Scope of Permission

The list of regulated activities a directly authorised firm can carry out by virtue of the authorisation granted to them by the FCA under Part 4A of FSMA.


Significant Influence Function, for example CF1, Director function.


Small and medium size enterprise

Sophisticated Investor

This type of investor can be certified by a regulated firm or self-certify and they are considered to have sufficient investing experience and knowledge to understand the risks and nature of an investment opportunity based on their experience and/or professional background.


The FCA’s Supervision Manual which sets out the relationship between the regulator and the authorised firms it supervises.  SUP contains a combination of rules and guidance covering a vast range of regulatory areas, including the FCA’s powers in relation to monitoring and supervising firms, as well as undertaking enforcement action, their approach to approved persons and the limitations placed upon appointed representative.


A part of the FCA’s handbook which contains both high level and detailed rules and guidance on how firms should manage their senior management arrangements and internal systems and controls.