The Financial Conglomerates and Other Financial Groups Regulations 2004

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

7.—(1) For the purposes of this Part—

“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 [F1 markets 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

F1 Words 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

M1 Paragraph 5 of Schedule 3 was amended by S.I. 2000/2952, S.I. 2003/1473 and S.I. 2003/2066.