as soon as reasonably practicable after the firm becomes aware of the proposed change.(3) This rule does not apply to anything required to be notified under
SUP 10C.14.17GRP
(1) Under section 62A of the Act, a firm should provide the FCA with a revised statement of responsibilities if there has been any significant change in the responsibilities of an FCA-approved SMF manager.(2) Details can be found in SUP 10C.11 (Statements of responsibilities).
SUP 10C.14.18RRP
(1) If a firm becomes aware of information which would reasonably be material to the assessment of the fitness and propriety of an FCA-approved SMF manager, or of candidate to be one (see FIT), it must inform the FCA either:(a) on Form D; or(b) if it is more practical to do so and with the prior agreement of the FCA, by email or fax;as soon as practicable and, in any case, within seven business days.(2) This rule does not apply to anything required to be notified under SUP 10C.14.7R
SUP 10C.14.22RRP
If a firm is required to notify the FCA about an FCA-approved SMF manager under any of the following:(1) section 63(2A) of the Act (Duty to notify regulator of grounds for withdrawal of approval); or2(2) [deleted]2(3) section 64C of the Act (Requirement for relevant authorised persons to notify regulator of disciplinary action);it must give that notification:(4) under SUP 10C.14.5R (Form C) if that rule applies; (5) under SUP 10C.14.7R (Qualified Form C) if that rule applies;
SUP 10C.14.24GRP
Table: Explanation of the sections of the Act mentioned in SUP 10C.12.22G1SectionSummary of relevant partsOther Handbook materialCommentsSection 63(2A) (Duty to notify regulator of grounds for withdrawal of approval)At least once a year, each firm must, in relation to every SMF manager for whom an approval has been given on the application of that firm:(a) consider whether there are any grounds on which the FCA could withdraw the approval; and(b) if the firm is of the opinion
SUP 10C.14.28RRP
This section also applies to a notification about a PRA-approved SMF manager who is not an FCA-approved SMF manager required by any of the provisions of the Act listed in SUP 10C.14.22R.
SUP 10C.14.30GRP
If a firm is required to notify the FCA about a PRA-approved SMF manager who is not an FCA-approved SMF manager under one of the sections of the Act referred to in SUP 10C.14.28R, it should make a single notification under the PRA's requirements. There is no need for a separate notification to the FCA.
SYSC 4.7.5RRP
(1) A firm must allocate each of the FCA-prescribed senior management responsibilities in Part 1 of the table in SYSC 4.7.7R to one or more SMF managers of the firm.(2) Except as described in (3), a firm must allocate each of the FCA-prescribed senior management responsibilities in Part 2 of the table in SYSC 4.7.7R to one or more SMF managers of the firm.(3) Paragraph (2) does not apply to:(a) a firm that is a small CRR firm as defined in the part of the PRA's rulebook called
SYSC 4.7.7RRP
Table: FCA-prescribed senior management responsibilitiesFCA-prescribed senior management responsibilityExplanationEquivalent PRA-prescribed senior management responsibilityPart One (applies to all firms)(1) Responsibility for the firm's performance of its obligations under the senior management regimeThe senior management regime means the requirements of the regulatory system applying to relevant authorised persons insofar as they relate to SMF managers performing designated
SYSC 4.7.26GRP
(1) Although the norm should be for a firm to have a single individual performing each FCA-prescribed senior management responsibility or function allocated under SYSC 4.7.8R (Allocation of overall responsibility for a firm’s activities, business areas and management functions), there may be circumstances in which responsibilities can be divided or shared (see (2)).(2) A firm should only divide or share a responsibility where this is appropriate and can be justified.(3) For example,
SYSC 4.7.27GRP
(1) The FCA expects a firm to divide and allocate responsibilities under:(a) SYSC 4.7.5R (Allocation of FCA-prescribed senior management responsibilities); and(a) SYSC 4.7.8R (Allocation of overall responsibility for a firm’s activities, business areas and management functions); between its SMF managers so that responsibilities are grouped together appropriately.(2) The firm should make the judgement:(a) in (1); and(b) about whether and how responsibilities and functions should
SYSC 4.7.28GRP
SUP 10C.11.31G to SUP 10C.11.33G (Statements of responsibilities) contains material about: (1) how to prepare statements of responsibilities where a responsibility or function is shared or divided between several SMF managers; and(2) dividing and sharing responsibilities.
SYSC 4.7.29GRP
(1) A firm may allocate more than one FCA-prescribed senior management responsibility to the same SMF manager.(2) This is subject to:(a) SYSC 4.7.23G (should not give too many responsibilities to one person); and(b) SYSC 4.7.27G (what responsibilities should be grouped together).
