MIFIDPRU 4.1 Application

This chapter applies to:

1. (1)

   a MIFIDPRU investment firm; and

2. (2)

   a UK parent entity that is required by MIFIDPRU 2.5.7R to comply with MIFIDPRU 4 on the basis of its consolidated situation.

Where this chapter applies to a UK parent entity under MIFIDPRU 4.1.1R(2), it applies with the following modifications:

1. (1)

   MIFIDPRU 4.2.1R (Initial capital requirement) does not apply; and

2. (2)

   any reference to a “firm” or “MIFIDPRU investment firm” in this chapter is to the hypothetical single MIFIDPRU investment firm created under the consolidated situation.