10
Variations of approval
39.
The circumstances which may lead to a time limit or condition being imposed on a prospective Senior Manager may also lead to an incumbent Senior Managers’ approval being varied, either at the firm’s request or the PRA’s own initiative.
- 10/12/2018
40.
In addition, the PRA may vary an individual’s approval to give explicit responsibility for managing or overseeing delivery of a specific and potentially ad hoc and time-limited regulatory requirement or remedial action.
- 10/12/2018
41.
For example, a UK-regulated firm has just entered into a three-year deferred prosecution agreement with overseas authorities after being accused of local market misconduct. Breach of the deferred prosecution agreement could seriously imperil the firm’s safety and soundness, eg through fines and/or loss of key local authorisations. The PRA may vary the approvals of one or more Senior Managers so as to make them explicitly responsible for ensuring and overseeing compliance with the terms of the agreement in order to further the firm’s safety and soundness.
- 10/12/2018