Prudential Regulation Authority Rulebook

4.1

A firm must identify:

1. (1) each of the functions that the firm considers to be a key function; and
2. (2) any such key function that amounts to effectively running the firm (or, for a third country branch undertaking other than a Swiss general insurer, effectively running the operations effected by the third country branch, or, for a UK-deposit insurer, the operations effected by the third country branch and all the third country undertaking EEA branches).

4.2

A firm must keep its identification of key functions pursuant to 4.1 up-to-date.

4.3

A firm must keep a record of its reasoning for the identification of key functions pursuant to 4.1.