(1) In this regulation, a "relevant institution" is an institution which satisfies the following conditions -

(a) the institution is authorised by the PRA;

(b) 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;

(c) the institution is not subject to supervision on a consolidated basis by the PRA;

(d) the PRA would (but for paragraph (4)) be responsible for supervision of the institution on a consolidated basis; and

(e) either -

(i) 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

(ii) the PRA has decided on its own initiative to carry out that assessment.

(2) The PRA must assess whether a relevant institution is subject to supervision on a consolidated basis by a supervisory authority of a country outside the United Kingdom which is equivalent to the standard of supervision on a consolidated basis applied by the PRA in accordance with Directive 2013/36/EU UK law, the capital requirements regulation and CRR rules.

(3) [deleted]