Related provisions for SUP App 2.7.2

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SUP App 2.10.1GRP
The PRA6 will ask Solvency II firms3 seeking a grant or variation of permission to provide a scheme of operations as part of the application process (see article 18 of the Solvency II Directive). It may make a similar request to other firms3 (see SUP 6.3.25 G). Firms which have submitted such a scheme of operations are3 not required to submit to the PRA6 a further scheme of operations under this appendix unless SUP App 2.8 or the relevant parts of PRA Rulebook: Non-Solvency II
COCON 2.2.4RRP
SC4: You must disclose appropriately any information of which the FCA or PRA would reasonably expect notice.
SUP 3.7.2GRP
A firm should consider whether it should notify the FCA and the PRA (if it is a PRA-authorisedfirm) or the FCA (in all other cases) under Principle 11 if:(1) the firm expects or knows its auditor will qualify his report on the audited annual financial statements or add an explanatory paragraph; or (2) the firm receives a written communication from its auditor commenting on internal controls (see also SUP 15.3).
SUP 14.8.1GRP
For further guidance on passporting procedures, an incoming EEA firm may1 contact the FCA or PRA authorisations team,1 or their usual supervisory contact at the appropriate UK regulator1. Incoming Treaty firms and UCITS qualifiers may1 speak to their supervisory contact at the appropriate UK regulator1 in the first instance1111
SYSC 4.9.6GRP
[deleted] [Editor’s note: The text of this provision has been moved to SYSC 25.9.6G]33
SUP 13A.8.1GRP
For further information on UK regulation, an EEA firm, a Treaty firm or a UCITS qualifier should contact the authorisations team in the FCA or PRA, if and when appropriate. To contact the FCA and/or PRA authorisations teams, please see the details provided on that regulator's website.11
SUP 3.5.3RRP
If a firm becomes aware at any time that its auditor is not independent of the firm, it must take reasonable steps to ensure that it has an auditor independent of the firm. The firm must notify the FCA and the PRA (if it is a PRA-authorisedfirm) or the FCA (in all other cases) if independence is not achieved within a reasonable time.
CREDS 3A.4.1RRP
1A credit union must at all times maintain in force a policy of insurance that complies with the requirements in part 2.10 of the Credit Unions Rulebook Part of the PRA Rulebook.
SUP 8.9.2GRP
1If the appropriate regulator2, in the course of carrying on supplementary supervision of a financial conglomerate, is considering exercising its powers under section 138A2 of the Act (Modification or waiver of rules), regulation 4 of the Financial Groups Directive Regulations contains special provisions. The appropriate regulator2 must, in broad terms, do two things. Where required by those regulations, it must obtain the consent of the relevant competent authorities of the group.
SYSC 7.1.7BGRP
In setting the method of determining the remuneration of employees involved in the risk management function:(1) firms that SYSC 19D applies to will also need to comply with the dual-regulated firms Remuneration Code; and(2) firms that the remuneration part of the PRA Rulebook applies to will also need to comply with it.16513138
SYSC 7.1.8GRP
2(1) [deleted]1313(2) The term 'risk management function' in SYSC 7.1.6 R and SYSC 7.1.7R, and for a common platform firm in article 23(2) of the MiFID Org Regulation,19 refers to the generally understood concept of risk assessment within a firm, that is, the function of setting and controlling risk exposure.32917(3) [deleted]242017(4) For an SMCR firm that is a PRA authorised person24, the risk management function is a PRA controlled function (SMF4). For an enhanced scope SMCR
SUP 13.7.6AGRP
5For further details on giving the notices to the appropriate UK regulator, as described in SUP 13.7.3 G (1), SUP 13.7.3AG and SUP 13.7.3BG12, UK firms may wish to use the standard electronic15 form available from the FCA and PRA authorisation teams 15(see SUP 13.12 (Sources of further information)).15151551515
SUP 13.7.13AGRP
15Where the PRA is the appropriate UK regulator, it will consult the FCA before deciding whether to give consent to a change (or proposed change) and where the FCA is the appropriate UK regulator, it will consult the PRA before deciding whether to give consent in relation to a UK firm whose immediate group includes a PRA-authorised person.
