Permissions

1.1

This Part applies to:

1. (1) every firm that is a CRR firm; and
2. (2) a CRR consolidation entity.

1.1A

A CRR consolidation entity must comply with this Part in respect of a CRR permission that applies on a consolidated basis and for this purpose, references to a firm in this Part (other than in 1.1 and 1.1A) mean a CRR consolidation entity.

1.2

In this Part the following definitions shall apply:

CRR permission

means a permission given to a firm by the PRA under powers conferred on the PRA by the CRR.

1.3

Unless otherwise defined, any italicised expression used in this Part and in the CRR has the same meaning as in the CRR.

2.1

The PRA directs that a firm wishing to apply for a CRR permission must make a written application to the PRA.

2.2

The application must be accompanied by such information and documents as are necessary to demonstrate how the firm complies with the conditions contained in the relevant CRR Article.

3.1

A firm that has applied for or has been granted a CRR permission must notify the PRA immediately if it becomes aware of any matter which could affect the continuing relevance or appropriateness of the application, the CRR permission or any condition to which the CRR permission is subject.