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Application provision

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

  1. (1) Unless otherwise stated, this Part applies to every firm except:
    1. (a) [deleted.]
    2. (b) a non-directive friendly society; and
    3. (c) a UK ISPV.
  2. (2) Chapter 5 (Annual Controllers Report) does not apply to a credit union.
  3. (3) The PRA directs that Chapter 2 (Obligations on Controllers) applies to persons required to give to the PRA a section 178 notice or a notice under section 191D of FSMA.

2.1

19/01/2019

The PRA directs that a section 178 notice submitted to the PRA in accordance with section 178(1) of FSMA must contain the information and be accompanied by such documents as are required by the Controller’s Form approved for the relevant application.

2.2

03/08/2015

  1. (1) The PRA directs that a person who has submitted a section 178 notice  must notify the PRA immediately if the person becomes aware, or has information which reasonably suggests, that the person has or may have provided the PRA with information which was or may have been false, misleading, incomplete or inaccurate, or has or may have changed in a material particular.
  2. (2) The notification must include:
    1. (a) details of the information which is or may be false, misleading, incomplete or inaccurate, or has or may have changed;
    2. (b) an explanation of why such information was or may have been provided; and
    3. (c) the correct information.
  3. (3) If the information in (2)(c) is not immediately available for submission with the section 178 notice, the PRA directs that the information must instead be submitted as soon as possible.
  4. (4) The requirement in (1) ceases if the change in control occurs or will not take place.

2.3

03/08/2015

The PRA directs that a notice under section 191D of FSMA must provide details of the extent of control (if any) that the controller will have following the change in control.

2.4

03/08/2015

Where a controller or proposed controller that is an investment manager is complying with the directions in 2.1 and 2.3 in connection with the acquiring or disposal of listed shares in the course its fund management activity, the PRA  directs that it may use the Controller’s form at 6.5.