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The Financial Conglomerates and Other Financial Groups Regulations 2004
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- UK Statutory Instruments
- 2004 No. 1862
- PART 2
- Regulation 3
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The Financial Conglomerates and Other Financial Groups Regulations 2004, Section 3 is up to date with all changes known to be in force on or before 22 November 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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- Regulations revoked by 2023 c. 29 Sch. 1 Pt. 2
Exercise of functions under Part IV of the Act for the purposes of carrying on supplementary supervisionU.K.
This section has no associated Explanatory Memorandum
3.—(1) This regulation applies if [F1a regulator] is considering varying the Part IV permission of any person (“A”) where—
(a)A is a member of a financial conglomerate; and
(b)[F2that regulator] is acting in the course of carrying on supplementary supervision F3....
(2) [F4Section 55R(2)] of the Act (obligation to consult home state regulators of connected persons) does not apply.
(3) Before varying the Part IV permission of A, [F2that regulator] must F5...—
(a)consult the relevant competent authorities in relation to the financial conglomerate of which A is a member; [F6and]
F7(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(c)consult the financial conglomerate of which A is a member.
Textual Amendments
F1Words in reg. 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(4)(a) (with Sch. 2 para. 96)
F2Words in reg. 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(4)(b) (with Sch. 2 para. 96)
F3Words in reg. 3(1)(b) 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(4)(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)
F4Words in reg. 3(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(4)(c) (with Sch. 2 para. 96)
F5Words in reg. 3(3) 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(4)(b)(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)
F6Word in reg. 3(3)(a) 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(4)(b)(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)
F7Reg. 3(3)(b) 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(4)(b)(iii) (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)
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