7
Phasing-in Plan
7.1
A firm with TMTP Permission must:
- (1) immediately inform the PRA as soon as it observes that the SCR would no longer be complied with without the application of TMTP;
- (2) take the measures necessary to achieve compliance with the SCR by 1 January 2032; and
- (3) within two months from the observation referred to in (1), submit a phasing-in plan to the PRA.
- 31/12/2024
7.2
A firm’s phasing-in plan must set out the planned measures to establish the level of eligible own funds covering the SCR or reduce its risk profile to ensure compliance with the SCR by 1 January 2032.
- 31/12/2024
7.3
A firm that updates its phasing-in plan must submit the updated phasing-in plan to the PRA within two months of updating its phasing-in plan.
- 31/12/2024
7.4
A firm that is required to submit a phasing-in plan in accordance with 7.1(3) must submit annually a report to the PRA setting out the measures taken and progress made to comply with the SCR by 1 January 2032.
- 31/12/2024