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investment holding company

    180a financial institution that satisfies all of the following conditions:

      1. (1) its subsidiaries are exclusively or mainly investment firms or financial institutions;
      1. (2) at least one of its subsidiaries is a MIFIDPRU investment firm; and
      1. (3) its subsidiaries do not include a UK credit institution.

    For the purposes of this definition, the subsidiaries of a financial institution are “mainly” investment firms or financial institutions where:

      1. (a) more than 50% of the financial institution’s equity, consolidated assets, capital deployed, revenues, expenses, personnel or customers are associated with subsidiaries that are investment firms or financial institutions; or
      1. (b) the group containing the financial institution and its subsidiaries has been structured in an artificial manner to avoid exceeding the threshold in (a).