When to submit a PIN form
Firms should submit a PIN form before issuing any capital instrument that they intend to include in capital resources or own funds, either at solo, sub-consolidated or group consolidated level or any combination of these.
In most cases, firms should submit the form at least one month before the intended date of issue. However, we may be prepared to accept less than one month’s notice in exceptional circumstances that make it impracticable to give one month’s notice. In such circumstances, a firm must submit an explanation on why it believes there are exceptional circumstances that mean we should accept a shorter notice period, along with the PIN form as far in advance of the issuance as practicable in those circumstances. Firms may also submit a PIN form when the associated capital instrument’s date of issue is uncertain.
CRR firms and insurers may notify us no later than the day of issuance of their intention to issue a capital instrument (i.e. same-day notification) if the conditions set out in the relevant part of our rules are fulfilled.
In addition to the PIN submission, firms are reminded that any new CET1 instruments issued after 28 June 2013 require a CRR Permission by the PRA before it can classify the instruments as CET1 capital. Once the firm has obtained a CRR Art 26(3) permission from us, the permission extends to all future issuances of capital instruments of the same type and which have the same characteristics as the instrument to which the permission relates. See CRR Permission page for more details on CRR Permission requirements.
Pre-Issuance Notification – How far in advance of issuance must notice be given?
Also, see below for the flow charts on
The interaction between CRR Art 26(3) permission and PIN process for CET1 instruments
PIN processes for Additional Tier (AT1) and Tier 2 instruments