Article 147 Waiver of application of Chapter 4 ...F9

complies with the minimum consolidated requirement determined in accordance with Chapter 2 F3...; and

benefits from the exercise of the discretion laid down in Article 7.3 of the capital requirements regulation.

both the institution and its parent undertaking are UK authorised persons;

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 F6the capital requirements regulation and CRR rules;

the highest level UK institution in the relevant group, if that is not the F7UK parent institution, complies on a sub-consolidated basis with the minimum consolidated requirement determined in accordance with Chapter 2 F8...;

there is no legal or other material impediment, whether actual or foreseeable, to the prompt transfer of own funds or repayment of liabilities by the parent undertaking to the institution;

either—

the institution is covered by the risk evaluation, measurement and control procedures of the parent undertaking;

the parent undertaking holds more than 50 per cent. of the voting rights attached to shares in the capital of the institution or has the right to appoint or remove the majority of the members of the institution's management body (within the meaning given by point (7) of Article 3.1 of the capital requirements directive); and

the institution benefits from the exercise of the discretion laid down in Article 7.1 of the capital requirements regulation.