Prudential Regulation Authority Rulebook

3A.1

This Chapter applies only to a third country branch undertaking.

3A.2

Each of these responsibilities is a third country branch prescribed responsibility:

1. (1) responsibility for management of the firm’s risk management processes in the UK (PR AA);
2. (2) responsibility for the firm’s compliance with the UK regulatory system applicable to the firm (PR FF);
3. (3) responsibility for the escalation of correspondence from the PRA, FCA and other regulators in respect of the firm to each of the governing body or the management body of the firm and, as appropriate, the firm’s parent undertaking and the ultimate parent undertaking of the firm’s group (PR EE); and
4. (4) responsibility for management of the firm’s systems and controls in the UK (PR BB).

3A.3

In relation to a firm who is treated, by virtue of the EEA Passport Rights (Amendment, etc and Transitional Provisions) (EU Exit) Regulations 2018, as having permission under Part 4A of FSMA to carry on a regulated activity:

1. (1) the prescribed responsibilities set out in 3.1 and the third country branch prescribed responsibilities set out in 3A.2 shall not apply; and
2. (2) each of the responsibilities set out in this rule is a third country branch prescribed responsibility:
3. 1. (i) responsibility for the firm’s compliance with the UK regulatory system applicable to the firm (PR FF)
   2. (ii) where the firm has applied for permission under Part 4A of FSMA to carry on a regulated activity, until such time as the application has been determined or withdrawn, the responsibility for managing the process of obtaining such permission, including, without limitation, the completion and submission of the firm’s application, and providing the PRA with such co-operation and with all accurate and up to date information that it may reasonably require in order to determine whether the requirements for authorisation have been met).