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main investment services undertaking

19(for the purpose of PRU 8 (Group Risk) and in relation to a financial conglomerate):

  1. (a) (if there is only one investment firm in that financial conglomerate) that investment firm; and
  2. (b) (if there is more than one investment firm in that financial conglomerate) the member of the financial conglomerate identified in the same way as the main firm for the purposes of rule 14.4.2 of Chapter 14 of IPRU(INV) (Group Financial Resources), but so that the comparison required by that rule must be carried out with respect to all investment firms in the financial conglomerate.19