SYSC 4.3 Responsibility of senior personnel

Afirm (with the exception of a common platform firm and a sole trader who does not employ any person who is required to be approved under section 59 of the Act (Approval for particular arrangements)), when allocating functions internally, must ensure that senior personnel and, where appropriate, the supervisory function, are responsible for ensuring that the firm complies with its obligations under the regulatory system. In particular, senior personnel and, where appropriate, the supervisory function must assess and periodically review the effectiveness of the policies, arrangements and procedures put in place to comply with the firm's obligations under the regulatory system and take appropriate measures to address any deficiencies.

[Note: articles 9(1) and 9(3) of the UCITS implementing Directive]

A firm that is amanagement company or an operator of an electronic system in relation to lending must ensure that:

1. (1)

   its senior personnel receive on a frequent basis, and at least annually, written reports on the matters covered by SYSC 6.1.2 R to 6.1.5 R, SYSC 6.2.1 R, SYSC 7.1.2 R, SYSC 7.1.3 R and SYSC 7.1.5 R to 7.1.7 R, indicating in particular whether the appropriate remedial measures have been taken in the event of any deficiencies; and

2. (2)

   the supervisory function, if any, receives on a regular basis written reports on the same matters.

   [Note: articles 9(4) and 9(6) of the UCITS implementing Directive]

1. (1) A common platform firm, when allocating functions internally, must ensure that senior management and, where appropriate, the supervisory function, are responsible for ensuring that the firm complies with its obligations under the UK law on markets in financial instruments. In particular, senior management and, where appropriate, the supervisory function must assess and periodically review the effectiveness of the policies, arrangements and procedures put in place to comply with the firm's obligations under the UK law on markets in financial instruments, and take appropriate measures to address any deficiencies.
2. (2) When allocating significant functions among senior management under SYSC 4.3.2-AR(1), a common platform firm must:
   1. (a) establish who is responsible for overseeing and maintaining the firm's organisational requirements; and
   2. (b) keep up-to-date records of such allocation.
3. (3) A common platform firm must ensure that:
   1. (a) its senior management receive on a frequent basis, and at least annually, written reports on the matters covered by SYSC 6.1.2-AR, SYSC 6.1.3-AR, SYSC 6.1.3-BR, SYSC 6.1.3-CR, SYSC 6.1.5R, SYSC 6.2.1R, SYSC 7.1.2-AR, SYSC 7.1.3R and SYSC 7.1.5R to SYSC 7.1.7R, indicating in particular whether the appropriate remedial measures have been taken in the event of any deficiencies; and
   2. (b) the supervisory function, if any, receives on a regular basis written reports on the same matters.