to be able to exercise their management and oversight responsibilities effectively.
1The FCA expects that normally a firm will allocate the other FCA-prescribed senior management responsibilities to an SMF manager who performs executive functions for the firm.
1The FCA accepts that it may not be practical for a small non-complex firm to comply with the parts of SYSC 24.3.1G(1), SYSC 24.3.2G and SYSC 24.3.3G that would otherwise apply to it.
a credit union that meets the PRA's size requirements for small CRR firms as defined.
(in the case of a branch) it does not rely on governance arrangements for other parts of the firm.
1When deciding how to allocate FCA-prescribed senior management responsibilities, a firm should avoid assigning such a wide range of responsibilities to a particular SMF manager that they are not able to carry out those responsibilities effectively.
1The FCA expects that a firm will not normally split an FCA-prescribed senior management responsibility between several SMF managers, with each only having responsibility for part.
1The FCA expects that a firm will not normally allocate responsibility for an FCA-prescribed senior management responsibility to two or more SMF managers jointly.
1Although the norm should be for a firm to have a single individual performing each FCA-prescribed senior management responsibility, there may be circumstances in which responsibilities can be divided or shared (see (2)).
A firm should only divide or share a responsibility where this is appropriate and can be justified.
where departing and incoming senior managers work together temporarily as part of a handover.
A firm may have co-heads of a department or business unit if this can be justified under (1) to (3).
1The FCA expects a firm to divide and allocate responsibilities under this chapter between its SMF managers so that responsibilities are grouped together appropriately.
article 21 of the MiFID Org Regulation (General organisational requirements) or other similar relevant and directly applicable EU legislation.
The firm should take into account the way it is organised, the business it carries out and the need not to allocate too many responsibilities to one individual (SYSC 24.3.6G).
The FCA expects a firm to allocate FCA-prescribed senior management responsibilities to the SMF managers they are most closely linked to.
1A firm may allocate more than one FCA-prescribed senior management responsibility to the same SMF manager.
SYSC 24.3.10G (what responsibilities should be grouped together).
Allocation of responsibilities and territorial scope.
1As explained in SYSC 24.1.3R, there is no territorial limitation to the application of this chapter.
This means that a firm should allocate the FCA-prescribed senior management responsibilities so that they cover activities, transactions, business areas and management functions that are located or take place wholly or partly outside, as well as ones in, the United Kingdom.
1In the case of an overseas SMCR firm, the FCA-prescribed senior management responsibilities relate to the activities of the firm's branch in the United Kingdom (see SYSC 24.1.4R).