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Approved persons: controlled functions for approved persons at PRA-authorised firms
Practical Law UK Practice Note 2-522-4169 (Approx. 15 pages)
Approved persons: controlled functions for approved persons at PRA-authorised firms
| Law stated as at 06 Mar 2016 • United Kingdom |
An overview of the controlled functions that may be performed by approved persons working for, or on behalf of, PRA-authorised firms.
This note has a law stated date, which means that it is no longer maintained. This reflects the FCA and PRA's introduction of the senior managers regime (SMR) for approved persons working at PRA-authorised banks, building societies, credit unions and investment firms, and the senior insurance managers regime (SIMR) for approved persons working at PRA-authorised insurers. The SMR and SIMR took effect on 7 March 2016, except for certain elements of the SIMR that took effect on 1 January 2016. As part of the move to the new regimes, the PRA has deleted chapter 10B of the Supervision Manual in the PRA Handbook and specified a number of new controlled functions for senior managers in the banking and insurance sectors in the relevant Parts of the PRA Rulebook. In addition, the FCA has specified new senior management functions (SMFs) for approved persons within the SMR in a new chapter 10C of the Supervision Manual in the FCA Handbook. For more informaton on the controlled functions for approved functions under the SMR and the SIMR, see Practice notes: Hot topics: Senior managers regime (SMR) and certification regime for banks and Hot topics: Senior insurance managers regime (SIMR) for insurers.