This guide will assist in-house counsel and private practice lawyers understand the rules and practice with respect to the appointed representatives regime in chapter 12 of the FCA Handbook’s Supervision manual (SUP). Section 39 of the Financial Services and Markets Act 2000 (as amended) (FSMA) exempts an appointed representative (AR) from the need to be authorised. This has the advantage of saving time and expense both initially and on an ongoing basis, and avoids the regulatory capital requirements associated with authorisation.
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