Prudential Regulation Authority Rulebook

5.1

This Chapter applies only in relation to a:

(1) transitional key function holder, in relation to key functions held as at the commencement date;

(2) grandfathering key function holder, in relation to key functions held as at the commencement date;

(3) new SIMF applicant; and

(4) transitional notified non-executive director, in relation to his or her position as a notified non-executive director as at the commencement date.

5.2

A firm must provide the information required by Large Non-Solvency II Firms – Fitness and Propriety 4.1 for each transitional key function holder, grandfathering key function holder, new SIMF applicant and transitional notified non-executive director in accordance with 5.3 to 5.6.

5.3

In respect of a grandfathering key function holder, the requirement in 5.2 will be satisfied where the firm submits a grandfathering notification in accordance with Large Non-Solvency II Firms – Senior Insurance Managers Regime – Transitional Provisions 2.1, or the update to the grandfathering notification in accordance with Large Non-Solvency II Firms – Senior Insurance Managers Regime – Transitional Provisions 5 (as the case may be), provided that the firm also submits a scope of responsibilities form to the PRA in respect of that grandfathering key function holder by 7 September 2016.

5.4

In respect of a new SIMF applicant, the PRA directs that a firm must provide the information referred to in 5.2 to the PRA in whichever form is required for the senior insurance management approval application, pursuant to Large Non-Solvency II Firms – Senior Insurance Managers Regime – Applications and Notifications 2, which must be accompanied by a scope of responsibilities form.

5.5

In respect of a transitional notified non-executive director, the requirement in 5.2 will be satisfied where the firm records the transitional notified non-executive director in the firm’s governance map on or before the commencement date.

5.6

In respect of a transitional key function holder who is not a grandfathering key function holder, a new SIMF applicant or a transitional notified non-executive director, the PRA directs that a firm must provide the information referred to in 5.2 to the PRA by sending the key function holder notification form to the PRA in accordance with 3.3 by 7 September 2016.