Capital and liquidity requirements on a consolidated basis

For the purposes of regulations and practice directions made pursuant to section 7(3) and section 9(2), capital adequacy and solvency requirements and capital ratios and liquidity requirements and ratios shall applybasis. (a) to a licensee on an individual basis, and (b) on a consolidated basis, to a financial holding company, members of the financial group and subsidiaries of the licensee. 90