Schedule 1, Part 1, paragraph 15(4)

After paragraph 3 insert— Where Part 9C rules provide that, in relation to any subsidiaries which are FCA investment firms, the calculation referred to in paragraph 1 is to be undertaken on a consolidated basis so as to include those subsidiaries, own funds instruments within those subsidiaries shall not be recognised in own funds at the sub-consolidated or consolidated level, as applicable.

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