PRU 4.7.2

(1) This Rule applies only to an Authorised Person in Category 2.
(2) Subject to (3) and (4), an Authorised Person may apply the Simplified Approach, as prescribed in Section A4.12 in App4, upon obtaining the prior written approval to do so from the Regulator.
(3) After obtaining approval under (2), a firm must not disapply the Simplified Approach without further prior written approval from the Regulator.
(4) The Regulator may revoke its approval under (2) and require a firm to disapply the Simplified Approach, if the Regulator considers that this is warranted by the firm's business model and risk profile.