What is a Senior Manager function?

1 A senior management function is defined in FSMA as: “… in relation to the carrying on of a regulated activity by an authorised person, if (a) the function will require the person performing it to be responsible for managing one or more aspects of the authorised person’s affairs, so far as relating to the activity.

What is an SMF Manager?

(in relation to an SMCR firm) a person who has approval under section 59 of the Act (Approval for particular arrangements) to perform a designated senior management function in relation to the carrying on by that SMCR firm of a regulated activity.

What is an SMF 7?

SMF7 (Group Entity Senior Manager Function) applications and approvals 7 March 2016 to 26 April 2019 | Bank of England.

What is an SMF7?

SMF7 (Group Entity Senior Manager) is designed to draw into scope employees or officers of other group (often parent) entities — wherever located — who exercise significant influence on the management or conduct of the affairs of the UK-regulated entity.

What is the definition of a group entity senior manager function?

As is the case with all controlled functions in this chapter, the definition of the group entity senior manager function is subject to the overriding provisions in SUP 10C.3.6R, which sets out the requirements of section 59 (1) and (2) of the Act.

What are the functions of a group entity?

The group entity senior manager function is the function of having a significant influence on the management or conduct of one or more aspects of the affairs of a firm in relation to its regulated activities.

Who is responsible for a designated senior management function?

Therefore, in a large or complex firm, the FCA expects overall responsibility for some functions to be assigned to persons in the layer of management below the governing body. Anyone in that layer having overall responsibility for an activity will be performing a designated senior management function.

What are the functions of a functional manager?

The functional manager will control the budget and the “project manager” will act more as a coordinator of the project activities rather than having real project management responsibilities.