Prudential Regulation Authority Rulebook

3.1

This Chapter applies where a firm is subject to a requirement obliging it to comply with 3.2 to 3.4 with respect to a third country banking and investment group of which it is a member.

[Note: Art 127 of the CRD]

3.2

A firm must comply with:

1. (1) those requirements of the CRR that apply to the firm on a consolidated basis; and
2. (2) rules that apply to the firm on a consolidated basis,

on the basis of the consolidated situation of the third country banking and investment group.

3.3

A firm must comply with Group Risk Systems in respect of the third country banking and investment group.

3.4

The scope of the CRR requirements and rules referenced in 3.2 and 3.3 is adjusted:

1. (1) to remove any provisions disapplying those rules for third country banking and investment groups;
2. (2) to remove all limitations relating to where a member of the third country banking and investment group is incorporated or has its head office; and
3. (3) so that the scope covers every member of the third country banking and investment group that would have been included in the scope of those rules if those members had their head offices, and were incorporated, in the UK.