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 is a member of a consolidation group, the firm 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.

14.3

Compliance with 14.2 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 an EEA parent institution must comply with this Part on the basis of its consolidated situation.

14.5

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14.6

A UK bank or building society controlled by an EEA parent financial holding company or by an EEA parent mixed financial holding company must comply with this Part on the basis of the consolidated situation of that holding company if the PRA is responsible for supervision of the UK bank or building society on a consolidated basis under Article 111 of the CRD.

14.7

A UK designated investment firm controlled by an EEA parent financial holding company or by an EEA parent mixed financial holding company must comply with this Part on the basis of the consolidated situation of that holding company if:

1. (1) there is no subsidiary of the holding company which is a credit institution to which 14.6 applies; and
2. (2) the PRA is responsible for the supervision of the UK designated investment firm on a consolidated basis under Article 111 of the CRD.

14.8

If this Part applies to a firm on a consolidated basis or on a sub-consolidated basis, the firm 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.