Prudential Regulation Authority Rulebook

3.1

The prohibition in the rules applies unless the counterparty has agreed in an enforceable manner that its termination rights and rights to enforce a security interest will be limited in accordance with the rules.

3.2

Legal opinions are not required by the rules as a matter of course. However, the PRA expects UK firms to satisfy themselves that they (and relevant subsidiaries) are in compliance with the rules and UK firms are expected to be able to demonstrate compliance.