(1) No company may be established in the United Kingdom as a parent financial holding company or a parent mixed financial holding company unless -
(a) the company is approved by the PRA;
(b) the PRA has confirmed that the company is exempt from the requirement for approval under subsection (2); or
(c) the subsidiary undertakings of the company do not include -
(i) a credit institution, or
(ii) a designated investment firm.
(2) A company is exempt from the requirement for approval if -
(a) it is a parent financial holding company and its principal activity is to acquire holdings in subsidiary undertakings; or
(b) it is a parent mixed financial holding company and its principal activity with respect to institutions and financial institutions is to acquire holdings in subsidiary undertakings,
and all of the conditions in subsection (3) are satisfied.
(3) The conditions in this subsection are satisfied if -
(a) the Bank of England has not identified the company as a resolution entity (with
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