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

The changes to this rule are effective from 23:00 on 31/12/2020.

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

The changes to this rule are effective from 23:00 on 31/12/2020.

[Deleted.]