2.20 Firms would be required to submit an intermediate report as soon as practicable upon a significant change in the circumstances described in the most recent report submitted to the PRA. This could include, but is not limited to, a change in the impact of the operational incident or the status of the operational incident, such as the firm identifying the origin of the operational incident; the operational incident breaching another regulator's threshold for submitting an operational incident report after the submission of the initial report; or the firm resolving the operational incident. A non-exhaustive list of examples of when an intermediate report should be submitted are set out in the draft new SS.

2.21 A firm would be required to submit multiple intermediate reports if numerous significant changes occur. At a minimum, where an operational incident is not resolved at the time of the initial report, a firm would be required to complete one intermediate report to inform the PRA that it has resolved the operational incident.

2.22 In the event that a firm has resolved an incident prior to submitting an initial report, they would not be required to complete an intermediate report and can move straight to the final report stage. The firm would be required to let the regulator know that the incident has been resolved within the initial report (which the firm must submit as soon as practicable as set out above) and follow-up with the final incident report as required.