consolidated situation
- (1) (in relation to a group to which the UK CRR applies) has the meaning in article 4(1)(47) of the UK CRR.256
- (2) (other than in (1)) the situation that results from applying the requirements in MIFIDPRU 3, MIFIDPRU 4, MIFIDPRU 5, MIFIDPRU 6271 and MIFIDPRU 9 in accordance with MIFIDPRU 2.5 to a UK parent entity as if that undertaking, together with all the investment firms, financial institutions, ancillary services undertakings and tied agents in the investment firm group that are its subsidiaries or connected undertakings or connected undertakings of its subsidiaries, formed a single MIFIDPRU investment firm. For the purpose of this definition, the terms investment firm, financial institution, ancillary services undertaking and tied agent also apply to undertakings established in other countries that, if established in the UK, would satisfy the definitions of those terms.256