(1) When the PRA receives an application from a company under section 192Q, it must decide whether -
(a) to approve the company,
(b) to confirm that the company qualifies for an exemption under section 192P(2) and (3), or
(c) to take one or more of the measures in section 192T.
(2) The PRA may only approve the company under this section where conditions A, B and C are satisfied.
(3) Condition A is that the internal arrangements and distribution of tasks within the group of which the company is part are -
(a) adequate for the purpose of complying with the requirements imposed by Directive 2013/36/EU UK law, CRR rules and the capital requirements regulation on a consolidated or sub-consolidated basis,
(aa) adequate for the purpose of complying with section 192XA rules, and
(b) effective to -
(i) co-ordinate all the subsidiary undertakings of the company, including, where necessary, through an adequate distribution of tasks among subsidiary institutions;
(ii) prevent or manage intra-group
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