Prudential Regulation Authority Rulebook

7C.1

Where a firm, or another member of its group that is not a firm but is included in the supervision on a consolidated basis of the firm:

1. (1) has issued a capital instrument that it considers will qualify under CRR as a Tier 2 instrument; or
2. (2) has amended or otherwise varied the terms of a Tier 2 instrument included in its own funds or the own funds of its consolidation group;

the firm shall on or immediately after the date of issuance or the date of amendment or other variation, as applicable, notify the PRA of that issuance, amendment or variation.

7C.2

When giving notice under 7C.1 the firm must:

1. (1) complete and submit the form referred to in 7D.3(1) (Pre/Post Issuance Notification (PIN) Form);
2. (2) provide a copy of the terms and conditions of the capital instrument together with any side agreement; and
3. (3) provide a properly reasoned independent legal opinion from an appropriately qualified individual confirming that the capital instrument qualifies as a Tier 2 instrument under Part Two of CRR.

7C.3

The requirement in 7C.2(3) for the provision of a legal opinion shall not apply where the issuance of the instrument is on substantially the same terms as a previously issued instrument notified under these rules.