BANK 10.2.1 Application of Part 10.2

(1) This Part does not apply to a banking business firm if:
(a) the firm is already subject to group prudential supervision by the Regulatory Authority because another member of its group is an authorised firm; or
(b) the Regulatory Authority has confirmed in writing, in response to an application from the firm, that the authority is satisfied that the group is the subject of consolidated prudential supervision by an appropriate regulator.
(2) A banking business firm that has received confirmation must immediately inform the authority in writing if any circumstance on which the confirmation was based changes.
Derived from QFCRA RM/2014-2 (as from 1st January 2015).