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Application provision

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

Unless otherwise stated, this Part applies to every firm that is:

  1. (1) a CRR firm;
  2. (2) a credit union; or
  3. (3) a third country CRR firm in relation to:
    1. (a) the activities of its establishment in the UK; or
    2. (b) if it does not have an establishment in the UK, activities in the UK.

3.1

07/03/2017

A firm must contractually require any PRA approved person, notified non-executive director or credit union non-executive director to:

  1. (1) act with integrity;
  2. (2) act with due skill, care and diligence;
  3. (3) be open and co-operative with the FCA, the PRA and other regulators; and
  4. (4) disclose appropriately any information to the FCA or PRA which they would reasonably expect notice.

3.2

07/03/2017

A firm must contractually require any PRA approved person to:

  1. (1) take reasonable steps to ensure that the business of the firm for which they are responsible is controlled effectively;
  2. (2) take reasonable steps to ensure that the business of the firm for which they are responsible complies with relevant requirements and standards of the regulatory system; and
  3. (3) take reasonable steps to ensure that any delegation of their responsibilities is to an appropriate person and that they oversee the discharge of the delegated responsibility effectively.