PRU 4.14.54

For an Authorised Person subject to the Capital Requirement referred to in Rule 4.14.51, the maximum Credit RWA calculated under that Rule must not exceed the greater of the following:

(a) the RWA amounts calculated in respect of its positions in the investors' interest; or
(b) the RWA amounts that would be calculated in respect of the securitised Exposures, if those had not been securitised.