(1) This regulation applies where the PRA has approved an application made in accordance with regulation 52.
(2) Where the PRA authorised the subsidiary under Part 4A of FSMA, the PRA must notify the following matters to the college of supervisors without delay -
(a) where the subsidiary is not in compliance with the subsidiary’s solvency capital requirement, the recovery plan submitted by the subsidiary in accordance with rules implementing Article 138 of the Solvency 2 Directive;
(b) any deteriorating financial conditions and the proposed measures to be taken; and
(c) where the subsidiary is not in compliance with the subsidiary’s minimum capital requirement -
(i) the short-term finance scheme submitted by the subsidiary in accordance with rules implementing Article 139 of the Solvency 2 Directive; and
(ii) any measures taken by the PRA by or under FSMA to enforce the minimum capital requirement at the level of the subsidiary.