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Application provision

1.1 Unless otherwise stated, this Part applies to every firm and Chapter 8 applies only to a BRRD undertaking.

4.1

19/06/2014

  1. (1) An overseas firm, which is not an incoming firm, must notify the PRA within 30 business days of any person taking up or ceasing to hold the following positions:
    1. (athe firm's worldwide chief executive (that is, the person who, alone or jointly with one or more others, is responsible under the immediate authority of the directors for the whole of its business) if the person is based outside the UK;
    2. (bthe person within the overseas firm with a purely strategic responsibility for UK operations;
    3. (cfor a bank: the two or more persons who effectively direct its business; or
    4. (dfor an insurer: the authorised UK representative.
  2. (2) The notification in (1) must be submitted in the form referred to in 10.1 (Form F). However, if the person is an approved person, notification giving details of their name, the approved person's individual reference number and the position to which the notification relates, is sufficient.

Additional Notes


[Note: 4.1 is not made under the powers conferred on the PRA by Part V of FSMA (Performance of Regulated Activities). A person notified to the PRA under 4.1 is not subject to the Statements of Principle or Code of Practice for Approved Persons, unless they are also an approved person.]

4.2

19/06/2014

  1. (1) A firm other than a credit union must submit the form referred to in 10.1 online using the ONA system.
  2. (2) Where a firm is obliged to submit an application online under (1), if the ONA system fails and online submission is unavailable for 24 hours or more, until such time as facilities for online submission are restored:
    1. (a) a firm must submit the form in the way set out in 7.4 to 7.6; and
    2. (b) the rules in relation to non-compliance with rules by a firm in the case of an emergency do not apply.