Prudential Regulation Authority Rulebook

1.1

Unless otherwise stated, this Part applies to a UK firm that is a PRA-authorised person.

1.2

In this Part, the following definitions shall apply:

EEA Passport Rights Regulations

means the Financial Services and Markets Act 2000 (EEA Passport Rights) Regulations 2001.

EEA right

includes Article 4 (3) of the Financial Services and Markets Act (2000) (Gibraltar) Order 2001.

financial institution

has the meaning in Article 4 (26) of the CRR.

pure reinsurer

means an insurer whose insurance business is restricted to reinsurance.

UK firm

includes a financial institution that fulfils the conditions in Article 34 CRD.

2.1

This chapter applies to a UK firm other than a pure reinsurer.

2.2

A UK firm wishing to establish a branch within the territory of another EEA State for the first time under an EEA right other than derived from the CRD must notify the PRA of its intention by submitting the form referred to in 10.1 (Branch Notification Form).

2.3

A UK firm wishing to establish a branch within the territory of another EEA State for the first time under an EEA right derived from the CRD must comply with the information requirements set out in Commission Delegated Regulation (EU) 1151/2014 and notify the PRA of its intention by submitting the form in Annex I of Commission Implementing Regulation (EU) 926/2014 and the form referred to in 10.3 (CRD Declaration).

3.1

This chapter applies to a pure reinsurer.

3.2

A pure reinsurer establishing a branch within the territory of another EEA state for the first time under an EEA right must notify the PRA by submitting the form referred to in 10.1 (Branch notification form). Whenever possible, this notification must be made as soon as the information specified in that form is known by the firm.

4.1

A UK firm intending to provide cross border services within the territory of another EEA State for the first time under an EEA right other than derived from the CRD must notify the PRA of its intention by submitting the form referred to in 10.2 (Cross Border Services Notification Form).

4.2

A UK firm intending to provide cross border services within the territory of another EEA State for the first time under an EEA right derived from the CRD must comply with the information requirements set out in Commission Delegated Regulation (EU) 1151/2014 and notify the PRA of its intention by submitting the form in Annex V of Commission Implementing Regulation 926/2014 and the form referred to in 10.3 (CRD Declaration).

5.1

A UK firm other than a pure reinsurer exercising an EEA right other than derived from the CRD that is required by the EEA Passport Rights Regulations to submit a notice of a change to a branch to the PRA must notify the PRA by submitting the form referred to in 10.1 (Branch Notification Form).

5.2

A pure reinsurer exercising an EEA right to establish a branch in another EEA State must notify the PRA of any change in the information specified in the Branch Notification Form at 10.1. Whenever possible, this notification must be made as soon as the change in information is known by the firm.

5.3

1. (1) A UK firm that has exercised an EEA right under the CRD and established a branch in another EEA State must comply with the information requirements set out in Commission Delegated Regulation (EU) 1151/2014 and notify the PRA of a change to the branch by submitting the form in Annex I of Commission Regulation 926/2014 and the form referred to in 10.3 (CRD Declaration) except where the change relates to a planned termination of the operation of the branch.
2. (2) A UK firm that has exercised an EEA right under the CRD and established a branch in another EEA State and that plans to terminate the operation of the branch must comply with the information requirements set out in Commission Delegated Regulation (EU) 1151/2014 and notify the PRA by submitting the form in Annex IV of Commission Implementing Regulation 926/2014 and the form referred to in 10.3 (CRD Declaration).

6.1

A UK firm that is required by the EEA Passport Rights Regulations to submit a notice of a change to cross border services must notify the PRA by submitting the form referred to in 10.2 (Cross Border Services Notification Form).

7.1

This Chapter applies to a UK firm other than a credit union.

7.2

A UK firm must submit any notice including a notice of changes under this Part or under the EEA Passport Rights Regulations by:

1. (1) electronic mail to pra-passporting@bankofengland.co.uk; or
2. (2) post to the PRA: The Prudential Regulation Authority, 20 Moorgate, London, EC2R 6DA.

8.1

A UK firm which is exercising an EEA right must make a record of:

1. (1) the services or activities it carries on from a branch in, or provides cross-border into, the territory of another EEA State under that EEA right; and
2. (2) the details relating to those services or activities as set out in the EEA Passport Rights Regulations or the Commission Delegated Regulation (EU) 1151/2014 and Commission Implementing Regulation (EU) 926/2014 as applicable.

8.2

A UK firm passporting under MiFID must retain the record under 8.1 for five years from the earlier of the date on which:

1. (1) it was superseded by a more up-to-date record; or
2. (2) the UK firm ceased to have a branch in, or carry on cross border services into, the territory of any EEA State under an EEA right.

8.3

A UK firm passporting under any EEA right other than derived from MiFID must retain the record under 8.1 for three years from the earlier of the date on which:

1. (1) it was superseded by a more up-to-date record; or
2. (2) the UK firm ceased to have a branch in, or carry on cross border services into, any EEA State under an EEA right.

9.1

The PRA directs that a written notice from a Treaty firm under paragraph 5 (2) of Schedule 4 to FSMA must be:

1. (1) addressed to the attention of the authorisations team in the PRA; and
2. (2) delivered by one of methods set out in 9.2.

9.2

The PRA directs that the written notice referred to in 9.1 may be delivered by:

1. (1) post to the PRA: The Prudential Regulation Authority, 20 Moorgate, London, EC2R 6DA; or
2. (2) leaving the application at the reception of the PRA at the address set out in (1).

9.3

Each direction in SUP 13A.3.7 of the PRA Handbook continues to have effect from the date the relevant direction was given to the date on which the direction in 9.1 and 9.2 has effect.

10.1

The Branch Notification Form can be found here (see Appendix 1a).

10.2

The Cross Border Services Notification Form can be found here (see Appendix 1b).

10.3

The CRD Declaration can be found here (see Appendix 1c).