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ARTICLE · 17 AUGUST 2022

FCA Clarifies Its Position On 'Significant SYSC Firm' Dilemma

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The FCA announced earlier yesterday that it will consult on amending the definition of 'Significant SYSC Firm' to ensure that no firms will be subject to the enhanced rules of the...

United KingdomFinance and Banking
Helen Marshall
Helen Marshall
Ezra Zahabi
Ezra Zahabi
Philip Woodruff
Philip Woodruff
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The FCA announced earlier yesterday1 that it will consult on amending the definition of 'Significant SYSC Firm' to ensure that no firms will be subject to the enhanced rules of the Senior Managers and Certification Regime (SMCR) as a result of implementation of the Investment Firm Prudential Regime (IFPR) that were not already treated as being subject to those rules under the previous prudential rules (IFPRU).

We noted previously (see here) that, as part of the introduction of the FCA's Investment Firm Prudential Regime (IFPR), one of the consequential changes to the Glossary of the FCA Handbook had been to introduce a new definition of "significant SYSC firm" to replace the previously defined term "significant IFPRU firm".

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