First published on 1 November 2024
This supervisory statement (SS) sets out the Prudential Regulation Authority’s (PRA) expectations in respect of the prudential assessment of acquisitions and increases in control.
This SS is relevant to all PRA and Financial Conduct Authority (FCA) authorised firms and all persons to which Part XII ‘Control Over Authorised Persons’ of the Financial Services and Markets Act 2000 (FSMA) applies. It is also relevant to firms seeking to apply for UK authorisation in identifying who their controllers are.
The SS has 5 chapters:
- Chapter 1: Introduction
- Chapter 2: Controller concepts and identification
- Chapter 3: Notices of proposed acquisitions and increases in control
- Chapter 4: Assessment of a proposed acquisition
- Chapter 5: PRA approach to the use of conditional approvals to advance its objectives
- Annex 1: Practical examples of the determination of controllers
- Annex 2: Further guidance on acting in concert