Senior management arrangements, systems and controls

The following Financial Services practice note provides comprehensive and up to date legal information covering:

  • Senior management arrangements, systems and controls
  • The role of effective corporate governance
  • Purpose of SYSC
  • Senior Managers and Certification Regime—provisions located in SYSC
  • How does SYSC apply?
  • Senior management arrangements—SYSC 2
  • Apportionment of responsibilities
  • Recording the apportionment
  • Systems and controls—SYSC 3 (and related guidance in SYSC 13)
  • General organisational requirements—SYSC 4
  • More...

Senior management arrangements, systems and controls

This Practice Note outlines the requirements of the Senior Management Arrangements, Systems and Controls sourcebook (SYSC), namely SYSC 2, SYSC 3 (and the related guidance in SYSC 13), SYSC 4, SYSC 5, SYSC 6, SYSC 7, SYSC 8, SYSC 9, SYSC 10, SYSC 10A and SYSC 19 of the Financial Conduct Authority (FCA) Handbook and the related requirements of Commission Delegated Retained Regulation (EU) 2017/565 (the UK MiFID II Organisational Regulation). For guidance on the remaining chapters of SYSC, see the separate Practice Notes within this Systems and controls—overview.

Parallel requirements for dual-regulated firms are set out in the Prudential Regulation Authority (PRA) Rulebook and in PRA Supervisory Statements (SSs). In this Practice Note, links to the rules in SYSC are accompanied by links to the corresponding provisions in the PRA Rulebook and in SSs.

For high-level guidance on how to locate the PRA Rulebook and SS provisions which correspond to the various Chapters of SYSC, see Senior management arrangements, systems and controls—FCA and PRA checklist which contains a map of: the requirements of SYSC, the corresponding requirements of the PRA as set out in the PRA Rulebook and in SSs, and the entities to which the FCA and PRA senior management arrangements, systems and controls requirements apply.

The role of effective corporate governance

Senior management arrangements, systems and controls form an important

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