PRU 8.3.5

When calculating the Financial Group Capital Resources of a Financial Group, an Authorised Person must not include Capital Resources or Adjusted Capital Resources (as the case may be) of subsidiaries or participations of that Financial Group to the extent that those Capital Resources or Adjusted Capital Resources:

(a) exceed the entity requirement in respect of that Subsidiary or participation, calculated in accordance with Rule 8.3.3; and
(b) are not freely transferable within the Financial Group.