- Y Diweddaraf sydd Ar Gael (Diwygiedig)
- Gwreiddiol (a wnaed Fel)
There are currently no known outstanding effects for the The Solvency 2 Regulations 2015, CHAPTER 3.
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55.—(1) On determining an application for the grant of an approval, the PRA must give the undertaking a written notice stating—
(a)its decision;
(b)the conditions (if any) to which the approval is subject;
(c)the reasons on which the decision is based; and
(d)if the approval is granted, the date on which the approval takes effect.
(2) Where the PRA varies or revokes an approval, it must give the undertaking concerned a written notice stating—
(a)that the approval is varied or revoked;
(b)the reasons on which the decision to vary or revoke the approval is based;
(c)if the approval is varied, the conditions (if any) to which the approval is subject; and
(d)the date on which the variation or revocation takes effect.
(3) Where the PRA gives a direction under regulation 58(2), it must give the undertaking concerned a written notice stating—
(a)the direction;
(b)the reasons on which the decision to give the direction is based; and
(c)the date on which the direction takes effect.
(4) Where the PRA varies or revokes a direction under regulation 58(3), it must give the undertaking concerned a written notice stating—
(a)that the direction is varied or revoked;
(b)the reasons on which the decision to vary or revoke the direction is based; and
(c)the date on which the variation or revocation takes effect.
(5) The date on which an approval takes effect under paragraph (1)(d) must not be before 1st January 2016.
56.—(1) An undertaking may refer the matter to the Tribunal where it is aggrieved at—
(a)the determination by the PRA of an application for the—
(i)grant of an approval to an undertaking; or
(ii)variation of an approval granted to an undertaking;
(b)in respect of an approval that was granted to that undertaking, the exercise by the PRA of a power to—
(i)vary the approval; or
(ii)revoke the approval.
(2) Part 9 of FSMA (hearings and appeals) applies to a reference to the Tribunal under this regulation as it applies to a reference to the Tribunal under FSMA.
57.—(1) Subject to paragraph (2), the PRA must publish a relevant notice in the way appearing to the PRA to be best calculated for bringing it to the attention of—
(a)persons likely to be affected by it; and
(b)persons who are, in the opinion of the PRA, likely to make an application for a similar approval.
(2) Paragraph (1) does not apply—
(a)if the relevant notice relates to an application for an approval which has been refused;
(b)if the PRA is satisfied that it is inappropriate or unnecessary to publish the relevant notice; or
(c)to the extent that such publication would be incompatible with an obligation imposed on the PRA by a directly applicable regulation made under the Solvency 2 Directive.
(3) In deciding whether it is satisfied of the matters mentioned in paragraph (2)(b), the PRA must consider whether publication of the relevant notice—
(a)would prejudice, to an unreasonable degree, the commercial interests of the undertaking concerned or any other member of the undertaking's immediate group;
(b)without mentioning the identity of the undertaking concerned might avoid any adverse consequence of publication.
(4) In this regulation, “relevant notice” means a written notice—
(a)given under regulation 55 in relation to a decision or direction of the PRA; or
(b)stating that an event referred to in paragraph (5) has occurred in relation to such a decision.
(5) The events mentioned in paragraph (4)(b) are—
(a)the decision has been referred to the Tribunal;
(b)the decision has been suspended by the Tribunal;
(c)any suspension of the decision has been revoked by the Tribunal;
(d)the reference has been dismissed by the Tribunal.
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