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Application provision

6.1 The changes to this rule are effective from 23:00 on 31/12/2020.

This Chapter applies only to a firm that is a third country branch undertaking or a third country insurance services provider (other than a Swiss general insurer).

6.1

31/12/2020

The changes to this rule are effective from 23:00 on 31/12/2020.

This Chapter applies only to a firm that is a third country branch undertaking or a third country insurance services provider (other than a Swiss general insurer).

6.1A

31/12/2020

This rule is effective from 23:00 on 31/12/2020.

  1. (1) 6.2, 6.3, 6.4 and 6.5 shall not apply to a SRO firm.
  2. (2) 6.6 and 6.7 apply only to a SRO firm.

6.2

31/12/2020

The changes to this rule are effective from 23:00 on 31/12/2020.

The Head of Third Country Branch function (SMF19) is the function of having responsibility for:

  1. (1) the conduct of all activities of the third country branch undertaking that are subject to the regulatory system; or
  2. (2) the conduct of all activities of the third country insurance services provider that are subject to the regulatory system.

6.3

31/12/2020

The changes to this rule are effective from 23:00 on 31/12/2020.

  1. (1) A third country branch undertaking or a third country insurance services provider must have at least one person approved to perform the Head of Third Country Branch function.
  2. (2) If a vacancy arises in respect of the Head of Third Country Branch function, a third country branch undertaking or a third country insurance services provider must ensure that it appoints a person to fill that vacancy as soon as possible.

6.4

31/12/2020

The changes to this rule are effective from 23:00 on 31/12/2020.

third country branch undertaking or a third country insurance services provider that transacts with-profits insurance business must have at least one person approved to perform the With-Profits Actuary function (SMF20a).

6.5

31/12/2020

The changes to this rule are effective from 23:00 on 31/12/2020.

third country branch undertaking or a third country insurance services provider is not required to have any person(s) approved to perform any of the other PRA senior management functions.

6.6

31/12/2020

This rule is effective from 23:00 on 31/12/2020.

A SRO firm must ensure that at least one person performs the Head of Third Country Branch Function on its behalf and if a vacancy arises in respect of that function it must ensure that it appoints a person to fill the vacancy as soon as possible.

6.7

31/12/2020

This rule is effective from 23:00 on 31/12/2020.

For the purposes of 6.6 the Head of Third Country Branch Function (SMF 19) is the function of having responsibility to oversee the orderly run-off of the firm's regulated activities in the UK.