An indirect or synthetic holding includes a holding of a firm of shares, any other interest in the capital and subordinated debt, whether in the trading book or non-trading book, in:
an institution ; or
a financial institution;
that satisfies the following conditions:
the holding is the subject of an agreement or arrangement between the firm and either the issuer of the instrument in question or a member of the group to which the issuer belongs;
under the terms of the agreement or arrangement described in (3), the issuer invests in the firm or in a member of the group to which the firm belongs;
the effect of that agreement or arrangement on the capital position of the firm, the issuer or any member of a group to which either belongs, under any relevant rule is significantly more beneficial than in economic terms, taking into account the agreement or arrangement as a whole.
For this purpose, a relevant rule means a rule in GENPRU, BIPRU, INSPRU or IFPRU or any other capital adequacy or solvency requirements of the FCA or any other regulator, territory or country.