Section 21(1)

In this regulation, a “relevant institution” is an institution which satisfies the following conditions— the institution is authorised by the PRA ... the parent undertaking of the institution is an institution, financial holding company or mixed financial holding company whose head office is not located in the United Kingdom; the institution is not subject to supervision on a consolidated basis by the ... PRA; the PRA ... would (but for paragraph (4)) be responsible for supervision of the institution on a consolidated basis; and either— the parent undertaking of the institution, or any regulated entity established in the United 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 the PRA ... has decided on its own initiative to carry out that assessment.

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