controlled function

a function, relating to the carrying on of a regulated activity by a firm, which is specified by:

1. (a) either the FCA in:
   1. (i) (for SMCR firms ) the table of FCA-designated senior management functions; or
   1. (ii) ( in relation to appointed representatives ) the table of FCA controlled functions; or
1. (b) the PRA in:
   1. (i) (for CRR firms, credit unions and third country CRR firms (as defined in the PRA Rulebook) ) the part of the PRA Rulebook titled ‘Senior Management Functions’; or
   1. (ii) (for Solvency II firms including large non-directive insurers, and for small non-directive insurers ) the Senior Management Functions parts of the PRA Rulebook applicable to Solvency II Firms and Non-Solvency II Firms;

under section 59 of the Act (Approval for particular arrangements).