- Y Diweddaraf sydd Ar Gael (Diwygiedig)
- Pwynt Penodol mewn Amser (01/01/2014)
- Gwreiddiol (a wnaed Fel)
Version Superseded: 31/12/2020
Point in time view as at 01/01/2014.
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 16 August 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.
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7.—(1) For the purposes of this Part—
[F1“alternative investment fund manager” means—
any EEA firm falling within paragraph 5(h) of Schedule 3 to the Act; or
any UK firm whose EEA right derives from the alternative investment fund managers directive]
“asset management company” means—
any EEA firm falling within paragraph 5(f) of Schedule 3 to the Act M1; or
any UK firm whose EEA right derives from the UCITS directive;
“credit institution” means—
any EEA firm falling within paragraph 5(b) of Schedule 3 to the Act; or
any UK firm whose EEA right derives from [F2capital requirements directive];
“investment firm” means—
any EEA firm falling within paragraph 5(a) of Schedule 3 to the Act; or
any UK firm whose EEA right derives from the [F3markets 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—
which, subject to Article 3 of the conglomerates directive, meets the conditions in Article 2(14) of that directive, and
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
F1Words in reg. 7(1) inserted (22.7.2013) by The Alternative Investment Fund Managers Regulations 2013 (S.I. 2013/1773), reg. 1, Sch. 2 para. 17(3)
F2Words in reg. 7(1) substituted (1.1.2014) by The Capital Requirements Regulations 2013 (S.I. 2013/3115), reg. 1(2), Sch. 2 para. 64(3)
F3Words in reg. 7(1) substituted (1.11.2007) by The Financial Services and Markets Act 2000 (Markets in Financial Instruments) Regulations 2007 (S.I. 2007/126), reg. 1(2), Sch. 6 para. 19(3)
Marginal Citations
M1Paragraph 5 of Schedule 3 was amended by S.I. 2000/2952, S.I. 2003/1473 and S.I. 2003/2066.
8.—(1) Where [F4a 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; [F5and]
[F6(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 [F4a 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 [F7section 138A] of the Act (modification or waiver of rules) in accordance with that section;
(c)impose conditions under [F8section 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 [F9section 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, [F10a regulator] must before taking the action specified in paragraph (2)—
(a)where [F11that regulator] is the co-ordinator, consult the relevant competent authorities in relation to that third-country financial conglomerate; or
(b)where [F11that 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 [F12a 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
F4Words in reg. 8(1)(2) substituted (1.4.2013) by The Financial Services Act 2012 (Consequential Amendments and Transitional Provisions) Order 2013 (S.I. 2013/472), Sch. 2 para. 95(8)(a) (with Sch. 2 para. 96)
F5Word in reg. 8(1)(a) inserted (16.4.2012) by The Financial Services (Omnibus 1 Directive) Regulations 2012 (S.I. 2012/916), regs. 1, 4(4)(a)
F6Reg. 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)
F7Words in reg. 8(2)(b) substituted (1.4.2013) by The Financial Services Act 2012 (Consequential Amendments and Transitional Provisions) Order 2013 (S.I. 2013/472), Sch. 2 para. 95(8)(b) (with Sch. 2 para. 96)
F8Words in reg. 8(2)(c) substituted (10.6.2013) by The Financial Conglomerates and Other Financial Groups (Amendment) Regulations 2013 (S.I. 2013/1162), regs. 1, 4(2)
F9Words in reg. 8(2)(d) substituted (10.6.2013) by The Financial Conglomerates and Other Financial Groups (Amendment) Regulations 2013 (S.I. 2013/1162), regs. 1, 4(3)
F10Words in reg. 8(3) substituted (1.4.2013) by The Financial Services Act 2012 (Consequential Amendments and Transitional Provisions) Order 2013 (S.I. 2013/472), Sch. 2 para. 95(8)(c)(i) (with Sch. 2 para. 96)
F11Words in reg. 8(3) substituted (1.4.2013) by The Financial Services Act 2012 (Consequential Amendments and Transitional Provisions) Order 2013 (S.I. 2013/472), Sch. 2 para. 95(8)(c)(ii) (with Sch. 2 para. 96)
F12Words in reg. 8(4) substituted (1.4.2013) by The Financial Services Act 2012 (Consequential Amendments and Transitional Provisions) Order 2013 (S.I. 2013/472), Sch. 2 para. 95(8)(a) (with Sch. 2 para. 96)
9.—(1) Where [F13a regulator] is, for the purposes of [F14Article 127 of the capital requirements directive (assessment of equivalence of third countries’ consolidated supervision)], 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 [F15the capital requirements directive and Chapter 2 of Title II of Part 1of the capital requirements regulation], 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 [F16the European Banking Committee] for the purposes of obtaining any applicable guidance prepared by that Committee in accordance with [F17the first sub-paragraph of Article 127(2) of the capital requirements directive]; and
(c)take into account any such guidance.
