Prudential Regulation Authority Rulebook

1.1

This Part applies to a CRR firm that receives critical services if it fulfils any of the following conditions on 1 January of any year:

1. (1) the average of the firm’s total assets it was required to report in the previous 36 months in accordance with Chapters 7 and 9 of the Regulatory Reporting Part of the PRA Rulebook exceeds £10bn;
2. (2) the average of the firm’s safe custody assets it was required to report in the previous 36 months in accordance with SUP 16.14 of the FCA Handbook as amended from time to time exceeds £10bn; or
3. (3) the average total amount of received sight deposits it was required to report in the previous 36 months in accordance with the ITS on supervisory reporting, or that it would have had to report if the ITS on supervisory reporting had been in force, exceeds £350m.

1.2

This Part ceases to apply to a CRR firm to which it applies under 1.1 if the firm does not meet any of the conditions in 1.1 on 1 January in each of two consecutive years.

1.3

1.2 does not prevent this Part applying to a CRR firm on a subsequent occasion if one of the conditions in 1.1 is met again.

1.4

A firm must calculate the averages in 1.1 by adding the values it was required to report each time a report was due and dividing the total by the number of times the report was due.

1.5

In this Part, the following definitions shall apply:

critical functions

has the meaning in section 3(1) and (2) of the Banking Act 2009.

safe custody asset

has the meaning in the FCA Handbook as amended from time to time.

ITS on supervisory reporting

Commission Implementing Regulation (EU) No 680/2014 as amended by Commission Implementing Regulation (EU) No 2016/313 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council.