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Application provision

1.1 This Part applies to every firm that is a CRR firm.

2.1

01/10/2015

  1. (1) This rule applies where, immediately before 1 January 2014, a waiver given in relation to a rule listed in column A of the Tables in Schedules 1 and 2 and any condition relevant to the application of that waiver has effect.
  2. (2) Subject to paragraph (5), each waiver given in relation to a PRA rule listed in column A of the Tables in Schedules 1 and 2 is treated as a CRR permission given by the PRA to the firm under the CRR Article listed in the same row in column B of the Table.
  3. (3) Each CRR permission given in accordance with paragraph (2) shall continue to have effect until the expiry date specified in the waiver.
  4. (4) Where a waiver listed in Schedules 1 and 2 specifies that it applies to a firm on a consolidated basis in accordance with a relevant provision in BIPRU 8, the CRR permission shall apply to the firm on the basis of its consolidated situation in accordance with Article 11 of the CRR.
  5. (5) Paragraphs (1) to (4) only have effect in relation to a waiver listed in Schedule 1 where the firm has confirmed to the PRA that it materially complies with the requirements relevant to the rules listed in Column A of the Table, as waived or modified by the waiver, and any conditions relevant to the application of the waiver or the firm has a remediation plan.
  6. (6) Any condition relevant to the application of the waiver shall have effect on 1 January 2014 until the expiry date specified in the waiver.
  7. (7) A waiver listed in row 1 of the Table in Schedule 2 (individual consolidation method) only includes a deemed waiver under the PRA's prudential sourcebook for Banks, Building Societies and Investment Firms transitional provision 22.3R where a firm has confirmed to the PRA that the solo consolidation minimum standards are met with respect to the relevant subsidiary undertaking.

2.2

01/01/2014

  1. (1) This rule applies where, immediately before 1 January 2014, a waiver given in relation to a rule in the PRA’s supervision manual listed in column A of the Table in Schedule 3 has effect.
  2. (2) Each waiver given in relation to a rule  in the PRA's supervision manual listed in column A of the Table in Schedule 3 is to be treated as a waiver given by the PRA to the firm under the SUP rule listed in the same row in column B of the Table.