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:
1. (a) the activities of its establishment in the UK; or
2. (b) if it does not have an establishment in the UK, its activities in the UK.

1.2

In this Part, the following definitions shall apply:

commencement date

means 7 March 2016.

current approved person approval

means

1. (1) an approval granted to a person under section 59 of FSMA (Approval for particular arrangements):
1. (a) by the PRA for the performance of a PRA senior management function; or
2. (b) by the FCA for the performance of an FCA designated senior management function or a significant influence function;
2. but excludes a notice given under section 59ZZA of FSMA treating a person as approved for those purposes.
3. (2) a deemed approval given by:
1. (a) the PRA following the submission of a conversion notification; or
2. (b) the FCA under any equivalent process contained in rules in the FCA Handbook; or
4. (3) for the purposes of 2.5(2) and 2.6(1)(a), an approval granted to that person under section 59 of FSMA by either the PRA or the FCA to perform a controlled function as defined in section 59 of FSMA prior to the commencement date but which ceased (i) on or before the commencement date; and (ii) during the period specified in 2.5(2) or 2.6(1)(a), as the case may be.

regulatory body

means any authority, body or person having, or who has had, responsibility for the supervision or regulation of any regulated activities or other financial services, whether within the United Kingdom or overseas.

PRA senior management approval application

means an application for approval to perform a PRA senior management function under section 59 of FSMA.

significant influence function

has the meaning given in the FCA Handbook.

statement of responsibilities

has the meaning given in Allocation of Responsibilities 1.

1.3

In this Part, PRA approved person also includes a person in relation to whom a notice under section 59ZZA has been given to an authorised person.