Prudential Regulation Authority Rulebook

1.1

Unless otherwise stated, this Part applies to every firm that is:

1. (1) a CRR firm;
2. (2) a credit union; or
3. (3) a third country CRR firm in relation to the activities of its establishment in the UK.

1.2

In this Part, the following definitions shall apply:

candidate

means a person in respect of whom a firm has made a pending application.

commencement date

means 7 March 2016.

continued approval

means approval to perform a PRA senior management function under section 59 of FSMA, granted pursuant to a grandfathering notification.

equivalent function

means a PRA senior management function or FCA-designated senior management function that is specified in 6 as equivalent for the purposes of articles 2(3)(b) and 11(c) of the Transitional Order, to a pre-implementation controlled function.

FCA controlled function

means a controlled function specified by the FCA under section 59 of FSMA.

FCA-designated senior management function

means any of the functions specified in column 3 (FCA-designated senior management functions) of the table set out in 6.

grandfathering notification

means a notice required to be sent to the PRA under article 2(1) or 11(b) of the Transitional Order, including any update to such a notice.

management responsibilities map

has the meaning given in Allocation of Responsibilities 6.

pending application

means an application for approval under section 60 of FSMA which:

1. (1) has been received by the FCA or PRA from the firm on or before the commencement date, and
2. (2) has not been determined or withdrawn.

PRA senior management function

means a function specified as a controlled function in Senior Management Functions 2 in relation to the carrying on of a regulated activity by a firm.

pre-implementation controlled function

means any of the controlled functions listed in column 1 of the table in 6.

statement of responsibilities

means a statement pursuant to article 2(3)(c) or 11(d) of the Transitional Order setting out the aspects of the affairs of the firm which it is intended that each relevant person will be responsible for managing in performing the notified functions.

Transitional Order

means the Financial Services (Banking Reform) Act 2013 (Transitional and Savings Provisions) Order 2015 (SI 2015/492).