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Application provision

1.1 The changes to this rule are effective from 23:00 on 31/12/2020.

This Part applies to a CRR firm controlled by a UK parent financial holding company or a UK parent mixed financial holding company that would be under an obligation to comply with CRR requirements on a consolidated basis if Article 11(2) CRR was in force as it had effect in the UK on 27 December 2020.

1

Application and Definitions

1.1

31/12/2020

The changes to this rule are effective from 23:00 on 31/12/2020.

This Part applies to a CRR firm controlled by a UK parent financial holding company or a UK parent mixed financial holding company that would be under an obligation to comply with CRR requirements on a consolidated basis if Article 11(2) CRR was in force as it had effect in the UK on 27 December 2020.

2

Consolidation Requirements

2.1

31/12/2020

The changes to this rule are effective from 23:00 on 31/12/2020.

Subject to 2.2, a firm must comply with all CRR consolidation requirements with which its UK parent financial holding company or UK parent mixed financial holding company would be required to comply if it was approved or designated under Part 12B FSMA for the purpose of ensuring that CRR requirements are applied on a consolidated basis.

2.2

28/12/2020

A firm is not required to comply with 2.1 if the PRA has approved or designated under Part 12B FSMA another undertaking within the firm’s consolidation group for the purpose of ensuring that CRR requirements are applied on a consolidated basis.