Related provisions for IFPRU 4.3.6

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To access the FCA Handbook Archive choose a date between 1 January 2001 and 31 December 2004 (From field only).

Prior to reliance being placed by a firm on a rating system or data provided by another member of the group, the FCA expects the proposed arrangements to have been explicitly considered, and found to be appropriate, by the governing body of the firm.
(1) Where the firm's rating systems are used on a unified basis under article 20(6) of the UK CRR2, the FCA considers that the governance requirements in article 189 of the UK CRR2 can only be met if the subsidiaries have delegated to the governing body or designated committee of the UK parent institution, UK parent financial holding company or UK parent mixed financial holding company2 responsibility for approval of the firm's rating systems.(2) The FCA expects an appropriate