SYSC 1.1A Application

Chapter 15A of this sourcebook also applies to:

1. (1)

   an electronic money institution, a payment institution and a registered account information service provider;

2. (2)

   a UK RIE.

as set out in the text of that chapter.

The provisions in SYSC should be read in conjunction with GEN 2.2.23 R to GEN 2.2.25 G. In particular:

1. (1)

   [deleted]

2. (2)

   Provisions made by the FCA, and by thePRA in the PRA Rulebook, may be applied by both regulators to PRA-authorised persons. Such provisions are applied by each regulator to the extent of its powers and regulatory responsibilities.

3. (3)

   For Solvency II firms, the FCA considers that the requirements and guidance in Chapters 2, 3, 12 to 18, 19F.2, 21, 22 and 28 of SYSC are not inconsistent with:

   1. (a)

      the parts of the PRA Rulebook which implemented the governance provisions in the Solvency II Directive (articles 40 to 49);

   2. (b)

      the Solvency II Regulation, or

   3. (c)

      EIOPA guidelines on systems of governance dated 28 January 2015 (EIOPA-BoS-14/253 EN).

   In most cases, there is no direct overlap with those provisions because the SYSC requirements are directed at FCA conduct requirements not expressly covered by or under provisions which implemented or supplemented the Solvency II Directive. Where there is a direct overlap with SYSC rules and guidance, the FCA will take requirements and guidelines which implemented or supplemented the Solvency II Directive into account. The definition of Solvency II firm includes (for SYSC) large non-directive insurers because the PRA have applied certain Solvency II derived requirements to those firms. Where SYSC refers to the PRA Rulebook applicable to Solvency II firms, large non-directive insurers should read those references as if they were references to the corresponding part of the PRA Rulebook applicable to large non-directive insurers.