4.1. General provisions

An undertaking should not be regarded as an ASU, where one of the following conditions is met:

• a. it is a pure industrial holding company, a securitisation special purpose entity, an insurance holding company as defined in Article 212(1), point (f), of Directive 2009/138/EC or a mixed-activity insurance holding company as defined in Article 212(1), point (g), of that Directive, except where a mixed-activity insurance holding company has a subsidiary institution; or
• b. it already falls within the definition of institution, financial institution or financial sector entity under points (3), (26) and (27) of Article 4(1) of Regulation (EU) No 575/2013, for any reason other than being an ASU.

An ASU included in the consolidated situation of an institution should be regarded as an ASU for any other undertaking.