SYSC TP 7 Bank of England and Financial Services Act 2016: Certification and regulatory references

All applies except as follows:

(1) SYSC TP 7.4.2R to SYSC TP 7.4.3G do not apply.

(2) Subject to (3), SYSC TP 7.4.4R and SYSC TP 7.4.5G do not apply.

(3) SYSC TP 7.4.4R and SYSC TP 7.4.5G apply where the requirement to obtain a reference arises under SYSC 22.2.1R(1)(b) (certification).

(4) SYSC TP 7.7 does not apply.

All applies, except that SYSC TP 7.2 (except as explained in the following paragraph), SYSC TP 7.3, SYSC TP 7.4.1R and SYSC TP 7.7.3G to SYSC TP 7.7.6G do not apply.

The material in the row of SYSC TP 7.2.4G (Table: How the certification regime applies in the certification transitional period) whose first column is labelled “SYSC 22” about providing references applies to an SMCR firm. The material about obtaining references does not apply as the certification regime does not apply to a pure benchmark SMCR firm.

Does not apply, except as follows.

The material in the row of SYSC TP 7.2.4G (Table: How the certification regime applies in the certification transitional period) whose first column is labelled “SYSC 22” about providing references applies to an SMCR firm.

SYSC TP 7.6 applies.

SYSC TP 7.5 applies to the firms specified in SYSC TP 7.5.

does not apply to a firm that becomes an SMCR firm after 31 March 2021 except that:

(a) it may apply after then in relation to certain claims management firms covered by SYSC TP 8; and

(b) the parts of SYSC TP 7 that are described in the table in SYSC TP 7.1.2R (Table: Application of SYSC TP 7) as applying to “All other firms” might apply although in practice the material about employment references will not normally apply because of the time period in which SYSC TP 7 operates as described in SYSC TP 7.1.4G.

(4)

Meaning: Benchmark firms

Does not apply except as follows.

A firm may issue a certificate during the certification transitional period. The reason it may wish to do this is so that when the requirement in the Act to issue certificates comes into force, the firm will have issued all the certificates that it needs to have issued to allow its certification employees to carry on their jobs after the certification transitional period.

If it does issue a certificate during the certification transitional period, that certificate is valid after the end of the certification transitional period for the twelve-month period provided for in section 63F of the Act (Issuing of certificates). That twelve-month period runs from the date of issue, even though it was issued during the certification transitional period.

This means that a certificate issued before 31 March 2020 will not be effective.

All the provisions of the Act and the FCA Handbook about certificates apply to a certificate issued in the certification transitional period.

Except as explained later in this row about SYSC 22, the obligation to obtain a reference does not apply because the obligation to get a reference is triggered by issuing a certificate.

SYSC TP 7.4 has exemptions that apply after the certification transitional period.

If a firm wishes to issue a certificate during the certification transitional period as described in the row of this table column 1 of which is titled “SYSC 27.2 and the parts of the Act on which it gives guidance” the obligation on the firm to ask for a reference and the obligation of other firms to give one apply.

Applies to everyone who would need a certificate to perform their job if the obligation to issue certificates was in force.

This applies even if they have not been notified:

(a) that COCON applies to them; or

(b) of the rules that apply to them.

COCON also applies to those who would have been excluded from the certification regime by SYSC 27.5.1R (Emergency appointments) or SYSC 27.5.3R (Temporary UK role).

Firm should ensure that all persons subject to COCON are notified

Firm should take reasonable steps to ensure that those persons understand how COCON applies to them.