Jargon buster

This is a straightforward, non-technical guide to the often-confusing jargon used in financial services regulation. It aims to give a set of basic definitions, in plain language, for a wide range of acronyms, products, and terms as used in RegZone reports. It is designed to be suitable for non-lawyers, and comprehensible without too much prior knowledge or cross-referencing.

*entries marked with an asterisk refer to the UK only

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Term

Explanation

  • RM-System Czech stock exchange (česká burza cenných papírů) (RM-S)
    Stock exchange; Operator of a regulated securities market in the Czech Republic.
  • Securities and Exchange Commission (SEC) [US]
    US securities regulator
  • Securities Industry and Financial Markets Association (SIFMA) [Defunct]
    Defunct. Merged with LIBA to form the Association for Financial Markets in Europe.
  • Securities Investor Protection Corporation (SIPC) [US]
    a US scheme to offer limited protection to investors should a broker-dealer become insolvent; it is not, however, the securities equivalent of deposit insurance.
  • Securities Market Agency (ATVP / Agencija za trg vrednostnih papirjev)
    Supervises and regulates the market in financial instruments in Slovenia. The competent authority for MiFID and takeover bids.
  • Self Invested Personal Pension SIPP
    Self Invested Personal Pension
  • Senior Management Arrangements, Systems and Controls (SYSC)*
    Part of the FCA and PRA Handbooks containing rules on governance; essentially elaborates upon Principles for Businesses no. 3: "A firm must take reasonable care to organise and control its affairs responsibly and effectively, with adequate risk management systems."
  • Senior management function SMF
    Senior management function
  • Senior Manager and Certification Regime SMCR
    Senior Manager and Certification Regime. Applies to the UK banking sector since March 2016 and dual-regulated insurers since December 2018. SM&CR has been put in place to reduce financial service consumer harm and strengthen market integrity by making individuals accountable for their conduct and competence. The FCA describes SM&CR as an opportunity for financial institutes to establish healthy cultures and effective governance by encouraging individual accountability and setting standards for personal conduct.
  • Significant Influence Functions (SIF)*
    An individual firm who holds a role of particular responsibility at a firm (e.g. a director or compliance manager). In FCA/PRA terminology, an SIF is any Controlled Function other than the customer function or benchmark submission and administration functions.