Home FCA Handbook SYSC SYSC 25 SYSC 25.6 Management responsibilities maps: Material only relevant to EEA SMCR firms
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SYSC 25.6 Management responsibilities maps: Material only relevant to EEA SMCR firms

Application

10/12/2018R

This section applies to an EEA SMCR firm.

FCA-prescribed senior management responsibilities

10/12/2018G

SYSC 25.2.3R (Specific requirements) requires a management responsibilities map to cover the allocation of FCA-prescribed senior management responsibilities. This is not relevant to an EEA SMCR firm as FCA-prescribed senior management responsibilities do not apply to it.

Leaving out information already supplied

01/01/2021R
  1. (1)

    An EEA SMCR firm may exclude from its management responsibilities map any information that it has, before IP completion day, excluded under this section of the FCA Handbook in the form this section was in immediately before IP completion day.

  2. (2)

    [deleted]

  1. (3)

    An EEA SMCR firm may exclude from its management responsibilities map any other information that has been supplied by the firm to the FCA or the PRA (including through the firm’s Home State competent authority) if:

    1. (a)

      that information was supplied to the FCA or the PRA in carrying out their functions under the regulatory system in relation to firms; and

    2. (b)

      the Single Market Directives or any other EU legislation the Single Market Directives or any other EU legislation provides provided as at IP completion day for the supply of that kind of information to a Host State competent authority.

  2. (4)

    For these purposes:

    1. (a)

      Home State and Host State have the meaning that they did in the Glossary as it was in force immediately before IP completion day; and

    2. (b)

      competent authority means a competent authority in an EEA State for the purposes of a Single Market Directive.

10/12/2018G

The FCA expects that an EEA SMCR firm that excludes information from its management responsibilities map under SYSC 25.6.5R will identify in its management responsibilities map the documents supplied to the FCA or the PRA where the omitted information can be found.

10/12/2018G

In practice an EEA SMCR firm may find it easier to prepare its management responsibilities map without omitting any information under SYSC 25.6.5R so that all the information referred to in SYSC 25.2 (Management responsibilities maps: Main rules) can be found in a single integrated document.

10/12/2018G

SYSC 25.4 (Guidance about what should be in a management responsibilities map) does not take into account the right of a firm to omit information under SYSC 25.6.5R. It assumes that the firm will prepare a single document under SYSC 25.6.9G. However SYSC 25.4 is not intended to take away the right to omit information under SYSC 25.6.5R.