(1) In order to assess whether a particular group or body ("the relevant institution") is an O-SII, the PRA must base its assessment on the systemic importance of the relevant institution on an individual, sub-consolidated or consolidated basis.

(2) The assessment of systemic importance must include a consideration of one or more of the following criteria -

(a) the size of the relevant institution;

(b) the importance of the relevant institution to economy of the United Kingdom;

(c) the significance of the relevant institution's cross-border activities; and

(d) the interconnectedness of the relevant institution, or, in the case of an institution, the group to which it belongs, with the financial system.