(2) Paragraphs (3) and (4) apply if [F13a regulator] exercises, for the purposes of [F18Article 127(3) of the capital requirements 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 [F19section 138A] of the Act in accordance with that section;
(c)impose conditions under [F20section 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 [F21section 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, [F22a regulator] must before exercising its powers to take the action specified in paragraph (2)—
(a)where [F23that regulator] would be responsible for supervising that third-country group for the purposes of [F24Article 111 of the capital requirements 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 [F23that 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 [F25Article 111 of the capital requirements directive] if alternative techniques were not applied.
(4) If [F26a 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 [F26a 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.
[F27(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
F13Words in reg. 9(1)(2) substituted (1.4.2013) by The Financial Services Act 2012 (Consequential Amendments and Transitional Provisions) Order 2013 (S.I. 2013/472), Sch. 2 para. 95(9)(a) (with Sch. 2 para. 96)
F14Words in reg. 9(1) substituted (1.1.2014) by The Capital Requirements Regulations 2013 (S.I. 2013/3115), reg. 1(2), Sch. 2 para. 64(4)(a)(i)
F15Words in reg. 9(1) substituted (1.1.2014) by The Capital Requirements Regulations 2013 (S.I. 2013/3115), reg. 1(2), Sch. 2 para. 64(4)(a)(ii)
F16Words in reg. 9(1)(b) substituted (1.1.2007) by The Capital Requirements Regulations 2006 (S.I. 2006/3221), reg. 1(1), Sch. 5 para. 1(3)(b)
F17Words in reg. 9(1)(b) substituted (1.1.2014) by The Capital Requirements Regulations 2013 (S.I. 2013/3115), reg. 1(2), Sch. 2 para. 64(4)(a)(iii)
F18Words in reg. 9(2) substituted (1.1.2014) by The Capital Requirements Regulations 2013 (S.I. 2013/3115), reg. 1(2), Sch. 2 para. 64(4)(b)
F19Words in reg. 9(2)(b) substituted (1.4.2013) by The Financial Services Act 2012 (Consequential Amendments and Transitional Provisions) Order 2013 (S.I. 2013/472), Sch. 2 para. 95(9)(b) (with Sch. 2 para. 96)
F20Words in reg. 9(2)(c) substituted (10.6.2013) by The Financial Conglomerates and Other Financial Groups (Amendment) Regulations 2013 (S.I. 2013/1162), regs. 1, 5(2)
F21Words in reg. 9(2)(d) substituted (10.6.2013) by The Financial Conglomerates and Other Financial Groups (Amendment) Regulations 2013 (S.I. 2013/1162), regs. 1, 5(3)
F22Words in reg. 9(3) substituted (1.4.2013) by The Financial Services Act 2012 (Consequential Amendments and Transitional Provisions) Order 2013 (S.I. 2013/472), Sch. 2 para. 95(9)(c)(i) (with Sch. 2 para. 96)
F23Words in reg. 9(3) substituted (1.4.2013) by The Financial Services Act 2012 (Consequential Amendments and Transitional Provisions) Order 2013 (S.I. 2013/472), Sch. 2 para. 95(9)(c)(ii) (with Sch. 2 para. 96)
F24Words in reg. 9(3)(a) substituted (1.1.2014) by The Capital Requirements Regulations 2013 (S.I. 2013/3115), reg. 1(2), Sch. 2 para. 64(4)(c)
F25Words in reg. 9(3)(b) substituted (1.1.2014) by The Capital Requirements Regulations 2013 (S.I. 2013/3115), reg. 1(2), Sch. 2 para. 64(4)(c)
F26Words in reg. 9(4)(5) substituted (1.4.2013) by The Financial Services Act 2012 (Consequential Amendments and Transitional Provisions) Order 2013 (S.I. 2013/472), Sch. 2 para. 95(9)(a) (with Sch. 2 para. 96)
F27Reg. 9(6) inserted (22.7.2013) by The Alternative Investment Fund Managers Regulations 2013 (S.I. 2013/1773), reg. 1, Sch. 2 para. 17(4)
10.—[F29(1) Paragraph (2) applies if a regulator is, for the purposes of Article 127 of the capital requirements directive, verifying whether an institution is subject to supervision by a third-country competent authority which is equivalent to that governed by the principles laid down in the capital requirements directive and Chapter 2 of Title II of Part 1 of the capital requirements regulation.]
