SRA Handbook

Approval process

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Version 1 of the Handbook was published on 16/09/2011. For more information, please click 'History' Above

Rule 14: Approval process

14.1

An application for approval of a manager, owner or compliance officer may be made by an applicant body or an authorised body and must include evidence to satisfy the SRA that the candidate is suitable to be a manager, owner or compliance officer of the body, as appropriate.

14.2

The applicant body or authorised body, as appropriate, must:

(a)

co-operate, and secure the co-operation of the candidate, to assist the SRA to obtain all information and documentation the SRA requires in order to determine the application;

(b)

obtain all other information and documentation in relation to the candidate which the prescribed form requires the body to obtain and keep; and

(c)

keep all information and documentation under (b) above for a period of not less than 6 years after the person concerned has ceased to be a manager, owner or compliance officer of the body.

14.3

The candidate must declare in the application that the information supplied about them is correct and complete.

14.4

The SRA's decision to approve or refuse approval must be notified in writing to the applicant body or authorised body as appropriate, and separately to the candidate, as soon as possible.

14.5

The SRA may, at the time of granting its approval or at any time subsequently, make its approval of a person to be an owner, manager or compliance officer of an authorised body subject to such conditions on the body's authorisation as it considers appropriate having regard to the criteria in Rule 9.

14.6

If the SRA proposes to object to a candidate becoming an owner of an applicant body or authorised body, or to approve such a person becoming an owner subject to conditions, it must give the candidate and the body a warning notice and consider any representations made by them to the SRA within the prescribed period.

14.7

The SRA may issue a conditional approval or objection without a warning notice under Rule 14.6 if the application for approval has been made after the grant of authorisation and the SRA considers it necessary or desirable to dispense with the warning notice for the purpose of protecting any of the regulatory objectives.

14.8

The SRA may at any time require the production of information or documentation from:

(a)

a person who has been approved as an owner, manager or compliance officer under this Part;

(b)

an authorised body of which that person is a manager, owner or compliance officer; or

(c)

the body which originally obtained approval for that person and holds information and documentation under Rule 14.2(c);

in order to satisfy the SRA that the person met, meets, or continues to meet the criteria for approval.

Guidance notes

(i)

See also the guidance notes to Rule 1 regarding ownership and material interest.

(ii)

The SRA's notification "in writing" includes any form of written electronic communication normally used for business purposes, such as emails.