Prudential Regulation Authority Rulebook

4.1

This chapter applies to CRR firms only.

4.2

A firm must notify the PRA when a person becomes a notified non-executive director and shall provide the PRA with all of the information needed to assess whether that person is fit and proper. The PRA directs that when such information is provided by a designated investment firm, it must be accompanied by the designated additional information.

4.3

If the notification referred to in 4.2 is in respect of a person who, on becoming a notified non-executive director, ceases to perform a PRA senior management function or an FCA-designated senior management function, the firm is not required to provide information needed to assess the fitness and propriety of that person unless there has been a change in the information provided in respect of that person regarding fitness and propriety provided to the PRA or the FCA at the time the application for the approval for performance of the PRA senior management function or the FCA-designated senior management function was made.

4.4

If a firm becomes aware of information which would reasonably be material to the assessment of a current or former notified non-executive director’s fitness and propriety under this Part, it must inform the PRA in writing as soon as practicable.

4.5

Where a firm replaces a notified non-executive director because the firm considers that person no longer fulfils the requirements of 2.3, the firm must notify the PRA as soon as reasonably practicable.

4.6

Where a notified non-executive director assumes a new role with the firm or ceases to be a director of the firm, the firm must notify the PRA in writing as soon as reasonably practicable.