Part

Non-Solvency II Firms – Senior Managers Regime – Applications and Notifications

Chapter

Ceasing to Perform a PRA Senior Management Function

Printed on: 06/11/2024

Rulebook at: 21/12/2023

4

Ceasing to Perform a PRA Senior Management Function

4.1

  1. (1) A firm must notify the PRA no later than seven business days after a person permanently ceases to perform a PRA senior management function, using:
    1. (a) Form E pursuant to the direction in 2.3 if a person permanently ceases to perform a PRA senior management function and the firm is also making an application for the same person to perform a new PRA senior management function; and
    2. (b) in all other cases, Form C.
  • 11/05/2023

4.2

  1. (1) A firm must notify the PRA as soon as practicable after it becomes aware, or has information which reasonably suggests, that it will submit a qualified Form C in respect of a PRA senior management function holder.
  2. (2) Form C is qualified if the information it contains:
    1. (a) relates to the fact that the firm has dismissed, or suspended, the PRA senior management function holder from its employment;
    2. (b) relates to the resignation by the PRA senior management function holder while under investigation by the firm, the PRA or any other regulatory body;
    3. (c) includes a notification under any of the provisions set out in 2.4(A1) or (1); or
    4. (d) otherwise reasonably suggests that it may affect the PRA’s assessment of the PRA senior management function holder’s fitness and propriety.
  • 10/12/2018