3
Ongoing expectation to notify the PRA of material information that is relevant to permissions
3.1
Unless otherwise stated, the conditions set out in PRA rules and in this SoP should be thought of as continuing conditions which firms need to satisfy on an ongoing basis. After the PRA has granted a permission, it expects that the firm promptly notifies it if it does not, or expects that it soon will not, continue to meet any of those conditions for as long as the permission remains effective.
- 01/01/2022
3.2
The PRA further expects that firms promptly notify it of any material change in circumstances, including anticipated changes in circumstances that might affect the PRA’s continuing assessment of this permission. This includes changes to the factors reported by firms set out in this SoP that the PRA will consider when assessing permission applications.
- 01/01/2022
3.3
These expectations are an elaboration of firms’ obligations to inform the PRA of relevant information under the PRA Fundamental Rules.[1]
Footnotes
- 1. PRA Rulebook: Fundamental Rules Instrument 2014, 2.7.
- 01/01/2022
3.4
The PRA may decide not to revoke or modify a permission that it has granted when it receives the notifications set out in paragraphs 3.1 to 3.3 above.
- 01/01/2022
3.5
The expectations in paragraphs 3.1 and 3.2 do not apply to changes in matters set out in paragraph 6.1 (information which firms should provide as part of pre-notifications to use the sNSFR methodology).
- 01/01/2022