The following Financial Services practice note provides comprehensive and up to date legal information covering:
This Practice Note examines the conflicts of interest requirements which apply to firms as set out in:
Commission Delegated Retained Regulation (EU) 2017/565 (the UK MiFID II Organisational Regulation), and
the Senior Management Arrangements, Systems and Controls sourcebook (SYSC) in the Financial Conduct Authority (FCA) Handbook
The conflicts of interest rules which apply to UK financial services firms are set out in:
Articles 33 to 42 of the UK MiFID II Organisational Regulation, and
Chapter 10 of SYSC (SYSC 10)
Articles 33 to 35 of the UK MiFID II Organisational Regulation apply to investment firms and credit institutions.
An investment firm is a person whose regular occupation or business is the provision of one or more investment services to third parties or the performance of one or more investment activities on a professional basis.
A credit institution is an undertaking the business of which is to take deposits or other repayable funds from the public and to grant credits for its own account.
Investment firms and credit institutions are ‘common platform firms’ for the purposes of SYSC.
The following provisions of SYSC 10 apply to common platform firms:
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