Permissions and Waivers

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Application Provision

1.1

Unless otherwise stated, this Part applies to every firm.

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1

Application and Definitions

1.1

Unless otherwise stated, this Part applies to every firm.

1.2

In this Part, the following definitions shall apply:

means a requirement imposed by the PRA on a firm under section 55M of FSMA (Imposition of requirements by PRA).

means a direction waiving or modifying a rule, given by the PRA under section 138A of FSMA (Modification or waiver of rules).

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2

Applications to Vary and Cancel Part 4A Permission

2.1

This Chapter applies to every firm that wishes to:

  1. (1) vary its Part 4A permission; or
  2. (2) cancel its Part 4A permission.

2.2

The PRA directs that a firm other than a credit union wishing to make an application to vary or cancel a Part 4A permission apply online using the form specified on the ONA system, unless otherwise advised by the PRA.

2.3

Where the ONA system fails and is unavailable for 24 hours or more, the PRA directs that a firm which is required to make an application in the manner set out in 2.2 make the application by using the relevant form on the PRA’s website and submit it using one of the alternative ways set out in Notifications 7.4.

2.4

The PRA directs that a credit union wishing to make an application to vary or cancel a Part 4A permission submit the relevant form on the PRA’s website using one of the alternative ways set out in Notifications 7.4.

2.5

Where a firm has applied for cancellation of its Part 4A permission, it must demonstrate to the PRA that it has ceased or will cease carrying on all regulated activities.

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3

Applications to Impose, Vary and Cancel Requirements

3.1

This Chapter applies to every firm that wishes to:

  1. (1) have a new requirement imposed on it; or
  2. (2) vary a requirement imposed on it; or
  3. (3) cancel a requirement imposed on it.

3.2

The PRA directs that a firm other than a credit union wishing to make an application to impose, vary or cancel a requirement apply online using the form specified on the ONA system, unless otherwise advised by the PRA.

3.3

Where the ONA system fails and is unavailable for 24 hours or more, the PRA directs that a firm which is required to make an application under 3.2 make the application by using the relevant form on the PRA’s website and submit it using one of the alternative ways set out in Notifications 7.4.

3.4

The PRA directs that a credit union wishing to make an application to impose, vary or cancel a requirement submit the relevant form on the PRA’s website using one of the alternative ways set out in Notifications 7.4.

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4

Waiver and Modification of Rules

4.1

This Chapter applies to every firm or person who is subject to PRA rules.

4.2

The PRA directs that a firm or person wishing to apply for a waiver must complete the relevant form on the PRA’s website and submit it in the way set out in Notifications 7.4 unless otherwise advised by the PRA.

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5

Changes to Information, Additional Information and Notification of Altered Circumstances

5.1

Until an application under this Part has been determined, a firm or person who submits the application must immediately notify the PRA of any significant change to the information provided in the application.

5.2

A firm or person which has applied for or has been granted a waiver must immediately notify the PRA if it becomes aware of any matter which could affect the continuing relevance or appropriateness of the application of the waiver.

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