Supervised Run-Off

1.1

This Part applies to SRO firms, except SRO insurers.

1.2

In this Part, the following definitions shall apply:

end date

means the end of the relevant period determined in accordance with regulation 41 of the EEA Passport Rights (Amendment, etc., and Transitional Provisions) (EU Exit) Regulations 2018.

2.1

A firm must, within 28 days of the date on which the firm becomes an SRO firm, submit a run-off plan, in accordance with 3, to the PRA.

3.1

A firm’s run-off plan must:

1. (1) describe the firm’s run-off strategy;
2. (2) include a description of the business of the firm;
3. (3) include an explanation of how, or to what extent, the firm will have ceased accepting deposits by the end date; and
4. (4) cover the run-off period until all deposits, including any interest or premium payable, will be paid, repaid or returned to depositors or otherwise transferred.

4.1

A firm must notify the PRA promptly of any matter which has happened or is likely to happen and which represents a significant departure from the run-off plan and either:

1. (1) explain the nature of the departure and the reasons for it; or
2. (2) include an amended run-off plan and explain the amendments and the reasons for them.

4.2

A firm must, at least annually, update the PRA in writing on progress against, or deviation from, its run-off plan submitted in accordance with 2.