The appropriate regulator may make such rules applying to bodies corporate falling within subsection (2) as appear to the regulator to be necessary or expedient for the group ring-fencing purposes.
A body corporate falls within this subsection if—
it is incorporated in the United Kingdom or has a place of business in the United Kingdom,
it is a parent undertaking of a ring-fenced body, and
it is not itself an authorised person.
The "group ring-fencing purposes" are the purposes set out in section 142H(4).
"The appropriate regulator" means—
in relation to the parent undertaking of a ring-fenced body that is a PRA-authorised person, the PRA;
in any other case, the FCA.