Prudential Regulation Authority Rulebook

1.

Third country branch undertakings must submit a resolution report to the PRA every three years containing an analysis, supported by a legal opinion, of the winding-up regime applicable to the third country branch undertaking, including a description of the applicable laws in relation to winding-up in the relevant jurisdiction and an analysis of the priority given to policyholders of the third country branch and of how the assets of the third country branch undertaking would be distributed to the policyholders of the branch on a winding-up.

2.

Where there is any significant change in the winding-up regime applicable to the third country branch undertaking, the third country branch undertaking must submit an update to the resolution report referred to in paragraph 1 of this Article as soon as possible following the occurrence of the significant change.