Prudential Regulation Authority Rulebook

2.1

An institution shall comply with this Part on an individual basis.

[Note: Rule 2.1 sets out an equivalent provision to Article 6(1) of the CRR that applies to this Part]

2.2

Where an institution has been given permission under Article 9(1) of the CRR it shall incorporate relevant subsidiaries in the calculation undertaken to comply with rule 2.1.

[Note: Rule 2.2 applies Article 9(1) of the CRR to this Part where a permission under that Article has been given]

2.3

But rule 2.1 shall not apply to the second and third paragraphs of Article 394(1), to Article 394(2) and to the third paragraph of Article 395(1), which obligations shall only be complied with on a consolidated basis.

2.4

A CRR consolidation entity shall comply with this Part on the basis of its consolidated situation.

[Note: Rule 2.4 sets out an equivalent provision to the first sentence of Article 11(1) of the CRR that applies to this Part]

2.5

For the purposes of applying this Part on a consolidated basis, the terms “institution” and “UK parent institution” shall include a CRR consolidation entity (if it would not otherwise have been included).

[Note: Rule 2.5 sets out an equivalent provision to the first sub-paragraph of Article 11(2) of the CRR that applies to this Part]

2.6

The expression “consolidated situation” applies for the purposes of this Part as it does for the purposes of Parts Two and Three of the CRR.

[Note: The term “consolidation situation” is defined in Article 4(1)(47) of the CRR]

2.7

An institution that is required to comply with Parts Two and Three of the CRR on a sub-consolidated basis, shall comply with this Part on the same basis.

[Note: This rule sets out Article 11(6) of the CRR that it applies to this Part]