Prudential Regulation Authority Rulebook

2.1

This Chapter applies to every person to whom a PRA rule applies.

2.2

1. (1) If any emergency arises which:
1. (a) makes it impracticable for a person to comply with a particular PRA rule;
2. (b) could not have been avoided by the person taking all reasonable steps; and
3. (c) is outside the control of the person, its associates and agents (and of its and their employees),
2. the person will not be in contravention of that rule to the extent that, in consequence of the emergency, compliance with that rule is impracticable.
3. (2) (1) applies only for so long as:
1. (a) the consequences of the emergency continue; and
2. (b) the person can demonstrate that it is taking all practicable steps to deal with those consequences, to comply with the rule, and to mitigate losses and potential losses to its clients (if any).
4. (3) The person must notify the PRA as soon as practicable of the emergency and of the steps the person is taking and proposes to take to deal with the consequences of the emergency.