Prudential Regulation Authority Rulebook

1.1

Unless otherwise stated, this Part applies to every firm permitted to carry on the regulated activities listed in column (1) of the table in 6.1, except an incoming EEA firm with permission for cross border services only.

1.2

In this Part, the following definitions shall apply:

administering a home finance transaction

means any of administering a regulated mortgage contract, administering a home purchase plan, administering a home reversion plan or administering a regulated sale and rent back agreement.

administering a home purchase plan

means the regulated activity specified in article 63F(2) of the Regulated Activities Order.

administering a home reversion plan

means the regulated activity specified in article 63B(2) of the Regulated Activities Order.

administering a regulated mortgage contract

means the regulated activity, specified in article 61(2) of the Regulated Activities Order.

administering a regulated sale and rent back agreement

means the regulated activity specified in article 63J(2) of the Regulated Activities Order.

banking and investment services conglomerate

means a financial conglomerate that is identified in paragraph 4.3 of GENPRU 3 Annex 1 R (Types of financial conglomerate) in the PRA Handbook as a ‘banking and investment services conglomerate’.

BIPRU

means the Prudential sourcebook for Banks, Building Societies and Investment Firms in the PRA Handbook.

credit institution

1. (1) a credit institution authorised under the CRD; or
2. (2) an institution which would satisfy the requirements for authorisation as a credit institution under the CRD if it had its registered office (or if it does not have a registered office, its head office) in an EEA State.

data element

means a discrete fact or individual piece of information relating to a particular field within a data item.

data items

means one or more related data elements that are grouped together into a prescribed format (unless specified in this Part as “no standard format”) and required to be submitted by a firm.

entering as provider into a funeral plan contract

means the regulated activity specified in article 59 of the Regulated Activities Order.

entering into a home finance transaction

means any of entering into a regulated mortgage contract, entering into a home purchase plan, entering into a home reversion plan or entering into a regulated sale and rent back agreement.

entering into a home purchase plan

means the regulated activity, specified in article 63F(1) of the Regulated Activities Order.

entering into a home reversion plan

means the regulated activity, specified in article 63B(1) of the Regulated Activities Order.

entering into a regulated mortgage contract

means the regulated activity, specified in article 61(1) of the Regulated Activities Order.

entering into a regulated sale and rent back agreement

means the regulated activity, specified in article 63J(1) of the Regulated Activities Order.

establishing, operating or winding up a collective investment scheme

means the regulated activity specified in article 51ZE of the Regulated Activities Order.

establishing, operating or winding-up a regulated collective investment scheme

means establishing, operating or winding up a collective investment scheme if the scheme is a regulated collective investment scheme.

FINREP firm

means:

1. (1) a credit institution or investment firm subject to the CRR that is also subject to article 4 of Regulation (EC) No 1606/2002; or
2. (2) a credit institution other than one referred to in Article 4 of Regulation (EC) No 1606/2002 that prepares its consolidated accounts in conformity with the international accounting standards adopted in accordance with the procedure laid down in article 6(2) of that Regulation.

[Note: article 99 of the CRR]

FOS Ltd.

means the body corporate established under paragraph 2(1) of Schedule 17 to FSMA (The Scheme Operator) (as originally enacted).

home finance administration

means any of the regulated activities of:

1. (1) administering a regulated mortgage contract;
2. (2) administering a home purchase plan;
3. (3) administering a home reversion plan;
4. (4) administering a regulated sale and rent back agreement; or
5. (5) agreeing to carry on a regulated activity in (1) to (4).

home finance administrator

means a firm with permission (or which ought to have permission) for administering a home finance transaction.

home finance provider

means a firm with permission (or which ought to have permission) for entering into a home finance transaction.

home finance providing activity

means any of the regulated activities of:

1. (1) entering into a regulated mortgage contract;
2. (2) entering into a regulated sale and rent back agreement;
3. (3) entering into a home purchase plan;
4. (4) entering into a home reversion plan; or
5. (5) agreeing to carry on a regulated activity in (1) to (4).

individual consolidation permission

means a CRR permission under Article 9 of the CRR.

insurance conglomerate

means a financial conglomerate that is identified in paragraph 4.3 of GENPRU 3 Annex 1 R (Types of financial conglomerate) in the PRA Handbook as an insurance conglomerate.

intra-group liquidity modification

means a modification to the overall liquidity adequacy rule of the kind described in BIPRU 12.8.7G in the PRA Handbook as in effect on 30 September 2015 granted to a firm and in effect on that date.

IPRU(INS)

means the Interim Prudential Sourcebook for Insurers in the PRA Handbook.

lead regulated firm

means a firm which is the subject of the financial supervision requirements of an overseas regulator in accordance with an agreement between the PRA and that regulator relating to the financial supervision of firms whose head office is within the country of that regulator.

This definition is not related to the defined term ‘UK lead regulated firm’.

managing dormant account funds (including the investment of such funds)

means the regulated activity specified in article 63N(1)(b) of the Regulated Activities Order.

meeting of repayment claims

means the regulated activity, specified in article 63N(1)(a) of the Regulated Activities Order.

non-EEA bank

means a bank which is a body corporate or partnership formed under the law of any country or territory outside the EEA.

RAG

means a regulated activity group.

regulated activity group

means a set of one or more regulated activities referred to in determining a firm’s data item submission requirements.

reporting level

means (in relation to a data item) the basis on which that data item is prepared (being either:

1. (1) an individual basis; or
2. (2) the basis of a group) and, if it is prepared on the basis of a group, the type of group (such as a UK DLG by modification or a non-UK DLG by modification (firm level)).

sole trader

means an individual who is a firm.

third-country financial conglomerate

means a financial conglomerate that is of a type that falls under Article 5(3) of the Financial Groups Directive.

UK consolidation group

means the consolidation group of a firm to which supervision on a consolidated basis by the PRA applies in accordance with Article 111 of CRD.

UK- regulated EEA financial conglomerate

means a financial conglomerate (other than a third-country financial conglomerate) that satisfies one of the following conditions:

1. (1) GENPRU 3.1.29 R (Capital adequacy calculations for financial conglomerates) in the PRA Handbook applies with respect to it; or
2. (2) a firm that is a member of that financial conglomerate is subject to obligations imposed through its Part 4A permission to ensure that financial conglomerate meets levels of capital adequacy based or stated to be based on Annex I of the Financial Groups Directive.

whole-firm liquidity modification

means a modification to the overall liquidity adequacy rule of the kind described in BIPRU 12.8.22G in the PRA Handbook as in effect on 30 September 2015 granted to a firm and in effect on that date.

1.3

Unless otherwise defined, any italicised expression used in this Part:

1. (1) listed in Annex 1 (Liquidity definitions) to this Part has the meaning specified in the PRA Handbook as in effect on 30 September 2015; and
2. (2) in the CRR, has the same meaning as in the CRR.