Prudential Regulation Authority Rulebook

3.1

1. (1) A firm (other than a small CRR firm, a credit union or a third country CRR firm) must allocate each of the prescribed responsibilities set out in 4.1 (other than 4.1(13) to (19)) to one or more persons who perform:
1. (a) a PRA senior management function; or
2. (b) subject to 3.6(1), an FCA designated senior management function
3. on behalf of the firm.
2. (2) If the circumstances set out in a prescribed responsibility in 4.2 (1), (2), or (3) apply to a firm (other than a small CRR firm, a credit union or a third country CRR firm), the firm must allocate the prescribed responsibility to one or more persons who perform:
1. (a) a PRA senior management function; or
2. (b) subject to 3.6(1), an FCA designated senior management functions
3. on behalf of the firm.

3.2

1. (1) A firm (other than a small CRR firm, a credit union or a third country CRR firm) must allocate each of the prescribed responsibilities in 4.1(13) to (19) to one or more persons who perform:
1. (a) an oversight PRA senior management function; or
2. (b) the FCA Chair of nomination committee function
2. on behalf of the firm.

3.3

1. (1) A small CRR firm must allocate each of the small firm prescribed responsibilities to one or more persons who perform:
1. (a) a PRA senior management function; or
2. (b) subject to 3.6(2), an FCA designated senior management function
3. on behalf of the small CRR firm.
2. (2) A credit union must allocate each of the small firm prescribed responsibilities to one or more persons who perform:
1. (a) the Credit Union Senior Manager function; or
2. (b) subject to 3.6(2), an FCA designated senior management function
3. on behalf of the credit union.

3.4

A firm which is a ring-fenced body must ensure that the ring-fenced body prescribed responsibility is allocated to each person who:

1. (1) performs a PRA senior management function or, subject to 3.6(1), an FCA designated senior management function; and
2. (2) is responsible for managing any area of the ring-fenced body’s business that is subject to a ring-fencing obligation

on behalf of the firm.

3.5

A third country CRR firm must allocate each of the third country CRR firm prescribed responsibilities to one or more persons who perform:

1. (1) a PRA senior management function; or
2. (2) subject to 3.6(3), an FCA designated senior management function

on behalf of the third country CRR firm.

3.6

1. (1) A firm must not allocate a prescribed responsibility to a person who performs an FCA other overall responsibility senior management function.
2. (2) A small CRR firm or a credit union must not allocate a small firm prescribed responsibility to a person who performs an FCA other overall responsibility senior management function.
3. (3) A third country CRR firm must not allocate a prescribed responsibility to a person who performs an FCA other local responsibility senior management function.