(2) [F30A 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 [F31the European Banking Committee] for the purposes of obtaining any applicable guidance prepared by that Committee in accordance with [F32Article 127(2) of the capital requirements directive]; and
(c)take into account any such guidance.
(3) Paragraphs (4) and (5) apply if [F30a regulator] exercises, for the purposes of [F33Article 127(3) of the capital requirements 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 [F34section 138A] of the Act in accordance with that section;
(c)impose conditions under [F35section 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 [F36section 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, [F37a regulator] must, before exercising its powers to take the action specified in paragraph (3)—
(a)where [F38that regulator] would be responsible for supervision of that third-country group for the purposes of [F39Article 111 of the capital requirements 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 [F38that 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 [F40Article 111 of the capital requirements directive], if alternative techniques were not applied.
(5) If [F41a 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 [F41a 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.
[F42(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
F28Reg. 10 title substituted (1.1.2014) by The Capital Requirements Regulations 2013 (S.I. 2013/3115), reg. 1(2), Sch. 2 para. 64(5)(a)
F29Reg. 10(1) substituted (1.1.2014) by The Capital Requirements Regulations 2013 (S.I. 2013/3115), reg. 1(2), Sch. 2 para. 64(5)(b)
F30Words in reg. 10(1)(2)(3) substituted (1.4.2013) by The Financial Services Act 2012 (Consequential Amendments and Transitional Provisions) Order 2013 (S.I. 2013/472), Sch. 2 para. 95(10)(a) (with Sch. 2 para. 96)
F31Words in reg. 10(2)(b) substituted (1.1.2007) by The Capital Requirements Regulations 2006 (S.I. 2006/3221), reg. 1(1), Sch. 5 para. 1(4)(c)
F32Words in reg. 10(2)(b) substituted (1.1.2014) by The Capital Requirements Regulations 2013 (S.I. 2013/3115), reg. 1(2), Sch. 2 para. 64(5)(c)
F33Words in reg. 10(3) substituted (1.1.2014) by The Capital Requirements Regulations 2013 (S.I. 2013/3115), reg. 1(2), Sch. 2 para. 64(5)(d)
F34Words in reg. 10(3)(b) substituted (1.4.2013) by The Financial Services Act 2012 (Consequential Amendments and Transitional Provisions) Order 2013 (S.I. 2013/472), Sch. 2 para. 95(10)(b) (with Sch. 2 para. 96)
F35Words in reg. 10(3)(c) substituted (10.6.2013) by The Financial Conglomerates and Other Financial Groups (Amendment) Regulations 2013 (S.I. 2013/1162), regs. 1, 6(2)
F36Words in reg. 10(3)(d) substituted (10.6.2013) by The Financial Conglomerates and Other Financial Groups (Amendment) Regulations 2013 (S.I. 2013/1162), regs. 1, 6(3)
F37Words in reg. 10(4) substituted (1.4.2013) by The Financial Services Act 2012 (Consequential Amendments and Transitional Provisions) Order 2013 (S.I. 2013/472), Sch. 2 para. 95(10)(c)(i) (with Sch. 2 para. 96)
F38Words in reg. 10(4) substituted (1.4.2013) by The Financial Services Act 2012 (Consequential Amendments and Transitional Provisions) Order 2013 (S.I. 2013/472), Sch. 2 para. 95(10)(c)(ii) (with Sch. 2 para. 96)
F39Words in reg. 10(4)(a) substituted (1.1.2014) by The Capital Requirements Regulations 2013 (S.I. 2013/3115), reg. 1(2), Sch. 2 para. 64(5)(e)
F40Words in reg. 10(4)(b) substituted (1.1.2014) by The Capital Requirements Regulations 2013 (S.I. 2013/3115), reg. 1(2), Sch. 2 para. 64(5)(e)
F41Words in reg. 10(5)(6) substituted (1.4.2013) by The Financial Services Act 2012 (Consequential Amendments and Transitional Provisions) Order 2013 (S.I. 2013/472), Sch. 2 para. 95(10)(a) (with Sch. 2 para. 96)
F42Reg. 10(7) inserted (22.7.2013) by The Alternative Investment Fund Managers Regulations 2013 (S.I. 2013/1773), reg. 1, Sch. 2 para. 17(5)
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