(1) The appropriate regulator may make such rules applying to bodies corporate falling within subsection (2) as appear to the regulator to be necessary or expedient for the group ring-fencing purposes.
(2) A body corporate falls within this subsection if -
(a) it is incorporated in the United Kingdom or has a place of business in the United Kingdom,
(b) it is a parent undertaking of a ring-fenced body, and
(c) it is not itself an authorised person.
(3) The ''group ring-fencing purposes'' are the purposes set out in section 142H(4).
(4) ''The appropriate regulator'' means -
(a) in relation to the parent undertaking of a ring-fenced body that is a PRA-authorised person, the PRA;