ELM 7.4 Scope of consolidation

A firm's EEA consolidated group is the consolidated sub-group of the firm's EEA financial parent undertaking.

A firm has no EEA consolidated group if the firm would be its only member or if it has no EEA financial parent undertaking.

A firm's UK consolidated group is the consolidated sub-group of:

1. (1)

   the firm'sUK financial parent undertaking; or

2. (2)

   (if the firm has no UK financial parent undertaking and the firm is a UK domestic firm) the firm.

A firm has no UK consolidated group if the firm would be its only member.

A firm, having given prior notice to the FSA, may exclude from its EEA consolidated group or UK consolidated group for the purposes of this chapter:

1. (1)

   an undertaking, the total assets of which; or

2. (2)

   two or more undertakings, the total of whose assets added together;

are less than the smaller of 10 million euro and 1% of the total assets of the firm.