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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.

4.1

31/12/2020

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

A firm must notify the PRA as soon as it becomes aware of any of the following matters in respect of one or more of its controllers:

  1. (1) if a controller, or any entity subject to their control, is or has been the subject of any legal action or investigation which might put into question the integrity of the controller;
  2. (2) if there is a significant deterioration in the financial position of a controller;
  3. (3) if a corporate controller undergoes a substantial change or series of changes in its governing body.
  4. (4) [deleted.]

4.2

03/08/2015

A firm must take reasonable steps to keep itself informed about controllers, including if applicable:

  1. (1) monitoring its register of shareholders (or equivalent);
  2. (2) monitoring notifications to the firm in accordance with Part 22 of the Companies Act 2006;
  3. (3) monitoring public announcements made under the relevant disclosure provisions of the Takeover Code or other rules made by the Takeover Panel;
  4. (4) monitoring the entitlement of delegates, or persons with voting rights in respect of group insurance contracts, to exercise or control voting power at general meetings.