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Valid from 01/01/2016
11.—(1) This regulation applies where the PRA is the group supervisor of a group which includes a mixed financial holding company.
(2) Where the mixed financial holding company is subject to equivalent provision under rules and directly applicable regulations implementing the Solvency 2 Directive and the Financial Conglomerates Directive, the PRA may apply only the rules and directly applicable regulations implementing the Financial Conglomerates Directive to the mixed financial holding company.
(3) Before exercising its discretion under paragraph (2), the PRA must consult the other supervisory authorities concerned in supervising the group.
(4) Where the mixed financial holding company is subject to equivalent provisions under rules and directly applicable regulations implementing the following two sets of legislation—
(a)the Solvency 2 Directive; and
(b)the capital requirements directive and the capital requirements regulation,
the PRA may apply only the rules and directly applicable regulations implementing the set of legislation relating to the most significant sector, as determined in accordance with rules implementing Article 3(2) of the Financial Conglomerates Directive.
(5) Before exercising its discretion under paragraph (4), the PRA must obtain the agreement of the consolidating supervisor under the capital requirements directive.