- Y Diweddaraf sydd Ar Gael (Diwygiedig)
- Pwynt Penodol mewn Amser (31/12/2020)
- Gwreiddiol (a wnaed Fel)
The Financial Services and Markets Act 2000 (Excluded Activities and Prohibitions) Order 2014
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Rhagor o Adnoddau
Changes over time for: Section 20
Alternative versions:
- 01/01/2019- Amendment
- 31/12/2020- Amendment
- 31/12/2020
Point in time
Status:
Point in time view as at 31/12/2020.
Changes to legislation:
There are currently no known outstanding effects for the The Financial Services and Markets Act 2000 (Excluded Activities and Prohibitions) Order 2014, Section 20.
Changes to Legislation
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Prohibitions: [F1Non-UK and non-EEA] branches and subsidiariesU.K.
This
adran has no associated
Memorandwm Esboniadol
20.—(1) A ring-fenced body must not—
(a)maintain or establish a branch in any country or territory which is not [F2the United Kingdom or] an EEA member state, or
(b)subject to paragraph (2), have a participating interest in any undertaking which is incorporated in or formed under the law of a country or territory which is not [F3the United Kingdom or] an EEA member state [F4(a “non-UK and non-EEA undertaking”)].
(2) A ring-fenced body may, subject to rules made by the PRA under the Act, have a participating interest in a [F5non-UK and] non-EEA undertaking which is an ancillary services undertaking within the meaning of article 4.18 of the prudential requirements regulation, if that undertaking does not carry on any activities that would be regulated activities under the Act if carried on in the United Kingdom.
(3) For the purposes of this article—
(a)“branch” means a place of business that forms a legally dependent part of the ring-fenced body and conducts directly all or some of the operations inherent in its business;
(b)“participating interest” has the meaning given in section 421A of the Act M1.
Textual Amendments
F1Words in art. 20 heading substituted (31.12.2020) by The Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/632), regs. 1(3), 192(7)(a) (with savings in S.I. 2019/680, reg. 11 (as amended by S.I. 2019/1212, regs. 1(3), 22(3)); 2020 c. 1, Sch. 5 para. 1(1)
F2Words in art. 20(1)(a) inserted (31.12.2020) by The Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/632), regs. 1(3), 192(7)(b) (with savings in S.I. 2019/680, reg. 11 (as amended by S.I. 2019/1212, regs. 1(3), 22(3)); 2020 c. 1, Sch. 5 para. 1(1)
F3Words in art. 20(1)(b) inserted (31.12.2020) by The Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/632), regs. 1(3), 192(7)(c)(i) (with savings in S.I. 2019/680, reg. 11 (as amended by S.I. 2019/1212, regs. 1(3), 22(3)); 2020 c. 1, Sch. 5 para. 1(1)
F4Words in art. 20(1)(b) substituted (31.12.2020) by The Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/632), regs. 1(3), 192(7)(c)(ii) (with savings in S.I. 2019/680, reg. 11 (as amended by S.I. 2019/1212, regs. 1(3), 22(3)); 2020 c. 1, Sch. 5 para. 1(1)
F5Words in art. 20(2) inserted (31.12.2020) by The Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/632), regs. 1(3), 192(7)(d) (with savings in S.I. 2019/680, reg. 11 (as amended by S.I. 2019/1212, regs. 1(3), 22(3)); 2020 c. 1, Sch. 5 para. 1(1)
Commencement Information
I1Art. 20 in force at 1.1.2019, see art. 1(3)
Marginal Citations
M1Section 421A was inserted into the Financial Services and Markets Act 2000 by S.I. 2008/948.
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