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Senior Managers Regime - Applications and Notifications Ceasing to Perform a PRA Senior Management Function

Application provision

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.

5.1

03/01/2018

  1. (1) A firm must notify the PRA no later than ten business days after a person ceases to perform a PRA senior management function, using:
    1. (a) Form E if a person ceases to perform a PRA senior management function and the firm is also making an application for the same person to perform another PRA senior management function; and
    2. (b) in all other cases, Form C.

5.2

07/03/2016

  1. (1) A firm must notify the PRA as soon as practicable after it becomes aware, or has information which reasonably suggests, that it will submit a qualified Form C in respect of a PRA approved person.
  2. (2) Form C is qualified if the information it contains:
    1. (a) relates to the fact that the firm has dismissed, or suspended, the PRA approved person from its employment;
    2. (b) relates to the resignation by the PRA approved person while under investigation by the firm, the PRA or any other regulatory body;
    3. (c) includes a notification under any of the provisions set out in 2.4(1) and (2); or
    4. (d) otherwise reasonably suggests that it may affect the PRA's assessment of the PRA approved person's fitness and propriety.

5.3

07/03/2016

If a PRA approved person ceases to perform a PRA senior management function for a firm but continues to perform one or more PRA senior management function for the same firm, the firm must submit a revised statement of responsibilities for the remaining PRA senior management function(s), using Form J.