Prudential Regulation Authority Rulebook

4.1

The PRA expects a third country branch to ensure that:

• the branch senior personnel receive on a frequent basis, and at least annually, written reports on matters covered in sections 6.5 and 7.7, including in particular whether the appropriate remedial measures have been taken in the event of any deficiencies; and
• the supervisory function, if any, receives on a regular basis written reports on the same matters.

4.2

In the PRA’s view, the supervisory function does not include a general meeting of the shareholders of the firm, or equivalent bodies, but could involve, for example, a separate supervisory body within a two-tiered board structure or the establishment of a non-executive committee of a single-tier board structure.