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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 third country CRR firm in relation to:

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

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 third country CRR firm in relation to:

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

6.2

31/12/2020

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

Subject to 6.3, each of the responsibilities set out in this rule is a third country CRR firm prescribed responsibility:

  1. (1) responsibility for the firm’s performance of its obligations under the senior management regime, including implementation and oversight (PR A);
  2. (2) responsibility for the firm’s performance of its obligations under the certification regime (PR B);
  3. (3) responsibility for compliance with the firm’s obligations in relation to its management responsibilities map (PR C);
  4. (4) responsibility for management of the firm’s risk management processes in the UK (PR AA);
  5. (5) responsibility for the firm’s compliance with the UK regulatory system applicable to the firm (PR FF);
  6. (6) responsibility for the escalation of correspondence from the PRA, FCA and other regulators in respect of the firm to the governing body and/or the management body of the firm, or, where appropriate, of the parent undertaking or holding company of the firm’s group (PR EE);
  7. (7) responsibility for management of the firm’s systems and controls in the UK (PR BB);
  8. (8) responsibility for the allocation of all third country CRR firm prescribed responsibilities in accordance with 3.5 (PR E);
  9. (9) responsibility for management of the firm’s liquidity or, where a liquidity waiver is in place, the submission of information to the PRA on the firm’s liquidity position (PR HH);
  10. (10) responsibility for the production and integrity of the firm’s financial information and its regulatory reporting in respect of its regulated activities (PR Q);
  11. (11) if the firm has an establishment in the UKresponsibility for the firm’s performance of its obligations under Internal Governance of Third Country Branches 7 (PR X1).

6.3

31/12/2020

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

In relation to a firm who is treated, by virtue of the EEA Passport Rights (Amendment, etc and Transitional Provisions) (EU Exit) Regulations 2018, as having a Part 4A permission to carry on a regulated activity

  1. (1) the third country CRR firm prescribed responsibilities in 6.2 do not apply; and  
  2. (2) each of the responsibilities set out in this rule is a third country CRR firm prescribed responsibility:
    1. (a) responsibility for the firm's compliance with the UK regulatory system applicable to the firm (PR FF); and
    2. (b) where the firm has applied for a Part 4A permission to carry on a regulated activity, until such time as the application has been determined or withdrawn, the responsibility for managing the process of obtaining such permission (including, without limitation, the completion and submission of the firm's application and providing the PRA with such co-operation and with all accurate and up to date information that it may reasonably require in order to determine whether the requirements for authorisation have been met).