SUP App 2.15.8AGRP
4A Solvency II firm should include the following information in its run off plan, except in the circumstances set out in SUP App 2.15.8B G:(1) a forecast summary revenue account for the with-profits fund, in accordance with PRA Rulebook: Non-Solvency II firms: Run Off Operations 6.1(3)(a)5;(2) a forecast summary balance sheet and “eligible own funds” as defined in the PRA Rulebook: Glossary and any notional SCR for the with-profits fund, in accordance with PRA Rulebook: Non-Solvency
SUP App 2.15.11GRP
The run-off plan of a firm to which PRA Supervisory Statement: Non-Solvency II Insurance companies – Capital assessments5 applies4 should include:4(1) a revised individual capital assessment for the firm (see INSPRU 7.12), which reflects the impact of the closure of the relevant with-profits fund; or2(2) a statement that the firm is satisfied that the closure will not materially affect the firm's most recent assessment.
SUP 12.2.2AGRP
(1) 15Under sections 20(1) and (1A) of the Act (Authorised persons acting without permission), if an authorised person carries on a regulated activity in the United Kingdom, or purports to do so, otherwise than in accordance with his permission, he is to be taken to have contravened a requirement imposed by the FCA (in the case of a FCA-authorised person) or the FCA and the PRA (in the case of a PRA-authorised person).(2) In addition, under section 23(1A) of the Act (Contravention
SUP 12.2.3GRP
As long as the conditions in section 39 of the Act are satisfied, any person, other than an authorised person (unless he has only a limited permission)15, may become an appointed representative, including a body corporate, a partnership or an individual in business on his own account. However, an appointed representative cannot be an authorised person under the Act unless he has only a limited permission. A person15 cannot be exempt for some regulated activities and authorised
SYSC 5.2.10GRP
[deleted] Editor’s note: The text of this provision has been moved to SYSC 27.2.8G]8
SYSC 5.2.23GRP
[deleted] Editor’s note: The text of this provision has been moved to SYSC 27.4.3G]8
PERG 2.10.10GRP
But under section 316 of the Act (Direction by a regulator) the general prohibition does not apply to a person who is a member of the Society of Lloyds unless the FCA or PRA has made a direction that it should apply. The general prohibition is disapplied in relation to any regulated activity carried on by a member relating to contracts of insurance written at Lloyds. Directions can be made by the FCA or PRA in relation to individual members or the members of the Society of Lloyds
PERG 2.10.11GRP
A person who ceased to be an underwriting member at any time on or after 24 December 1996 may, without authorisation, carry out contracts of insurance he has underwritten at Lloyds. But this is subject to any requirements or rules that the PRA may impose under sections 320 to 322 of the Act (Former underwriting members).
COCON 4.2.25GRP
For the purpose of rule SC4 in COCON 2.2.4R, regulators in addition to the FCA and the PRA are those which have recognised jurisdiction in relation to activities to which COCON applies and have a power to call for information from the relevant person in connection with their function or the business for which they are responsible. This may include an exchange or an overseas regulator.
COCON 4.2.28GRP
(1) If a senior conduct rules staff member comes across a piece of information that is something of3 which they think the FCA or PRA could reasonably expect notice, they should determine whether that information falls within the scope of their responsibilities.5 For an SMF manager those responsibilities will be set out in that person’sstatement of responsibilities.52(2) If it does, then they should ensure that, if it is otherwise appropriate to do so, it is disclosed to the appropriate
GENPRU 3.1.1RRP
1(1) Unless otherwise stated,8GENPRU 3.1 applies to every firm that is a member of a financial conglomerate other than:(a) an incoming EEA firm;(b) an incoming Treaty firm;(c) a UCITS qualifier;(d) an ICVC;8(e) a bank;8(f) a designated investment firm; and8(g) an insurer.8(1A) GENPRU 3.1 (except GENPRU 3.1.5R to GENPRU 3.1.13G) applies to each of the following firms that is a member of a financial conglomerate:8(a) a bank;8(b) a designated investment firm; and8(c) an insurer
GENPRU 3.1.36RRP