SYSC 4.7.31GRP
(1) SYSC 4.7.8R (Allocation of overall responsibility for a firm’s activities, business areas and management functions) requires overall responsibility for various aspects of a firm's affairs to be allocated to an SMF manager.(2) This requirement does not prevent a firm from relying on an employee of a company in the same group to perform the function.(3) A firm has two main choices about how to fit such arrangements into the senior management regime for relevant authorised persons.(a)
SYSC 4.8.9RRP
Table: FCA-prescribed senior management responsibilities for third-country relevant authorised persons.FCA-prescribed senior management responsibility in relation to the branchExplanationEquivalent PRA-prescribed UK branch senior management responsibility(1) Responsibility for the firm’s performance of its obligations under the senior management regimeThe senior management regime means the requirements of the regulatory system applying to relevant authorised persons insofar as
SYSC 4.8.26GRP
(1) In some cases, a person who has local responsibility for a particular function may be very senior within the firm as a whole. (2) For instance, in some branches, an individual with local responsibility for a function may also be the head of the firm’s Europe and Middle East division for a business line and may be more senior within the firm as a whole than the person performing the PRA’s Head of Overseas Branch designated senior management function.
SYSC 4.8.27GRP
(1) Generally, where a firm allocates responsibility under SYSC 4.8.10R to one of the firm’sSMF managers who is not based in the branch the FCA would expect:(a) that the responsibility would not be allocated to a manager whose responsibilities for the branch are limited to setting overall strategy for the branch; and(b) that, instead, the firm would allocate it to a manager who is the most senior person responsible for implementing the strategy for the branch.(2) See SUP 10C.1.5AG
SUP 10C.8.4RRP
(1) A person performs the EEA branch senior manager function in relation to the branch in the United Kingdom of an EEA relevant authorised person if that person has significant responsibility for one or more significant business units of the branch that carry on any of the activities listed in (2).(2) The activities listed in this paragraph are:(a) designated investment business other than dealing in investments as principal, disregarding article 15 of the Regulated Activities
SUP 10C.8.5GRP
(1) The definition of the EEA branch senior manager function (SMF21) is similar to that of the significant management FCA-specified significant-harm function under SYSC 5.2.35R. However, only the former is an FCA-designated senior management function.(2) The main differences are:(a) SUP 10C.8.4R(2)(d) is not included in the significant management FCA-specified significant-harm function; and(b) the overriding requirements in SUP 10C.3 (General material about the definition of controlled
SUP 10C.8.6GRP
A person performing the EEA branch senior manager function could, for example, be: (1) the head of a significant business unit carrying on the activities in SUP 10C.8.4R(2); or(2) a member of a committee (that is, a person who, together with others, has authority to commit the branch) making decisions about those activities.
CREDS 2.2.15GRP
In accordance with rule SC 2 in COCON 2.2.1R5, it is the responsibility of each individual member of the governing body5 who is a senior conduct rules staff member5to understand, and ensure that the credit union complies with, the requirements of all the relevant Acts, secondary legislation and rules.
CREDS 2.2.67GRP
5SYSC 4.7 says that a relevant authorised person, including a credit union, should:(1) allocate a number of specified management responsibilities (called FCA-prescribed senior management responsibilities) to one or more of its SMF managers; and(2) ensure that, at all times, one or more of its SMF managers have overall responsibility for each of the activities, business areas and management functions of the firm.
CREDS 2.2.68GRP
5CREDS 8.3 explains what an SMF manager is.
CREDS 2.2.70GRP
5SYSC 4.9 contains material about handover arrangements when an SMF manager (or their supervisor) takes up or leaves their job.
SUP 10A.17.2GRP
If the firm or its advisers have further questions, they should contact the FCA's Contact Centre (see SUP 10A.12.6 G).
SYSC 3.2.8RRP
(1) A firm which carries on designated investment business with or for retail clients or professional clients8 must allocate to a director or senior manager the function of:8(a) having responsibility for oversight of the firm's compliance; and(b) reporting to the governing body in respect of that responsibility.1(2) In 10 (1) "compliance" means compliance with the rules in:(a) COBS8(Conduct of Business); 8(b) COLL ( Collective Investment Schemes sourcebook)10; and1010(c) CASS
SYSC 3.2.9GRP
(1) SUP 10A.7.8 R23 uses SYSC 3.2.8 R to describe the controlled function, known as the compliance oversight function, of acting in the capacity of a director or senior manager to whom this function is allocated.23(2) The rules referred to in SYSC 3.2.8 R (2) are the minimum area of focus for the firm'scompliance oversight function. A firm is free to give additional responsibilities to a person performing this function if it wishes.
