Transitional Provisions and Schedules
SYSC TP 2
Firms other than common platform firms, insurers, managing agents and the Society
| (1) | (2) | (3) | (4) | (5) | (6) |
| Material to which the transitional provision applies | Transitional provision | Transitional provision: dates in force | Handbook provisions: Coming into force |
||
| 2.1 | SYSC 8.1 | R | If a firm other than a common platform firm, insurer, managing agent or the Society has in force on 1 April 2009 outsourcing arrangements which would be covered by SYSC 8.1 it need not amend those contracts to comply with these provisions but should comply with the new rules and guidance in respect of any outsourcing contracts which are entered into, or materially amended, on or after 1 April 2009. | 1 April 2009 indefinitely | 1 April 2009 |
- 01/01/2015
SYSC Sch 1
Record keeping requirements
- 01/12/2004
SYSC Sch 1.1
See Notes
| 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. |
- 01/04/2013
SYSC Sch 1.2
See Notes
| 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arrangements | On making the arrangements and when they are updated | Six years from the date on which the record is superseded by a more up-to-date record |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 |
| SYSC 9.1.1R | Business and internal organisation | Details of the firm's orderly records of services and transactions undertaken | Within a reasonable time | Adequate |
| SYSC 10.1.6 R | Conflict of interest | Kinds of service or activity carried out by or on behalf of the firm in which a conflict of interest entailing a material risk of damage to the interests of one or more clients has arisen or, in the case of an ongoing service or activity, may arise. | Not specified | 5 years |
| SYSC 14.1.53 R | Prudential risk management and systems and controls | Accounting and other records that are sufficient to enable the firm to demonstrate to the PRA: (1) that the firm is financially sound and has appropriate systems and controls; (2) the firm's financial position and exposure to risk (to a reasonable degree of accuracy); (3) the firm's compliance with the rules in GENPRU, INSPRU and SYSC. | Not specified | 3 years, or longer as appropriate |
- 02/02/2015
SYSC Sch 2
Notification requirements
- 01/12/2004
SYSC Sch 2.1
See Notes
| There are no notification or reporting requirements in SYSC. |
- 01/04/2013
SYSC Sch 3
Fees and other required payments
- 01/12/2004
SYSC Sch 3.1
See Notes
| There are no requirement for fees or other payments in SYSC. |
- 01/04/2013
SYSC Sch 6
Rules that can be waived
- 01/12/2004
SYSC Sch 6.1B
See Notes
As a result of section 138A of the Act (Modification or waiver of rules) the PRA has power to waive all its rules, other than rules made under section 137O (Threshold condition code). However, if the rules incorporate requirements laid down in European directives, it will not be possible for the PRA to grant a waiver that would be incompatible with the United Kingdom's responsibilities under those directives.
- 01/04/2013