Prudential Regulation Authority Rulebook

1.1

Unless otherwise stated, this Part applies to every firm except an incoming firm.

1.2

In this Part, the following definitions shall apply:

close links

has the meaning given in threshold condition 5F(3) (Effective Supervision).

Close Links Annual Report

means the form referred to at 5.3.

Close Links Monthly Report

means the form referred to at 5.2.

Close Links Notification Form

means the form referred to at 5.1.

2.1

A firm must notify (or procure that another firm in its group notifies) the PRA that it has begun to have or ceased to have close links with any person.

2.2

Where a firm has elected to report changes in close links on a monthly basis under 3.1, it must:

1. (1) within fifteen business days of the end of each month, report (or procure that another firm in its group reports) electronically for that month, by completing the Close Links Monthly Report and submitting it through the relevant platform provided by the PRA;
2. (2) on a quarterly basis, submit (or procure that another firm in its group submits) a group organisation chart, unless there have been no changes since the submission of the previous organisation chart to the PRA, in which case the group organisation chart is not required.

2.3

The Close Links Monthly Report must include the information specified in the form.

2.4

Where a firm has not elected to report changes in close links on a monthly basis under 3.1, it must make (or procure that another firm in its group makes) a notification by completing the Close Links Notification Form as soon as reasonably practicable and no later than one month after it becomes aware that it has begun to have or ceased to have close links with any person.

2.5

The notification submitted under 2.4 must be made by completing the Close Links Notification Form and must include all the relevant information specified therein.

3.1

A firm wishing to report changes in close links on a monthly basis must send a written notice of election to the firm’s usual supervisory contact at the PRA.

3.2

A firm wishing to cease reporting changes in close links on a monthly basis must send a written notice of that intention to its usual supervisory contact at the PRA at least one month before changing its close links reporting practice.

4.1

A firm must submit (or procure that another firm in its group submits) annually by electronic means to the PRA the Close Links Annual Report, within four months of the firm’s accounting reference date.

4.2

An unincorporated friendly society is only required to submit a report under 4.1 if it is aware that it has close links.

4.3

The Close Links Annual Report must include the information specified in the form.

5.1

The Close Links Notification Form can be found here.

5.2

The Close Links Monthly Report can be found here.

5.3

The Close Links Annual Report can be found here.