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The Financial Conglomerates and Other Financial Groups Regulations 2004

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Point in time view as at 22/07/2013.

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The Financial Conglomerates and Other Financial Groups Regulations 2004, PART 3 is up to date with all changes known to be in force on or before 17 July 2024. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations. Help about Changes to Legislation

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PART 3 U.K.Supplementary supervision of third-country financial conglomeratesand third-country groups

Supervision of third-country financial conglomerates and third-country groups—interpretationU.K.

7.—(1) For the purposes of this Part—

[F1“alternative investment fund manager” means—

(a)

any EEA firm falling within paragraph 5(h) of Schedule 3 to the Act; or

(b)

any UK firm whose EEA right derives from the alternative investment fund managers directive]

“asset management company” means—

(a)

any EEA firm falling within paragraph 5(f) of Schedule 3 to the Act M1; or

(b)

any UK firm whose EEA right derives from the UCITS directive;

“credit institution” means—

(a)

any EEA firm falling within paragraph 5(b) of Schedule 3 to the Act; or

(b)

any UK firm whose EEA right derives from the banking consolidation directive;

“investment firm” means—

(a)

any EEA firm falling within paragraph 5(a) of Schedule 3 to the Act; or

(b)

any UK firm whose EEA right derives from the [F2markets in financial instruments directive];

“third-country competent authority” means the authority of a country or territory which is not an EEA State which is empowered by law or regulation to supervise (whether on an individual or group-wide basis) regulated entities;

“third-country financial conglomerate” means a group—

(a)

which, subject to Article 3 of the conglomerates directive, meets the conditions in Article 2(14) of that directive, and

(b)

in which the parent undertaking has its head office outside the EEA;

“third-country group” means a group of which the parent undertaking has its head office outside the EEA.

(2) For the purposes of this Part a regulated entity is in a third-country group if the parent undertaking of the group in which it is a member has its head office outside the EEA.

Textual Amendments

Marginal Citations

M1Paragraph 5 of Schedule 3 was amended by S.I. 2000/2952, S.I. 2003/1473 and S.I. 2003/2066.

Supervision of third-country financial conglomeratesU.K.

8.—(1) Where [F3a regulator] is, for the purposes of Article 18(1) of the conglomerates directive (parent undertakings outside the Community), verifying whether the regulated entities in a third-country financial conglomerate are subject to supervision, by a third-country competent authority, which is equivalent to that provided for by the provisions of the conglomerates directive, it must, where there is a directive requirement to do so, before completing this verification—

(a)consult the other relevant competent authorities in relation to that third-county financial conglomerate; [F4and]

[F5(b)take into account any applicable guidelines prepared through the Joint Committee of the ESAs in accordance with Articles 16 and 56 of Regulation (EU) No. 1093/2010, of Regulation (EU) No. 1094/2010 and of Regulation (EU) No. 1095/2010.]

(2) Paragraphs (3) and (4) apply if [F3a regulator], for the purposes of Article 18(3) of the conglomerates directive (application of other methods for the purposes of ensuring appropriate supplementary supervision of the regulated entities in a third-country financial conglomerate), exercises its powers to—

(a)vary the Part IV permission of a regulated entity in a third-country financial conglomerate;

(b)disapply from, or apply in a modified form to, such a regulated entity the rules specified in subsection (1) of [F6section 138A] of the Act (modification or waiver of rules) in accordance with that section;

(c)impose conditions under [F7section 187 of the Act (approval with conditions)] on a person who is, or proposes to be, a controller of such a regulated entity; or

(d)give a notice under [F8section 191A (objection by the appropriate regulator) or section 191B (restriction notices) of the Act] to a person who is, or proposes to be, a controller of such a regulated entity.

(3) Where there is a directive requirement to do so, [F9a regulator] must before taking the action specified in paragraph (2)—

(a)where [F10that regulator] is the co-ordinator, consult the relevant competent authorities in relation to that third-country financial conglomerate; or

(b)where [F10that regulator] is not the co-ordinator, obtain the consent of the co-ordinator for that third-country financial conglomerate to take that action.

(4) If [F11a regulator] decides to take that action, it must, where there is a directive requirement to do so, notify—

(a)the competent authority of each regulated entity in that third-country financial conglomerate, and

(b)the Commission,

that it has done so.

Textual Amendments

F5Reg. 8(1)(b) substituted for reg. 8(1)(b)(c) (16.4.2012) by The Financial Services (Omnibus 1 Directive) Regulations 2012 (S.I. 2012/916), regs. 1, 4(4)(b)

Supervision of third-country banking groupsU.K.

9.—(1) Where [F12a regulator] is, for the purposes of [F13Article 143] of the banking consolidation directive (third-country parent undertakings), verifying whether a credit institution in a third-country group is subject to supervision by a third-country competent authority which is equivalent to that governed by the principles laid down in [F13Articles 71, 72 and 73(1) and (3)] of that directive (supervision on a consolidated basis of credit institutions), it must, where there is a directive requirement to do so, before completing this verification—

(a)consult any competent authority which supervises a credit institution in that third-country group;

(b)consult [F14the European Banking Committee] for the purposes of obtaining any applicable guidance prepared by that Committee in accordance with [F14the first sub-paragraph of Article 143(2)] of that directive; and

(c)take into account any such guidance.

