PART 8Permissions under the CRR
Meaning of “permission” and “protected item” in this Part39
F41
In this Part—
“permission” means a decision made by F6the PRA in relation to an institution under a power conferred on F7the PRA by—
- a
the capital requirements regulation; F2...
- aa
F5section 144G of FSMA and CRR rules (as defined in Part 9D of FSMA);
- ab
section 192XC of FSMA and section 192XA rules (as defined in Part 12B of FSMA);
- b
F3any of the Specified EU Regulations under the Capital Requirements Regulation, as amended from time to time; or
- c
F1a technical standard made by the PRA F8... under the functions conferred on them by the Capital Requirements Regulation as amended by Part 4, Chapter 3 of the Capital Requirements (Amendment) (EU Exit) Regulations 2018.
- a
“protected item” has the same meaning as in section 413 of FSMA.
F92
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Applications for permissions: process, information and documents40
1
This regulation applies to an application to the F10PRA for—
a
the grant of a permission;
b
an amendment to an existing permission;
c
an amendment to a condition to which an existing permission is subject.
2
An application must—
a
be made in such manner as the F10PRA may direct; and
b
contain, or be accompanied by, such other information or documents as the F10PRA may reasonably require.
3
At any time after receiving the application and before determining it, the F10PRA may require the applicant to provide it with such further information or documents as it may reasonably require.
4
The F10PRA may require any information provided under this regulation to be provided in such form and verified in such manner as it may reasonably require.
5
The F10PRA may require any documents provided under this regulation to be produced at such place and authenticated in such manner as it may reasonably require.
6
Different directions may be given, and different requirements imposed, in relation to different applications or categories of application.
7
The powers conferred on the F10PRA by this regulation may not be used to require the production of a protected item.
Decisions: written notices41
1
On determining an application for the grant of a permission, the F14PRA must give the applicant a written notice stating—
a
its decision; and
b
if the permission is granted, any conditions to which the permission is subject and the date on which the permission takes effect.
2
Where the F14PRA varies or revokes a permission, it must give the institution concerned a written notice stating—
a
that the permission is varied or revoked; and
b
the date on which the variation or revocation takes effect.
3
Where the F14PRA amends a condition to which a permission is subject, it must give the institution concerned a written notice stating—
a
the amended condition; and
b
the date on which the amendment takes effect.
Appeals42
1
Where an applicant is aggrieved at the determination of an application for the grant of a permission, it may refer the matter to the Tribunal.
2
Where an institution has been granted a permission and is aggrieved at the variation or revocation of the permission or the amendment of a condition to which the permission is subject, it may refer the matter to the Tribunal.
3
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 an Act.
Publication of written notices43
1
Subject to paragraph (2), the F11PRA must publish a relevant notice in the way appearing to F13the 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 F13the PRA , likely to make an application for a similar permission.
2
Paragraph (1) does not apply if—
a
the relevant notice relates to an application for a permission which has been refused; or
b
F13the PRA is satisfied that it is inappropriate or unnecessary to publish the relevant notice.
3
In deciding whether it is satisfied of the matters mentioned in paragraph (2)(b), F13the PRA must consider whether—
a
publication would prejudice, to an unreasonable degree, the commercial interests of the person concerned or any other member of the person's immediate group;
b
publication of the relevant notice without mentioning the identity of the person concerned might avoid any adverse consequence of publication.
4
In this regulation, “relevant notice” means a written notice—
a
given under regulation 41 in relation to a decision of F12the PRA; or
b
stating that an event referred to in paragraph (5) has occurred in relation to that 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.
Transitional provision for matters done before commencement44
1
This regulation applies to a decision made before 1st January 2014 to—
a
refuse an application for the grant of a permission;
b
vary or revoke a permission; or
c
amend a condition to which a permission is subject.
2
Regulations 40 to 43 apply to such a decision with the following modifications—
a
omit regulation 40;
b
the appropriate regulator must comply with the requirements of regulations 41 and 43 in relation to the decision no later than 1st January 2014; and
c
regulation 42 applies to the decision, but with the period of time within which a reference may be made to the Tribunal commencing on 1st January 2014.