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Application provision

1.1 Unless otherwise stated, this Part applies to a CRR firm;

  1. (1) with respect to the carrying on of the following from an establishment in the UK:
    1. (a) regulated activities;
    2. (b) activities that constitute dealing in investments as principal, disregarding the exclusion in article 15 of Regulated Activities Order;
    3. (c) ancillary activities;
    4. (d) in relation to MiFID business, ancillary services; and
    5. (e) unregulated activities in a prudential context
  2. (2) with respect to the carrying on of passported activities by it from a branch in another EEA state;
  3. (3) in a prudential context with respect to activities wherever they are carried on; and
  4. (4) taking into account any activity of other members of a group of which the firm is a member.

2A.1

07/09/2016

  1. (1) 2A.2 applies to every CRR firm.
  2. (2) 2A.32A.6 apply to any CRR firm that has average total gross assets exceeding £250 million, determined on the basis of the annual average amount of gross assets calculated across a rolling period of five years or, if it has been in existence for less than five years, across the period during which it has existed (in each case, calculated with reference to the CRR firm’s annual accounting reference date).

2A.2

03/01/2018

  1. (1) A firm must establish, implement and maintain appropriate and effective arrangements for the disclosure of reportable concerns by a person, including a firm’s employee, internally through a specific, independent and autonomous channel.
  2. (2) The channel in (1) may be provided through arrangements with third parties, including social partners, subject to any applicable requirement under the Outsourcing Part.

Additional Notes


[Note: Art. 71(3) of the CRD and Art. 73(2) of MiFID II]

2A.3

07/09/2016

A firm must inform all workers of the channel in 2A.2.

2A.4

07/09/2016

A firm must inform all workers:

  1. (1) that they may disclose directly to the PRA or to the FCA anything that would be the subject-matter of a protected disclosure;
  2. (2) of what would constitute a protected disclosure;
  3. (3) that the PRA or the FCA are prescribed persons under section 43F of the Employments Rights Act 1996 and the effect of making a protected disclosure to the PRA or to the FCA; and
  4. (4) of the means available to make a protected disclosure to the PRA or the FCA.

2A.5

07/09/2016

A firm must ensure that nothing in its arrangements prevents or discourages any worker from making any disclosure to the PRA or the FCA before making the disclosure through the channel referred to in 2A.2.

2A.6

07/09/2016

A firm must ensure that nothing in any employment contract or settlement agreement, including any other related or ancillary documentation, between the firm and a worker relating to the worker’s employment with the firm, entered into after the date on which these rules come into effect, prevents or discourages the worker from:

  1. (a) making a protected disclosure, including to the PRA; and
  2. (b) making a further protected disclosure connected to a protected disclosure already made under (a).

2A.7

07/09/2017

If 

  1. (1) the firm is a subsidiary of a third country firm; and
  2. (2) the third country firm also carries on regulated activities from an establishment in the UK;

the firm must provide information to the third country firm in the UK on the channel in 2A.2 and make the channel available to workers in the third country firm’s UK establishment.

2A.8

30/03/2018

If

  1. (1) the third country firm is a subsidiary of a firm [P]; and
  2. (2) the third country firm also carries on regulated activities from an establishment in the UK

the firm [P] must provide information to the third country firm in the UK on the channel in 2A.2 and make the channel available to workers in the third country firm’s UK establishment.