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The Capital Requirements Regulations 2013

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Point in time view as at 01/01/2022.

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PART 6 U.K.Consolidated supervision

Determination of the consolidating supervisorU.K.

F120.  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

Assessment of equivalence of consolidated supervision by supervisory authorities in [F2third countries] U.K.

21.—(1) In this regulation, a “relevant institution” is an institution which satisfies the following conditions—

(a)the institution is authorised by the PRA F3...

(b)the parent undertaking of the institution is an institution, financial holding company or mixed financial holding company whose head office is not located in [F4the United Kingdom];

(c)the institution is not subject to supervision on a consolidated basis [F5by the F6... PRA];

(d)the PRA F7... would (but for paragraph (4)) be responsible for supervision of the institution on a consolidated basis; and

(e)either—

(i)the parent undertaking of the institution, or any regulated entity established in the [F8United Kingdom] which is a member of the same group as the institution, has requested the assessment referred to in paragraph (2) be carried out; or

(ii)the PRA F9... has decided on its own initiative to carry out that assessment.

[F10(2) The PRA must assess whether a relevant institution is subject to supervision on a consolidated basis by a supervisory authority of a country outside the United Kingdom which is equivalent to the standard of supervision on a consolidated basis applied by the PRA in accordance with Directive 2013/36/EU UK law, the capital requirements regulation and CRR rules.]

F11(3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(4) Where the [F12PRA] concludes that a relevant institution is not subject to equivalent supervision in accordance with paragraph (2), the [F12PRA] may apply—

(a)the requirements of [F13Directive 2013/36/EU UK law][F14, the capital requirements regulation and CRR rules] to the institution, amended as necessary; or

(b)other appropriate supervisory techniques, which must be designed to achieve the objectives of supervision on a consolidated basis F15...

(5) The other appropriate supervisory techniques referred to in paragraph (4) may include a requirement on the institution to establish a financial holding company or mixed financial holding company with its head office in [F16the United Kingdom], so that supervision on a consolidated basis may be applied in relation to the consolidated situation of that holding company.

F17(6) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

Co-ordination and co-operation arrangementsU.K.

F1822.  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

Co-ordination of supervisory activities by the EEA consolidating supervisorU.K.

F1823.  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

The Bank's general dutiesU.K.

F1824.  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

Exchange of informationU.K.

F1825.  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

Obtaining information already disclosedU.K.

F1826.  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

Verification of information by a competent authority in another EEA StateU.K.

F1827.  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

Requirement to establish list of holding companiesU.K.

F1828.  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

Joint decisions on own funds: PRA or FCA is the EEA consolidating supervisorU.K.

F1829.  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

Joint decisions on own funds: PRA or FCA is not the EEA consolidating supervisorU.K.

F1830.  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

Joint decision on liquidity: PRA or FCA is the EEA consolidating supervisorU.K.

F1831.  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

Joint decision on liquidity: PRA or FCA is not the EEA consolidating supervisorU.K.

F1832.  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

Colleges of supervisorsU.K.

F1833.  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

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