Prudential Regulation Authority Rulebook

2.1

The PRA directs that a firm must make a PRA senior management approval application in accordance with 2.2, before the activities requiring approval commence.

2.2

The PRA directs that a firm must use form A (long form) for a PRA senior management approval application unless

1. (1) the firm must use Form E under 2.3; or
2. (2) the firm must use Form A (shortened form) under 2.6.

2.3

The PRA directs that, subject to 2.4 and 2.5, a firm must use Form E for a PRA senior management approval application if the PRA senior management approval application is in respect of a person who has a current approved person approval and is either:

1. (1) ceasing to perform a PRA senior management function and taking up a new PRA senior management function for the same firm or another member of its group; or
2. (2) ceasing to perform an FCA designated senior management function or significant influence function and taking up a PRA senior management function for the firm or another member of its group.

2.4

The PRA directs that a firm must not use Form E for a PRA senior management approval application if:

1. (1) a notification has been made or should be made to the PRA or FCA under any of the following:
1. (a) section 63(2A) of FSMA (Duty to notify regulator of grounds for withdrawal of approval);
2. (b) section 64C of FSMA (Requirement for relevant authorised persons to notify regulator of disciplinary action);
2. (2) a notification has been made or should be made to the PRA under any of the rules in Notifications 11 or to the FCA under any equivalent provisions of the FCA Handbook; or
3. (3) any of the circumstances in 5.2 apply in relation to:
1. (a) any PRA senior management function or FCA designated senior management function or significant influence function that that person is ceasing to perform; or
2. (b) any PRA senior management function or FCA designated senior management function or significant influence function that the person is continuing to perform in relation to that firm or a firm in the same group.

2.5

The PRA directs that a firm must not use form E if the person to whom the PRA senior management approval application relates:

1. (1) has never before been approved:
1. (a) by the PRA to perform a PRA senior management function; or
2. (b) by the FCA to perform an FCA designated senior management function or a significant influence function for any firm;
2. or
3. (2) has not been the subject of a current approved person approval in relation to any firm for more than six months prior to the date of application.

2.6

1. (1) The PRA directs that a firm must use form A (shortened form) for a PRA senior management approval application if:
1. (a) the person to whom the application relates:
1. (i) has at the time of application a current approved person’s approval; or
2. (ii) has had a current approved person’s approval within the previous six months; and
2. (b) there have been no matters arising in relation to the fitness and propriety of the person to whom the PRA senior management approval application relates which mean that the information provided to the FCA or PRA regarding fitness and propriety in connection with a current approved person’s approval may have changed since the application for the current approved person’s approval was made.
2. (2) A firm must not use Form A (shortened form) if the circumstances set out in 2.3 apply.

2.7

1. (1) The PRA directs that the form submitted for a PRA senior management approval application must be accompanied by a statement of responsibilities in accordance with Allocation of Responsibilities 2.1.
2. (2) A statement of responsibilities must be in the form set out:
1. (a) for a third country CRR firm, in the form set out here; and
2. (b) for all other firms, in the form set out here.

2.8

The PRA directs that the form submitted for a PRA senior management application by a designated investment firm must be accompanied by the designated additional information.