PRU 4.7.1

(1) This Rule applies only to an Authorised Person in Category 3A.
(2) Subject to (3) and (4), an Authorised Person must apply the Simplified Approach as prescribed in Section A4.12 in App4.
(3) An Authorised Person is not required to apply the Simplified Approach if it obtains prior written approval of the Regulator not to do so.
(4) After obtaining approval under (3), a firm must not revert to the Simplified Approach without obtaining further prior written approval from the Regulator.