Designation

1.1

This Part applies to a CRR firm controlled by a parent financial holding company in a Member State or a parent mixed financial holding company in a Member State 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.

1.2

In this Part, the following definitions shall apply:

parent financial holding company in a Member State

1. has the meaning set out at point (30) of Article 4(1) CRR.

parent mixed financial holding company in a Member State

1. has the meaning set out at point (31) of Article 4(1) CRR.

2.1

Subject to 2.2, a firm must comply with all CRR consolidation requirements with which its parent financial holding company in a Member State or parent mixed financial holding company in a Member State 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

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.