Prudential Regulation Authority Rulebook

7.1

A third country branch undertaking must fulfil the following requirements in the Conditions Governing Business Part of the PRA Rulebook, as modified by 7.2, 7.3 and 7.4:

1. (1) Conditions Governing Business 1;
2. (2) Conditions Governing Business 2.2 to 2.6; and
3. (3) Conditions Governing Business 3 to 7.

7.2

1. (1) A reference to “SCR” is to be interpreted as a reference to the branch SCR.
2. (2) A reference to “MCR” is to be interpreted as a reference to:
1. (a) [deleted.]
2. (b) [deleted.]
3. (c) the branch MCR.
3. (3) A reference to “technical provisions” is to be interpreted as a reference to:
1. (a) [deleted.]
2. (b) [deleted.]
3. (c) the branch technical provisions.
4. (4) A reference to “function” is to be interpreted as a reference to the functions performed in relation to the operations effected by the third country branch and includes the function of authorised UK representative.
5. (5) A reference to “internal model” is to be interpreted as a reference to any internal model used by a third country branch undertaking to calculate the branch SCR.

7.3

A third country branch undertaking must apply the requirements referred to in 7.1 taking account only of matters relevant to the operations effected by the third country branch.

7.4

[Deleted.]