Prudential Regulation Authority Rulebook

1.1

This Part applies to a UK designated investment firm.

1.2

In this Part, the following definitions shall apply:

COREP Regulation

means the Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and the Council, as amended from time to time.

Delegated Regulation

means Commission Delegated Regulation (EU) 2015/61 of 10 October 2014 to supplement Regulation (EU) No 575/2013 of the European Parliament and the Council with regard to liquidity coverage requirement for Credit Institutions, as amended from time to time.

1.3

Unless otherwise defined, any italicised expression used in this Part and in the CRR has the same meaning as in the CRR.

2.1

1. (1) For the purpose of complying with Article 412 (1) of the CRR, a firm must comply with the obligations set out in the Delegated Regulation as they apply to a credit institution supervised under the CRD, subject to the modifications in (2).
2. (2) For the purposes of (1):
1. (a) the provisions in Article 2(3) of the Delegated Regulation do not apply where Article 12 of the CRR applies;
2. (b) the provisions in Article 2(3)(d) and Article 38 of the Delegated Regulation do not apply; and
3. (c) any reference to competent authority means a reference to the PRA.

3.1

In accordance with Article 6(4) and Article 11(3) of the CRR, a firm is exempt from complying with the obligations laid down in Title II and Title III of Part Six of the CRR on an individual basis and on a consolidated basis.

3.2

1. (1) A firm must comply with the reporting requirements laid down in Chapter 1 and Chapter 7 to Chapter 9 of the COREP Regulation with the exception of Article 15 as they apply to a credit institution supervised under the CRD.
2. (2) For the purpose of (1), a reference to Article 415 of the CRR in the COREP Regulation is construed as a reference to the obligations set out in (1).

4.1

This Part applies to a firm on an individual basis whether or not it also applies to the firm on a consolidated basis.

4.1A

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.

4.2

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

4.3

A 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 that is supervised under the CRD; 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.

4.4

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.

5.1

In 4.2 and 4.3 any reference to EEA is to be read as a reference to EU.