Prudential Regulation Authority Rulebook

5.1

This Part applies to a firm on an individual basis whether or not it also applies to the firm on a consolidated basis or sub-consolidated basis.

5.1A

If this Part applies to a firm on an individual basis, the firm must comply with the rules in this Part to the same extent and in the same manner as it is required to comply with the firm’s obligations laid down in Parts Two to Four and Part Seven of the CRR.

5.2

A firm which is a parent institution in a Member State must comply with this Part on the basis of its consolidated situation.

5.3

A UK bank or building society controlled by a parent financial holding company in a Member State or a parent mixed financial holding company in a Member State must comply with this Part on the basis of the consolidated situation of that holding company, if the PRA is responsible for supervision of the UK bank or building society on a consolidated basis under Article 111 of the CRD.

5.4

A UK designated investment firm controlled by a parent financial holding company in a Member State or a parent mixed financial holding company in a Member State must comply with this Part on the basis of the consolidated situation of that holding company, if:

1. (1) there is no subsidiary of the holding company which is a credit institution to which 5.3 applies; and
2. (2) the PRA is responsible for the supervision of the UK designated investment firm on a consolidated basis under Article 111 of the CRD.

5.5

A firm that is a subsidiary must apply this Part on a sub-consolidated basis if the firm, or the parent undertaking where it is a financial holding company or mixed financial holding company, have an institution or financial institution as a subsidiary in a third country or hold a participation in such an institution or financial institution.

5.6

If this Part applies to a firm on a consolidated basis or on a sub-consolidated basis, the firm must carry out consolidation to the same extent and in the same manner as it is required to comply with the obligations laid down in Parts Two to Four and Part Seven of the CRR on a consolidated basis or sub-consolidated basis.

[Note: Art 129(1) (part) and 130(1) (part) of the CRD]