Transitional Provisions and Schedules

Part

SYSC Senior Management Arrangements, Systems and Controls sourcebook

Chapter

Transitional Provisions and Schedules

Printed on: 15/10/2024

Rulebook at: 01/02/2006

Transitional Provisions and Schedules

SYSC TP 1

Transitional provisions

SYSC TP 1.1

There are no transitional provisions in SYSC. However, GEN contains some technical transitional provisions that apply throughout the Handbook and which are designed to ensure a smooth transition at commencement.

01/12/2004

SYSC Sch 1

Record keeping requirements

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SYSC Sch 1.1

The aim of the guidance in the following table is to give the reader a quick over-all view of the relevant record keeping requirements.

It is not a complete statement of those requirements and should not be relied on as if it were.

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SYSC Sch 1.2

Handbook reference

Subject of record

Contents of record

When record must be made

Retention period

SYSC 2.2.1 R

Arrangements made to satisfy SYSC 2.1.1 R (apportionment) and SYSC 2.1.3 R (allocation)

Those arrangements

On making the arrangements and when they are updated

Six years from the date on which the record is superseded by a more up-to-date record

SYSC 3.2.20 R

Matters and dealings (including accounting records) which are the subject of requirements and standards under the regulatory system

Adequate

Adequate time

Adequate

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SYSC Sch 2

Notification requirements

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SYSC Sch 2.1

There are no notification or reporting requirements in SYSC.

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SYSC Sch 3

Fees and other required payments

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SYSC Sch 3.1

There are no requirement for fees or other payments in SYSC.

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SYSC Sch 4

Powers exercised

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SYSC Sch 4.1

The following powers and related provisions in the Act have been exercised by the FSA to make the rules in SYSC:

Section 138 (General rule-making power)

Section 145 (Financial promotion rules)

Section 146 (Money laundering rules)

Section 150(2) (Actions for damages)

Section 156 (General supplementary powers)

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SYSC Sch 5

Rights of action for damages

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SYSC Sch 5.1

The table below sets out the rules in SYSC contravention of which by an authorised person may be actionable under section 150 of the Act (Actions for damages) by a person who suffers loss as a result of the contravention.

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SYSC Sch 5.2

If a 'Yes' appears in the column headed 'For private person', the rule may be actionable by a 'private person' under section 150 (or, in certain circumstances, his fiduciary or representative; see article 6(2) and (3)(c) of the Financial Services and Markets Act 2000 (Rights of Action) Regulations 2001 (SI 2001 No 2256)). A 'Yes' in the column headed 'Removed' indicates that the FSA has removed the right of action under section 150(2) of the Act. If so, a reference to the rule in which it is removed is also given.

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SYSC Sch 5.3

The column headed 'For other person' indicates whether the rule may be actionable by a person other than a private person (or his fiduciary or representative) under article 6(2) and (3) of those Regulations. If so, an indication of the type of person by whom the rule may be actionable is given.

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SYSC Sch 5.4

Chapter/Appendix

Section/Annex

Paragraph

Right of action under section 150

For private person?

Removed?

For other person?

All rules in SYSC

Yes
SYSC 1.1.12 R

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SYSC Sch 6

Rules that can be waived

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SYSC Sch 6.1

The rules in SYSC can be waived by the FSA under section 148 of the Act (Modification or waiver of rules).

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