(1) Where a person -

(a) holds participations (as defined in article 4.1(35) of the capital requirements regulation);

(b) holds capital ties in one or more regulated entities; or

(c) exercises significant influence over such entities without holding a participation or capital ties, other than in the cases referred to in regulations 22 and 23 of these Regulations;

the relevant competent authorities must, by common agreement determine whether and to what extent supplementary supervision of the regulated entities is to be carried out, as if they constituted a financial conglomerate.

(2) To apply such supplementary supervision, at least one of the entities must be a regulated entity which is part of a financial conglomerate and the conditions set out in -

(a) the PRA Rulebook Financial Conglomerates Annex 1; and

(b) Annex 4 of Chapter 3 of the FCA General Prudential sourcebook,

must be met.