Prudential Regulation Authority Rulebook

3.1

A firm must ensure that the grandfathering notification sets out, in respect of each approved person or candidate:

1. (1) each of the pre-implementation controlled functions for which the person is approved, or (in the case of a candidate) has a pending application, in relation to the firm;
2. (2) each PRA senior management function to be performed by the person on and after the commencement date in relation to the firm; and
3. (3) each FCA-designated senior management function (if any) to be performed by the person on and after the commencement date in relation to the firm.

3.2

The PRA directs that a firm must not specify in a grandfathering notification a PRA senior management function or an FCA-designated senior management function for a person which is not an equivalent function in the table in 6 or the table in FCA SUP TP 6.2.7 in relation to:

1. (1) (for an approved person) any pre-implementation controlled functions for which the person has approval in relation to the firm; or
2. (2) (for a candidate) any pre-implementation controlled functions in respect of which there is a pending application.

3.3

The PRA directs that:

1. (1) a statement of responsibilities must be submitted with the grandfathering notification in respect of each approved person or candidate for whom continued approval is sought; and
2. (2) the firm must submit a management responsibilities map, showing the role of each approved person or candidate as at the commencement date, including the person(s) subject to the grandfathering notification.

3.4

The PRA directs that a firm must list in the grandfathering notification each approved person or candidate who, on the commencement date, will be acting in the capacity of a non-executive director but who will not be performing a PRA senior management function or FCA designated senior management function.