SYSC 3.2.10GRP
(1) Depending on the nature, scale and complexity of its business, it may be appropriate for a firm to have a separate risk assessment function responsible for assessing the risks that the firm faces and advising the governing body and senior managers on them.(2) The organisation and responsibilities of a risk assessment function should be documented. The function should be adequately resourced and staffed by an appropriate number of competent staff who are sufficiently independent
DEPP 6.2.6GRP
In addition to the general factors outlined in DEPP 6.2.1 G, there are some additional considerations that may be relevant when deciding whether to take action against an individual under6section 66 of the Act. This list of those considerations is non-exhaustive. Not all considerations below may be relevant in every case, and there may be other considerations, not listed, that are relevant.(1) The individual's6 position and responsibilities. The FCA4 may take into account the
SYSC 5.2.35RRP
(1) The function of acting as a senior manager, with significant responsibility for a significant business unit, 2 is an FCA-specified significant-harm function.2(2) For a non-UK relevant authorised person’sbranch in the United Kingdom, the significant management function is limited to business units of the branch.2
CASS 1A.3.1BGRP
(1) (a) CASS 1A.3.1AR describes the FCA controlled function known as the CASS operational oversight function (CF10a). The table of FCA controlled functions3 in SUP 10A.4.4R3 together with SUP 10A.7.9R3 specify the CASS operational oversight function as an FCA required function4 for a firm to which CASS 1A.3.1AR applies.3(b) The CASS operational oversight function does not apply to a relevant authorised person.3(2) (a) For a firm that is a UK relevant authorised person5, the function
SUP 10C.2.1GRP
The purpose of SUP 10C is: (1) to specify, under section 59 of the Act, descriptions of the FCA-designated senior management functions for relevant authorised persons, which are listed in SUP 10C.4.3R; (2) to specify the manner in which a firm must apply for the FCA's approval under section 59 of the Act and other procedures for FCA-approved SMF managers; and(3) describe the FCA's senior management regime for SMF managers in relevant authorised persons.
SUP 10C.16.6GRP
Failing to disclose relevant information to the FCA may be a criminal offence under section 398 of the Act.
CASS 11.3.3GRP
(1) CASS 11.3.4R describes the FCA controlled function known as the CASS operational oversight function (CF10a) in relation to CASS large debt management firms, including not-for-profit debt advice bodies.1(2) As a consequence of CASS 11.3.4R (in conjunction with SUP 10A.4.1R and SUP 10A.7.10R), in a CASS large debt management firm (including a not-for-profit debt advice body fitting into that category) the function described in CASS 11.3.4R is required to be discharged by a director
SUP 10C.6.1RRP
The compliance oversight function is the function of acting in the capacity of a director or senior manager who is allocated the function in SYSC 6.1.4R(2).
SYSC 4.6.9RRP
(1) A management responsibilities map for a branch maintained by a third-country relevant authorised person must include the matters listed in SYSC 4.5.7R, subject to the modifications in (2).(2) Unless the context requires otherwise, the following terms in SYSC 4.5.7R are modified as follows:Reference in SYSC 4.5.7RModificationfirmtreated as a reference to the branchgoverning body, management body, senior management and senior personnel(a) treated as a reference to the branch’sgoverning
SYSC 4.6.15RRP
An EEA relevant authorised person must, at all times, have a comprehensive and up-to-date document (the management responsibilities map) that describes the management and governance arrangements for any branch it maintains in the United Kingdom, including:(1) details of the reporting lines and the lines of responsibility; and(2) reasonable details about:(a) the SMF managers who carry out activities in relation to the branch; and(b) their responsibilities.
DEPP 2.5.18GRP
Some of the distinguishing features of notices given under enactments other than the Act are as follows: (1) [deleted]66(2) [deleted]66(3) Friendly Societies Act 1992, section 58A1: The warning notice and decision notice must set out the terms of the direction which the FCA6 proposes or has decided to give and any specification of when the friendly society is to comply with it. A decision notice given under section 58A(3) must give an indication of the society's right, given by
EG 7.3.1RP
3The FCA's statement of policy on1 the imposition of financial penalties is set out in DEPP 6.2 (Deciding whether to take action)2 and DEPP 6.4 (Financial penalty or public censure). The FCA's statement of policy on1 the amount of a financial penalty is set out in DEPP 6.5 to DEPP 6.5D. The FCA's statement of policy on1 financial penalties for late submission of reports is set out in DEPP 6.6. The FCA’s statement of policy on1 the imposition of suspensions,2 restrictions,
SUP 10C.1.5AGRP
(1) 2Generally, where an overseas manager of a non-UK relevant authorised person has responsibilities in relation to its branch in the United Kingdom that are strategic only, they will not need to be an FCA-approved SMF manager.(2) However, where an overseas manager is responsible for implementing that strategy for its branch in the United Kingdom, and has not delegated that responsibility to an SMF manager in the United Kingdom, they will potentially be performing an FCA controlled