ABSTRACT
This chapter addresses the Approved Persons Regime and, in particular, such as the roles specified by the regulators as requiring approval; and applications for approval. The application of the Approved Persons Regime varies according to whether the firm in question has its registered office in the UK, in the EEA7 or outside the EEA. The controlled functions specified in respect of such firms differ as compared with authorised firms based in the UK. The FCA governing functions are the director, non-executive director, chief executive, partner, director of unincorporated association, and small friendly society functions. The FCA 'required functions' are a range of positions that are required in particular circumstances. The systems and controls function (CF28) is responsible for reporting to the governing body of the firm or its audit committee in relation to its financial affairs, setting and controlling its risk exposure, and adherence to internal systems and controls, procedures and policies: SUP 10A.8.1R.