(2) Paragraphs (3) and (4) apply if [F12a regulator] exercises, for the purposes of [F15Article 143(3)] of the banking consolidation directive, its powers to—

(a)vary the Part IV permission of a credit institution in a third-country group;

(b)disapply from, or apply in modified form to, such a credit institution, the rules specified in subsection (1) of [F16section 138A] of the Act in accordance with that section;

(c)impose conditions under [F17section 187] of the Act on a person who is, or proposes to be, a controller of such a credit institution; or

(d)give a notice under [F18section 191A or 191B] of the Act to a person who is, or proposes to be, a controller of such a credit institution.

(3) Where there is a directive requirement to do so, [F19a regulator] must before exercising its powers to take the action specified in paragraph (2)—

(a)where [F20that regulator] would be responsible for supervising that third-country group for the purposes of [F21Articles 125 or 126] of the banking consolidation directive (competent authorities responsible for exercising supervision on a consolidated basis) if alternative techniques were not applied, consult the competent authorities which are involved in the supervision of any of the credit institutions in that third-country group; and

(b)where [F20that regulator] would not be so responsible, obtain the consent of the competent authority which would be responsible for supervising that third-country group for the purposes of [F21Articles 125 or 126] of the banking consolidation directive if alternative techniques were not applied.

(4) If [F22a regulator] decides to take that action, it must, where there is a directive requirement to do so, notify—

(a)any competent authority which supervises a credit institution in that third-country group; and

(b)the Commission,

that it has done so.

(5) Where [F22a regulator] has, for the purposes of Article 30 of the conglomerates directive (asset management companies), included an asset management company in the scope of supervision of a credit institution in a third-country group, each reference in this regulation to a “credit institution” is to be treated as including a reference to that asset management company.

[F23(6) Where a regulator has, for the purposes of Article 30a of the conglomerates directive (alternative investment fund managers), included an alternative investment fund manager in the scope of supervision of a credit institution in a third-country group, each reference in this regulation to a “credit institution” is to be treated as including a reference to that alternative investment fund manager.]

Textual Amendments

Supervision of third-country groups subject to the capital adequacy directiveU.K.

10.—(1) Paragraph (2) applies if—

[F24(a)[F25a regulator] is, for the purposes of Article 143 of the banking consolidation directive, as applied by Articles 2(1) and 37(1) of the capital adequacy directive (supervision) verifying whether a credit institution or an investment firm in a third-country group is subject to supervision by a third-country competent authority which is equivalent to that governed by the principles laid down in Articles 2(1) and 37(1) of the capital adequacy directive; or]

(b)[F25a regulator] is, for the purposes of [F26Article 143] of the banking consolidation directive, as applied by [F26Articles 2(2) and 37(1)] of the capital adequacy directive (groups containing investment firms but no credit institutions), verifying whether an investment firm in a third-country group is subject to supervision, by a third-country competent authority, which is equivalent to that governed by the principles laid down in [F26Articles 2(2) and 37(1)] of the capital adequacy directive.

(2) [F25A regulator] must, where there is a directive requirement to do so, before completing the verification referred to in paragraph (1)—

(a)consult any competent authority which supervises an investment firm or a credit institution (if any) in that third-country group;

(b)consult [F27the European Banking Committee] for the purposes of obtaining any applicable guidance prepared by that Committee in accordance with [F27Article 143(2)] of that directive; and

(c)take into account any such guidance.

(3) Paragraphs (4) and (5) apply if [F25a regulator] exercises, for the purposes of [F28Article 143(3)] of the banking consolidation directive as applied by [F28Articles 2 and 37(1)] of the capital adequacy directive, its powers to—

(a)vary the Part IV permission of an investment firm or credit institution in a third-country group;

(b)disapply from or apply in modified form to, such an investment firm or credit institution the rules specified in subsection (1) of [F29section 138A] of the Act in accordance with that section;

(c)impose conditions under [F30section 187] of the Act on a person who is, or proposes to be, a controller of such an investment firm or credit institution; or

(d)give a notice under [F31section 191A or 191B] of the Act to a person who is, or proposes to be, a controller of such an investment firm or credit institution.

(4) Where there is a directive requirement to do so, [F32a regulator] must, before exercising its powers to take the action specified in paragraph (3)—

(a)where [F33that regulator] would be responsible for supervision of that third-country group for the purposes of [F34Articles 125 or 126] of the banking consolidation directive, as applied by [F34Articles 2 and 37(1)] of the capital adequacy directive, if alternative techniques were not applied, consult the competent authorities which are involved in the supervision of any of the investment firms or credit institutions (if any) in that third-country group; and

(b)where [F33that regulator] would not be so responsible, obtain the consent of the competent authority which would be responsible for supervision of that third-country group for the purposes of [F34Articles 125 or 126] of the banking consolidation directive, as applied by [F34Articles 2 and 37(1)] of the capital adequacy directive, if alternative techniques were not applied.

(5) If [F35a regulator] decides to take that action, it must, where there is a directive requirement to do so, notify—

(a)any competent authority which supervises an investment firm or a credit institution (if any) in that third-country group; and

(b)the Commission,

that it has done so.

(6) If [F35a regulator] has, for the purposes of Article 30 of the conglomerates directive, included an asset management company in the scope of supervision of—

(a)credit institutions and investment firms in a third-country group; or

(b)investment firms in a third-country group,

each reference in this regulation to an “investment firm” is to be treated as including a reference to that asset management company.

[F36(7) Where a regulator has, for the purposes of Article 30a of the conglomerates directive, included an alternative investment fund manager in the scope of supervision of—

(a)credit institutions and investment firms in a third-country group; or

(b)investment firms in a third-country group,

each reference in this regulation to an “investment firm” is to be treated as including a reference to that alternative investment fund manager.]

Textual Amendments

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