Section 192P(3)

The conditions in this subsection are satisfied if— the Bank of England has not identified the company as a resolution entity (within the meaning of section 3 of the Banking Act 2009) in a group resolution plan under Part 5 of the Bank Recovery and Resolution (No. 2) Order 2014; a credit institution or a designated investment firm which is a subsidiary undertaking in the same group as the company— has been designated by the PRA as responsible to ensure the group’s compliance with prudential requirements on a consolidated or sub-consolidated basis, and has the power required to discharge those obligations effectively, whether under contractual arrangements with other companies in the group or otherwise; the company does not take any management, operational or financial decisions affecting— the group as a whole, or any of its subsidiary undertakings which are institutions or financial institutions; the PRA is satisfied that there is no impediment to the effective supervision of the group on a consolidated or sub-consolidated basis.

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Source: legislation.gov.uk · retrieved 2026-09-04