Prudential Regulation Authority Rulebook

1.1

Unless otherwise stated, this Part applies to every firm that is:

1. (1) a CRR firm;
2. (2) a credit union; or
3. (3) a third country CRR firm in relation to the activities of its establishment in the UK.

1.2

In this Part, the following definitions shall apply:

Chairman function

has the meaning given in 4.2.

Chairman of Audit Committee function

has the meaning given in 4.4.

Chairman of Remuneration Committee function

has the meaning given in 4.5.

Chairman of Risk Committee function

has the meaning given in 4.3.

Chief Executive function

has the meaning given in 3.2.

Chief Finance function

has the meaning given in 3.3.

Chief Risk function

has the meaning given in 3.4.

FCA activities

means a function which would, except for SUP10C.9.8R of the FCA Handbook, be an FCA governing function.

FCA approval

means at any time an approval granted to and in effect for a person by the FCA under section 59 of FSMA (Approval for particular arrangements) for the performance of a controlled function specified by the FCA.

FCA governing function

means a controlled function specified by the FCA in SUP 10C.5 of the FCA Handbook.

Group Entity Senior Manager function

has the meaning given in 5.2.

Head of Internal Audit function

has the meaning given in 3.5

Head of Key Business Area function

has the meaning given in 3.6.

Head of Overseas Branch function

has the meaning given in Senior Management Functions 7.2.

Senior Independent Director function

has the meaning given in 4.6.

1.3

This Part does not apply to a function performed by:

1. (1) a person acting as an insolvency practitioner within the meaning of section 388 of the Insolvency Act 1986; or
2. (2) a person acting as a nominee in relation to a voluntary arrangement under Parts I (Company Voluntary Arrangements) and VIII (Individual Voluntary Arrangements) of the Insolvency Act 1986; or
3. (3) a person acting as an insolvency practitioner within the meaning of Article 3 of the Insolvency (Northern Ireland) Order 1989; or
4. (4) a person acting as a nominee in relation to a voluntary arrangement under Parts II (Company Voluntary Arrangements) and VIII (Individual Voluntary arrangements) of the Insolvency (Northern Ireland) Order 1989.