1.   Where consolidation is required pursuant to Article 2(3), the following entity shall be responsible for consolidating all relevant entities in the investment firm group and for applying Articles 8 to 11:

(a)	where there is only one investment firm among the relevant entities referred to in Article 2(3), that investment firm;

(b)	where there is more than one investment firm among the relevant entities referred to in Article 2(3), the investment firm with the largest amount of total assets.

For the purposes of the first subparagraph, point (b), the investment firm shall calculate the amount of total assets on the basis of the latest audited financial statements or, where consolidated financial statements are not required to be prepared in accordance with the applicable accounting framework, the latest audited individual financial statement of the investment firm.

2.   By way of derogation from paragraph 1, the competent authorities or, where applicable, the group supervisor, may designate as responsible for the prudential consolidation of all relevant entities in the investment firm group and for applying Articles 8 to 11, an investment firm or a financial institution in the group if that relevant entity already has the duty to prepare the consolidated financial statements for the investment firm group.