Table: application of sectoral rules

This table belongs to GENPRU 3.1.35 R

The most important financial sector

Applicable sectoral rules

Risk concentration

Intra-group transactions

Banking and investment services sector

4the EUCRR

344

4Part Four of the EUCRR

4344

Insurance sector

PRA Rulebook7: Solvency II Firms Group Supervision 16.18

7

PRA Rulebook: Solvency II Firms: Groups: 16.28

7

Note

Any waiver, approval or permission8 granted to a member of the financial conglomerate, on a solo (or individual for the purposes of the EU CRR)8 or consolidated basis, shall not apply in respect of the financial conglomerate for the purposes of GENPRU 3.1.36 R. For this purpose, “permission” refers to a consent, approval or agreement conferred on the appropriate regulator as competent authority. under the EU CRR.8
INSPRU 1.2.6AGRP
7Some of the rules made by the FCA7 contain references to, or are reliant on, rules that are only made by the PRA. Firms should consider GEN 2.2.13A R (cross-references in the Handbook) and GEN 2.2.23 R to GEN 2.2.25 G (cutover: application of provisions made by both the FCA and the PRA) when applying these rules. In the context of mathematical reserves, the FCArules ensure a firm takes into account its regulatory duty to treat customers fairly.79
INSPRU 1.2.10RRP
In the actuarial valuation under PRA Rulebook: Non Solvency II firms: Insurance Company – Mathematical Reserves, 2.17, a firm must use methods and prudent assumptions which:(1) are appropriate to the business of the firm;(2) are consistent from year to year without arbitrary changes (see INSPRU 1.2.11 G);(3) are consistent with the method of valuing assets (see PRA Rulebook: Non-Solvency II firms: Insurance Company – Overall Resources and Valuation, 3)7;(4) include appropriate
SUP 13.6.12AGRP
17Where the PRA is the appropriate UK regulator, it will consult the FCA before deciding whether to give consent to a change (or proposed change) and where the FCA is the appropriate UK regulator, it will consult the PRA before deciding whether to give consent in relation to a UK firm whose immediate group includes a PRA-authorised person.
SUP 13.6.16GRP
7Standard forms are17 available from the FCA and PRA authorisations teams17 (see SUP 13.12 (Sources of further information)) to give the notices to the appropriate UK regulator17 described in SUP 13.6.5 G (1), SUP 13.6.5B G, SUP 13.6.7 G (1), SUP 13.6.8 G and SUP 13.6.10 G (1).171717
COCON 1.1.2RRP

Table: To whom does COCON apply? 9

    9Persons to whom COCON applies

    Comments9

    (1) An SMF manager.9

    (2) An employee (“P”) of an SMCR firm12 who:9

    (a) performs the function of an SMF manager;9

    (b) is not an approved person to perform the function in question; and9

    (c) is required to be an approved person at the time P performs that function.9

    (3) An employee of an SMCR firm12 who would be performing an FCA-designated senior management function12 but for SUP 10C.3.13R (The 12-week rule). 9

    (4) A certification employee of an SMCR firm12.9

    This applies even if the certification employee has not been notified that COCON applies to them or notified of the rules that apply to them.9

    (5) An employee of an SMCR firm who would be performing an FCA certification function but for SYSC 27.5.1R (Emergency appointments) or SYSC 27.5.3R (Temporary12 UK role). 9

    12

    (6) Any employee of an SMCR firm12 not coming within another row of this table, except one listed in column (2) of this row (6) of this table12. 9

    (A)12 This row (6)12 does not apply to an employee of an SMCR firm12 who only performs functions falling within the scope of the following roles:9

    (a) receptionists;

    (b) switchboard operators;

    (c) post room staff;

    (d) reprographics/print room staff;

    (e) property/facilities management;

    (f) events management;

    (g) security guards;

    (h) invoice processing;

    (i) audio visual technicians;

    (j) vending machine staff;

    (k) medical staff;

    (l) archive records management;

    (m) drivers;

    (n) corporate social responsibility staff;

    (o) taking part in following activities of the firm:14

    14 (i) the firm’s activities as a data controller; or

    14(ii) the firm’s activities of data processing;

    as defined in the data protection legislation, but subject to Note (1) of this table14;data protection legislation;10

    (p) cleaners;

    (q) catering staff;

    (r) personal assistant or secretary;

    (s) information technology support (ie, helpdesk); and

    (t) human resources administrators /processors.

    1214(C) This row (6) also does not apply to an employee of an SMCR firm that is an FCA-authorised person until 31 March 202117.

    12

    (7) [deleted]12

    9

    12

    9

    (8) A board director of: a UK SMCR firm.12

    9999

    12

    9

    12

    9

    14Note (1): A function is only within paragraph (o) of column (2) (Comments) of row (6) of this table if the function does not require the employee concerned to exercise a significant amount of discretion or judgment.
COCON 1.1.2ARRP
9For Swiss general insurers, references in this sourcebook to parts of the PRA Rulebook for ‘Solvency II firms’ are to be read as references to the corresponding parts of the PRA Rulebook applying to large non-directive insurers.