Prudential Regulation Authority Rulebook

7.1

This Chapter applies only to a third country CRR firm in relation to:

1. (1) the activities of its establishment in the UK; or
2. (2) if it does not have an establishment in the UK, its activities in the UK.

7.1A

1. (1) 7.2 and 7.3(1) do not apply to a third country CRR firm that is a SRO firm.
2. (2) 7.4 and 7.5 apply only to a SRO firm.

7.2

The Head of Overseas Branch Function (SMF 19) is the function of having responsibility alone or jointly with others, for:

1. (1) the conduct of all activities of the UK establishment of a third country firm which are subject to the UK regulatory system; or
2. (2) where the firm does not have an establishment in the UK, the conduct of all activities which are subject to the UK regulatory system.

7.3

1. (1) A third country CRR firm must ensure that at least one person performs the Head of Overseas Branch Function on its behalf.
2. (2) If a vacancy arises in respect of the Head of Overseas Branch Function, a third country CRR firm must ensure that it appoints a person to fill that vacancy as soon as practicable.

7.4

A SRO firm must ensure that at least one person performs the Head of Overseas Branch function on its behalf.

7.5

For the purposes of 7.4, the Head of Overseas Branch Function (SMF 19) is the function of having responsibility to oversee the orderly run-off of the firm’s regulated activities in the UK.