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Application provision

1.1 Unless otherwise stated, this Part applies to every firm except:

  1. (1) an incoming EEA firm;
  2. (2) an incoming Treaty firm; and
  3. (3) an insurer that is not a UK Solvency II firm.


1 Table: PART 1: Third country financial conglomerates 

1.1 This Part of this Annex sets out the rules with which a firm must comply under 6.2 with respect to a financial conglomerate of which it is a member.
1.2 firm must comply, with respect to the financial conglomerate referred to in paragraph 1.1, with 3.3.
1.3 For the purposes of paragraph 1.2:
(1) the definitions of conglomerate capital resources and conglomerate capital resources requirement that apply for the purposes of that rule are the ones from whichever of Part 1 or Part 2 of Annex 2 is specified in the requirement referred to in 6.2; and
(2) the rules so applied (including those in Annex 2) are adjusted in accordance with paragraph 2.1.
1.4 If the condition in Articles 7(4) and 8(4) of the Financial Groups Directive is satisfied (the financial conglomerate is headed by a mixed financial holding company) with respect to the financial conglomerate referred to in paragraph 1.1 the firm must also comply with 4.2 (as adjusted in accordance with paragraph 2.1) with respect to that financial conglomerate.
1.5 firm must comply with the following with respect to the financial conglomerate referred to in paragraph 1.1:
(1) Chapter 7 as adjusted under paragraph 2.1; and
(2) 3.2.


2 Table: PART 2: Adjustment of scope

2.1 The adjustments that must be carried out under this paragraph are that the scope of the rules referred to in Part 1 of this Annex, are amended:
(1) to remove any provisions disapplying those rules for third country financial conglomerates;
(2) to remove all limitations relating to where a member of the third country financial conglomerate is incorporated or has its head office; and
(3) so that the scope covers every member of the third country financial conglomerate that would have been included in the scope of those rules if those members had their head offices in, and were incorporated in, and an EEA State.