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29. The PRA is the authority responsible for identifying O-SIIs.
30.—(1) An O-SII must be—
(a)a person with permission to carry on a regulated activity for the purposes of Part 4A of FSMA; or
(b)a person established in the United Kingdom.
(2) An O-SII must also be—
(a)an EEA parent institution;
(b)an EEA parent financial holding company;
(c)an EEA parent mixed financial holding company; or
(d)an institution.
31.—(1) In order to assess whether a particular body (“the relevant body”) is an O-SII, the PRA must base its assessment on the systemic importance of the relevant body on an individual, sub-consolidated or consolidated basis.
(2) The assessment of systemic importance must include a consideration of one or more of the following criteria—
(a)the size of the relevant body;
(b)the importance of the relevant body to economy of the United Kingdom or the European Union;
(c)the significance of the relevant body’s cross-border activities; and
(d)the interconnectedness of the relevant body, or the group to which it belongs, with the financial system.
32.—(1) The PRA must provide the names of the O-SIIs it has identified to the Commission, the ESRB and EBA.
(2) The PRA must publish an up-to-date list of the names of the O-SIIs it has identified.
(3) The PRA must review its identification of O-SIIs annually and report the results of its review to the bodies concerned, the Commission, the ESRB and EBA.
33. Where a person is aggrieved at the PRA’s decision that the person is, or is not, an O-SII, then the person may refer the matter to the Tribunal.
34. No O-SII may be required to maintain an O-SII buffer.
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