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Home > Prudential Regulation Authority > CRR Permissions: what should an application include?
 

CRR Permissions: what should an application include?

​CRR Permissions  |  CRR Permissions: what should an application include?

The PRA finds it helpful for firms to provide the following information as part of an application for a CRR Permission:

  • a list of all the entities which require the CRR Permission, including any FCA solo regulated firms;
  • details of the CRR article under which the application is being made;
  • detailed information about the rationale for the CRR permission, including, for example, whether it is part of a wider group transaction/restructure;
  • detailed responses with respect to the CRR article conditions and relevant Regulatory Technical Standards (RTS) or Implementing Technical Standards (ITS);
  • confirmation that the firm is content for the waiver/modification to be published on the Financial Services Register if approved, and if not, an explanation of why it would be inappropriate to do so, addressing the requirements set out in HMT Regulation 43; and
  • important timelines.

For certain types of applications, the PRA has set out the format and content of the supporting documentation it expects to receive.  The following notes are to assist firms on common applications and issues that arise when providing information to support their application.  However, these are not intended to be exhaustive nor a guarantee that an application will be approved.

​Application forms and notes for certain types of CRR Permissions applications

Intragroup exposures applications: CRR Articles 113(6), 400(2)(c), 400(2)(g)-(h) and the leverage ratio Delegated Act Article 429(7)
Individual consolidation under CRR Article 9
​Delta Calculation, Applications of Standardised Approach: CRR Articles 329, 352(1) and 358
​Inclusion of interim or year-end profits in Common Equity Tier 1 capital under Article 26(2)
Approval of new Common Equity Tier 1 capital instruments under CRR Article 26(3)
Liquidity sub-groups under CRR Article 8
Interest Rate on Derivative Instruments: CRR Article 331
Calculation of the overall Net Foreign Exchange Position: CRR Article 352(2)
Internal Ratings Based Approach CRR Permission application pack
Own Estimates for Volatility Adjustments: CRR Article 225

 

Model change notifications

Where CRR Permissions have been granted for the internal ratings based (IRB) approach, the internal model method (IMM) or the internal model approach (IMA), firms notifying the PRA of changes to such approaches are expected to complete the following pro-forma in accordance with guidelines set by the relevant Delegated Regulation or PRA supervisory statement.

Pro-forma for the notification of changes to IRB, IMM and IMA permissions under the CRR

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