The Financial Conglomerates and Other Financial Groups Regulations 2004

Changes over time for: PART 3

Alternative versions:

Status:

Point in time view as at 31/12/2020.

Changes to legislation:

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.

Changes to Legislation

Changes and effects yet to be applied by the editorial team are only applicable when viewing the latest version or prospective version of legislation. They are therefore not accessible when viewing legislation as at a specific point in time. To view the ‘Changes to Legislation’ information for this provision return to the latest version view using the options provided in the ‘What Version’ box above.

PART 3U.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...

“third-country competent authority” means the authority of a country or territory which is not [F2part of the United Kingdom] 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 [F3as amended by regulation 2(2)(d) of the Financial Conglomerates and other Financial Groups (Amendment etc.) (EU Exit) Regulations 2019], and

(b)

in which the parent undertaking has its head office outside the [F4UK];

F1...

F5(2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F1Words in reg. 7 omitted (31.12.2020) by virtue of The Financial Conglomerates and Other Financial Groups (Amendment etc.) (EU Exit) Regulations 2019 (S.I. 2019/264), regs. 1, 2(7)(a) (with reg. 6) (as amended by S.I. 2020/1031, reg. 3, Sch. para. 15 and with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)

F2Words in reg. 7 substituted (31.12.2020) by The Financial Conglomerates and Other Financial Groups (Amendment etc.) (EU Exit) Regulations 2019 (S.I. 2019/264), regs. 1, 2(7)(b) (with reg. 6) (as amended by S.I. 2020/1031, reg. 3, Sch. para. 15 and with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)

F3Words in reg. 7 inserted (31.12.2020) by The Financial Conglomerates and Other Financial Groups (Amendment etc.) (EU Exit) Regulations 2019 (S.I. 2019/264), regs. 1, 2(7)(c)(i) (with reg. 6) (as amended by S.I. 2020/1031, reg. 3, Sch. para. 15 and with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)

F4Word in reg. 7 substituted (31.12.2020) by The Financial Conglomerates and Other Financial Groups (Amendment etc.) (EU Exit) Regulations 2019 (S.I. 2019/264), regs. 1, 2(7)(c)(ii) (with reg. 6) (as amended by S.I. 2020/1031, reg. 3, Sch. para. 15 and with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)

F5Reg. 7(2) omitted (31.12.2020) by virtue of The Financial Conglomerates and Other Financial Groups (Amendment etc.) (EU Exit) Regulations 2019 (S.I. 2019/264), regs. 1, 2(7)(d) (with reg. 6) (as amended by S.I. 2020/1031, reg. 3, Sch. para. 15 and with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)

Supervision of third-country financial conglomeratesU.K.

8.—[F6(1) Where a regulator is 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 these Regulations, it must, before completing the verification, consult the other relevant competent authorities in relation to the third-country financial conglomerate.]

(2) Paragraphs (3) and (4) apply if [F7a regulator] F8... 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 [F9section 138A] of the Act (modification or waiver of rules) in accordance with that section;

(c)impose conditions under [F10section 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 [F11section 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) F12... [F13A regulator] must before taking the action specified in paragraph (2)—

(a)where [F14that regulator] is the co-ordinator, consult the relevant competent authorities in relation to that third-country financial conglomerate; or

(b)where [F14that regulator] is not the co-ordinator, obtain the consent of the co-ordinator for that third-country financial conglomerate to take that action.

[F15(4) If a regulator decides to take that action, it must notify the competent authority of each regulated entity in that third-country financial conglomerate that it has done so.]

Textual Amendments

F6Reg. 8(1) substituted (31.12.2020) by The Financial Conglomerates and Other Financial Groups (Amendment etc.) (EU Exit) Regulations 2019 (S.I. 2019/264), regs. 1, 2(8)(a) (with regs. 6, 9) (as amended by S.I. 2019/1010, regs. 1(3), 8 and S.I. 2020/1031, reg. 3, Sch. para. 15 and with savings in S.I. 2019/680, reg. 11 ); 2020 c. 1, Sch. 5 para. 1(1)