Prudential Regulation Authority Rulebook

7.1

This Chapter applies only to a third country CRR firm in relation to the activities of its establishment in the UK.

7.2

The Head of Overseas Branch Function (SMF 19) is the function of having responsibility alone or jointly with others, for the conduct of all activities of the UK establishment of a third country firm which are subject to the UK regulatory system.

7.3

1. (1) A third country CRR firm must ensure that at least one person performs the Head of Overseas Branch Function on its behalf.
2. (2) If a vacancy arises in respect of the Head of Overseas Branch Function, a third country CRR firm must ensure that it appoints a person to fill that vacancy as soon as practicable.