Related provisions for SUP 10C.2.2
1 - 13 of 13 items.
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
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
(1) A third-country relevant authorised person should allocate responsibility to its SMF managers for every area of the activities of its branch.(2) This is required by a mixture of: (a) SYSC 4.8.6R (FCA-prescribed senior management responsibility);(b) SYSC 4.8.10R (Local responsibility for a firm’s activities, business areas and management functions);(c) the requirements for FCA-designated senior management functions; and(d) the corresponding PRA requirements.
(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
The management responsibilities map for a branch maintained by a third-country relevant authorised person should include functions that are:(1) included in a PRA controlled function under SUP 10C.9 (Minimising overlap with the PRA approved persons regime); or(2) excluded from the other local responsibility function under SUP 10C.8.1R (Exclusion for approved person with approval to perform other designated senior management functions).
Table: Examples of how the other local responsibility function appliesExampleComments(1) ‘A’ is allocated local responsibility for one of a branch’s main business lines. A is also appointed to perform a PRA-designated senior management function for the same branch. A only needs approval to perform the PRA-designated senior management function. (2) ‘A’ is outside the branch’s management structure and A’s responsibilities for the branch are limited to setting overall strategy for
ModuleRelevance to Credit UnionsThe Principles for Businesses (PRIN)The Principles for Businesses (PRIN) set out 3high-level requirements 3imposed by the FCA3. They provide a general statement of regulatory requirements. The Principles apply to all9credit unions. In applying the Principles to credit unions, the FCA3 will be mindful of proportionality. In practice, the implications are likely to vary according to the size and complexity 3of the credit union.99999Senior Management