Regulation 40
SCHEDULE 5U.K.Procedure for group applications
1. When the PRA receives a group application, the PRA must follow the procedure set out in Flowchart 3 for the purposes of determining whether—U.K.
(a)the PRA must recognise and apply the group supervisor's decision on the application;
(b)the PRA must take its decision on the application in conformity with a decision made by EIOPA;
(c)the PRA must recognise and apply an agreement reached by the college of supervisors; or
(d)the PRA (as group supervisor) must take the decision on the application.
2. Flowchart 3 also imposes duties and confers powers on the PRA for the purposes of making and giving effect to that determination.U.K.
3. In Flowchart 3—U.K.
(a)“college” means the college of supervisory authorities;
(b)“relevant date” means the date falling immediately after the period of six months beginning with the date on which the complete application was received by the supervisory authority to which the application was made; and
(c)a reference to the panel's proposal being rejected is a reference to a proposal by EIOPA's panel being rejected in accordance with Articles 41(2) and (3), and 44(1), of the EIOPA Regulation.
