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Application provision

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



A firm must notify the PRA that it is relying on the deemed transfer of significant credit risk under paragraph 2 of Article 243 of the CRR or paragraph 2 of Article 244 of the CRR, including when this is for the purposes of Article 337(5) of the  CRR, no later than one month after the date of the transfer.



The notification in 3.1 must include sufficient information to allow the PRA to assess whether the possible reduction in risk weighted exposure amounts which would be achieved by the securitisation is justified by a commensurate transfer of credit risk to third parties.