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29. The PRA must identify O-SIIs in accordance with the provisions of this Part.]
Textual Amendments
F1Reg. 29 substituted (31.12.2020) by The Capital Requirements (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1401), regs. 1(3), 55 (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)
30.—(1) An O-SII must be—
(a)a person with permission to carry on a regulated activity for the purposes of Part 4A of FSMA; or
(b)a person established in the United Kingdom.
(2) An O-SII must also be—
[F2(a)a group, the parent undertaking of which is—
(i)a UK parent institution,
(ii)a UK parent financial holding company, or
(iii)a UK parent mixed financial holding company, or
(b)an institution.]
Textual Amendments
F2Reg. 30(2)(a)-(b) substituted for reg. 30(2)(a)-(d) (29.12.2020) by The Capital Requirements (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1401), regs. 1(2A), 56 (as amended by S.I. 2020/1046, reg. 10, 17(1) and with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)
31.—(1) In order to assess whether a [F3particular group or body] (“the [F4relevant institution] ”) is an O-SII, the PRA must base its assessment on the systemic importance of the [F4relevant institution] on an individual, sub-consolidated or consolidated basis.
(2) The assessment of systemic importance must include a consideration of one or more of the following criteria—
(a)the size of the [F5relevant institution];
(b)the importance of the [F5relevant institution] to economy of the United Kingdom F6...;
(c)the significance of the [F7relevant institution’s] cross-border activities; and
(d)the interconnectedness of the [F5relevant institution], or [F8, in the case of an institution,] the group to which it belongs, with the financial system.
Textual Amendments
F3Words in reg. 31(1) substituted (29.12.2020) by The Capital Requirements (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1401), regs. 1(2A), 57(a)(i) (as substituted by S.I. 2020/1406, regs. 1(2), 17(2))
F4Words in reg. 31(1) substituted (29.12.2020) by The Capital Requirements (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1401), regs. 1(2A), 57(a)(ii) (as substituted by S.I. 2020/1406, regs. 1(2), 17(2))
F5Words in reg. 31(2) substituted (29.12.2020) by The Capital Requirements (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1401), regs. 1(2A), 57(b)(i) (as substituted by S.I. 2020/1406, regs. 1(2), 17(2))
F6Words in reg. 31(2)(b) omitted (31.12.2020) by virtue of The Capital Requirements (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1401), regs. 1(3), 57(b)(ii) (as substituted by S.I. 2020/1406, regs. 1(2), 17(2) and with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)
F7Words in reg. 31(2)(c) substituted (29.12.2020) by The Capital Requirements (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1401), regs. 1(2A), 57(b)(iii) (as substituted by S.I. 2020/1406, regs. 1(2), 17(2))
F8Words in reg. 31(1)(d) inserted (29.12.2020) by The Capital Requirements (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1401), regs. 1(2A), 57(b)(iv) (as substituted by S.I. 2020/1406, regs. 1(2), 17(2))2))
32.—F10(1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(2) The PRA must publish an up-to-date list of the names of the O-SIIs it has identified.
(3) The PRA must review its identification of O-SIIs annually and report the results of its review to [F11to the UK parent institution, UK parent financial holding company, UK parent mixed financial holding company or institution concerned] F12....
Textual Amendments
F9Reg. 32 heading substituted (31.12.2020) by The Capital Requirements (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1401), regs. 1(3), 58(a) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)
F10Reg. 32(1) omitted (31.12.2020) by virtue of The Capital Requirements (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1401), regs. 1(3), 58(b) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)
F11Words in reg. 32(3) substituted (31.12.2020) by The Capital Requirements (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1401), regs. 1(3), 58(c)(i) (as substituted by S.I. 2020/1406, regs. 1(2), 17(3) and with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)
F12Words in reg. 32(3) omitted (31.12.2020) The Capital Requirements (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1401), regs. 1(3), 58(c)(ii) (as substituted by S.I. 2020/1406, regs. 1(2), 17(3) and with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)
33. Where a person is aggrieved at the PRA's decision that the person [F13or a group for which the person is UK parent institution, UK parent financial holding company, or UK parent mixed financial holding company (a relevant group”),] is, or is not, an O-SII, then the person may refer the matter to the Tribunal.
Textual Amendments
F13Words in reg. 33 inserted (29.12.2020) by The Capital Requirements (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1401), regs. 1(2A), 58A (as inserted by S.I. 2020/1406, regs. 1(2), 17(4))