BANK 10.1.2 Corporate group and financial group

(1) A banking business firm's corporate group is made up of:
(a) the firm;
(b) any parent entity of the firm;
(c) any subsidiary (direct or indirect) of the firm; and
(d) any subsidiary (direct or indirect) of a parent entity of the firm.
(2) A banking business firm's financial group is made up of:
(a) the firm;
(b) any subsidiary (direct or indirect) of the firm, if the subsidiary belongs to a sector of the financial industry; and
(c) any entity that the Regulatory Authority directs the firm to include.
Note The instructions for preparing returns divide the financial industry into the following sectors: banking, non-life insurance, life insurance, financial services, equity investments and non-equity investments.
(3) A banking business firm may apply to the Regulatory Authority for approval to exclude an entity from its financial group. The authority will grant such an approval only after the firm satisfies the authority that inclusion of the entity would be misleading or inappropriate for the purposes of supervision.
Derived from QFCRA RM/2014-2 (as from 1st January 2015).