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Financial Services and Markets Act 2000, Section 71I is up to date with all changes known to be in force on or before 25 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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(1)For the purposes of sections 71B to 71H “relevant firm” means—
(a)a bank as defined in section 2 of the Banking Act 2009,
(b)a building society as defined in section 119 of the Building Societies Act 1986, or
(c)an investment firm as defined in [F2Article 4(1)(2) of the capital requirements regulation].
(2)For the purposes of sections 71C to 71H, “parent undertaking” means an institution, financial holding company or mixed financial holding company which—
(a)is incorporated in, or formed under the law of, any part of the United Kingdom,
(b)is [F3a UK parent], and
(c)either—
(i)has a subsidiary which is an institution, or
(ii)holds a participation (within the meaning given by Article 4.1(35) of the capital requirements regulation) in an institution.
(3)For the purposes of subsection (2), an institution, financial holding company or mixed financial holding company is [F4a UK parent] if it is not itself the subsidiary of an institution, financial holding company or mixed financial holding company set up in [F5the United Kingdom].
(4)In [F6sections 71B to 71H and this section]—
“institution” means a credit institution or an investment firm as defined in [F7article 2(1) of the Bank Recovery and Resolution (No. 2) Order 2014];
“financial holding company” and “mixed financial holding company” have the meanings given in Article 4.1(20) and 4.1(21) of the capital requirements regulation.
(5)For the purposes of sections 71B to 71H—
“appropriate regulator” means—
in relation to a PRA-authorised person, the PRA,
in relation to any other authorised person, the FCA,
in relation to a parent undertaking that is not an authorised person—
the PRA, where the PRA is the consolidating supervisor in relation to that undertaking;
the FCA, where the FCA is the consolidating supervisor in relation to that undertaking;
[F8in relation to a financial holding company or mixed financial holding company which is not a parent undertaking—
the PRA, where the holding company is approved by the PRA under Part 12B;
the FCA in all other cases;]
“consolidating supervisor” means the competent authority responsible for the exercise of supervision on the basis of the consolidated situation (within the meaning of Article 4.1(47) of the capital requirements regulation) of an institution which is [F9a UK parent];
“director” includes, in relation to an undertaking which has no board of directors, a member of the equivalent management body responsible for the management of the undertaking concerned;
F10...
“senior executive”, in relation to a relevant firm or a parent undertaking, means a person who—
exercises executive functions within that firm or that undertaking; and
is responsible, and directly accountable to the directors, for the day to day management of that firm or that undertaking.]
Textual Amendments
F1Ss. 71B-71I and cross-heading inserted (16.12.2016) by The Bank Recovery and Resolution Order 2016 (S.I. 2016/1239), arts. 1(2), 32
F2Words in s. 71I(1)(c) substituted (1.1.2022) by The Financial Services Act 2021 (Prudential Regulation of Credit Institutions and Investment Firms) (Consequential Amendments and Miscellaneous Provisions) Regulations 2021 (S.I. 2021/1376), regs. 1(3), 4(5)
F3Words in s. 71I(2)(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), 30(2); 2020 c. 1, Sch. 5 para. 1(1)
F4Words in s. 71I(3) substituted (31.12.2020) by The Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/632), regs. 1(3), 30(3)(a); 2020 c. 1, Sch. 5 para. 1(1)
F5Words in s. 71I(3) substituted (31.12.2020) by The Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/632), regs. 1(3), 30(3)(b); 2020 c. 1, Sch. 5 para. 1(1)
F6Words in s. 71I(4) substituted (29.12.2020) by The Financial Holding Companies (Approval etc.) and Capital Requirements (Capital Buffers and Macro-prudential Measures) (Amendment) (EU Exit) Regulations 2020 (S.I. 2020/1406), regs. 1(4), 2(6)(a) (with reg. 5)
F7Words in s. 71I(4) substituted (31.12.2020) by The Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/632), regs. 1(3), 30(4); 2020 c. 1, Sch. 5 para. 1(1)
F8Words in s. 71I(5) inserted (29.12.2020) by The Financial Holding Companies (Approval etc.) and Capital Requirements (Capital Buffers and Macro-prudential Measures) (Amendment) (EU Exit) Regulations 2020 (S.I. 2020/1406), regs. 1(4), 2(6)(b) (with reg. 5)
F9Words in s. 71I(5) substituted (31.12.2020) by The Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/632), regs. 1(3), 30(5)(a); 2020 c. 1, Sch. 5 para. 1(1)
F10Words in s. 71I(5) omitted (31.12.2020) by virtue of The Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/632), regs. 1(3), 30(5)(b); 2020 c. 1, Sch. 5 para. 1(1)
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