Prudential Regulation Authority Rulebook

11.1

This Chapter applies to every firm that is:

1. (a) a CRR firm;
2. (b) a credit union; or
3. (c) a third country CRR firm in relation to the activities of its establishment in the UK;
4. (d) a UK Solvency II firm;
5. (e) in accordance with Insurance General Application 3, the Society, as modified by 14;
6. (f) in accordance with Insurance General Application 3, managing agents, as modified by 14;
7. (g) a third country branch undertaking;
8. (h) a UK ISPV; and
9. (i) a non-directive insurer.

11.2

If a firm takes disciplinary action against a person relating to any action, failure to act, or circumstance that amounts to a breach of any conduct rule it must notify the PRA.

11.3

If a firm is required to notify the PRA under 11.2 in respect of either:

1. (1) persons performing certification functions; or
2. (2) Conduct Rules non-executive directors,

it must do so within seven business days of the point at which it determined the relevant requirement applied, by submitting Form L. A firm must not unreasonably delay its determination of whether or not the requirement applies.

11.4

If a firm is required to notify the PRA under 11.2 in respect of a person performing a PRA senior management function, it must do so within seven business days of the point at which it determined the relevant requirement applied, by submitting:

1. (1) if the firm is of a type in 11.1(a), (b) or (c) and the circumstances set out in Senior Managers Regime – Applications and Notifications 5.2 apply, Form C;
2. (2) if the firm is of a type in 11.1(d), 11.1(e), 11.1(f), 11.1(g) or 11.1(h) (other than a Swiss general insurer) and the circumstances set out in Solvency II Firms - Senior Managers Regime – Applications and Notifications 4.2(2) apply, Form C;
3. (3) the firm is a large non-directive insurer or a Swiss general insurer and the circumstances set out in Large Non-Solvency II Firms - Senior Managers Regime – Applications and Notifications 4.2(2) apply, Form C;
4. (4) if the firm is a small non-directive insurer and the circumstances set out in Non-Solvency II Firms - Senior Managers Regime – Applications and Notifications 4.2(2) apply, Form C;
5. (5) and in all other cases, Form D.

A firm must not unreasonably delay its determination of whether or not the requirement applies.

11.5

If a firm becomes aware of information which would reasonably be material to the assessment of the fitness and propriety of a PRA approved person, or a person in respect of whom an application for approval to perform a PRA senior management function has been made, it must inform the PRA on Form D, or (if it is more practical to do so and with the prior agreement of the PRA) by fax or e-mail, as soon as practicable.

11.6

A firm other than a credit union must submit:

1. (1) Form C and Form D using the ONA system; and
2. (2) Form L using the PRA email address specified in Form L.

11.7

A credit union must submit:

1. (1) Form C and Form D using the ONA system or in the manner set out in Notifications 7;
2. (2) Form L using the PRA email address specified in Form L.

11.8

If, under any rule in this Chapter:

1. (1) a firm is required to make a notification; and
2. (2) the information technology systems used by the PRA fail and online submission is unavailable for 24 hours or more,

until such time as facilities for online submission are restored a firm must submit the specified form in the way set out in Notifications 7.

11.9

1. (1) Form C may be found here.
2. (2) Form D may be found here.
3. (3) Form L may be found here.