Prudential Regulation Authority Rulebook

14.1

1. (1) This Part applies to a firm on an individual basis unless (2) applies.
2. (2) Where the PRA has waived in full the application of Part Six of the CRR to a firm and to all or some of its subsidiaries pursuant to a permission granted under Article 8(2) of the CRR, a firm must comply with this Part at the level of its domestic liquidity sub-group.
3. (3) (1) and (2) apply to a firm whether or not this Part applies to the firm on a consolidated basis.

[Note: Art 8(5) of the CRR and Art 109(1) of the CRD]

14.1A

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 Part Six of the CRR.

14.2

Where a firm, a PRA approved parent holding company, a PRA designated parent holding company, a PRA designated intermediate holding company or a PRA designated institution is a member of a consolidation group, that person must ensure that the arrangements, processes and mechanisms at the level of the consolidation group of which it is a member comply with the obligations set out in 3 – 13 on a consolidated basis.

14.2A

Where a firm, a PRA approved intermediate holding company, a PRA designated intermediate holding company, a PRA designated parent holding company or a PRA designated institution is a member of a sub-consolidation group, that person must ensure that the arrangements, processes and mechanisms at the level of the sub-consolidation group of which it is a member comply with the obligations set out in 3 – 13 on a sub-consolidated basis.

14.3

Compliance with 14.2 and 14.2A must enable the consolidation group to have arrangements, processes and mechanisms that are consistent and well integrated and that any data relevant to the purpose of supervision can be produced.

[Note: Art 109(2) (part) of the CRD]

14.4

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

14.5

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14.6

A PRA designated institution controlled by a UK parent financial holding company or by a UK parent mixed financial holding company must comply with this Part on the basis of the consolidated situation of that holding company..

14.6A

A PRA approved parent holding company or a PRA designated parent holding company must comply with this Part on the basis of its consolidated situation and a PRA designated intermediate holding company responsible for compliance with the CRR on a consolidated basis must comply with this Part on the basis of the consolidated situation of the UK parent financial holding company or UK parent mixed financial holding company.

14.7

[Deleted.]

14.8

If this Part applies to an Article 109 undertaking on a consolidated basis or on a sub-consolidated basis, the Article 109 undertaking 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 Part Six of the CRR on a consolidated basis or sub-consolidated basis.