(1) This article applies in relation to a relevant group.
(2) The Bank may waive the application of Chapter 4 in relation to a UK parent institution where it -
(a) complies with the minimum consolidated requirement determined in accordance with Chapter 2; and
(b) benefits from the exercise of the discretion laid down in Article 7.3 of the capital requirements regulation.
(3) The Bank may waive the application of Chapter 4 in relation to a group institution which is a group subsidiary where -
(a) both the institution and its parent undertaking are UK authorised persons;
(b) the supervision of the institution by the PRA or FCA ("the regulator") is part of the supervision on a consolidated basis of the parent undertaking in accordance with the capital requirements regulation and CRR rules;
(c) the highest level UK institution in the relevant group, if that is not the UK parent institution, complies on a sub-consolidated basis with the minimum consolidated requirement determined in accord
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