Prudential Regulation Authority Rulebook

11.1

A ring-fenced body must not make a distribution to any entity in its group that is not a ring-fenced affiliate unless it has given reasonable notice to the PRA of its intention to make the payment.

11.2

When a ring-fenced body gives notice under 11.1 it must include the following:

1. (1) the amount of the intended distribution;
2. (2) the date on which the distribution is intended to be paid;
3. (3) the current common equity tier 1 capital ratio, tier 1 capital ratio and total capital ratio held by each ring-fenced body in its group; and
4. (4) any relevant supporting information, including an assessment of any impact of the intended distribution on the current and forecast capital position of each ring-fenced body in its group.

11.3

The information in 11.2(3) and (4) must also be provided on a sub-consolidated basis in respect of any ring-fenced body that is required under Article 11(5) of the CRR to comply with obligations on a sub-consolidated basis.

11.4

The information in 11.2 must be approved by an appropriate PRA approved person who performs a controlled function in relation to a firm in the sub-consolidation group and that PRA approved person must be named in the notice.