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There are currently no known outstanding effects for the The Solvency 2 Regulations 2015, Section 11.
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11.—(1) This regulation applies where the PRA is the group supervisor of a group which includes a mixed financial holding company.
[F1(2) Where the mixed financial holding company is subject to equivalent provisions under the United Kingdom law which implemented the Solvency 2 Directive and the United Kingdom law which implemented the Financial Conglomerates Directive, the PRA may apply only the relevant provisions of the United Kingdom law which implemented the Financial Conglomerates Directive to the mixed financial holding company.]
(3) Before exercising its discretion under paragraph (2), the PRA must consult the [F2FCA, where there is a firm in the group that is authorised and regulated by the FCA].
[F3(4) Where the mixed financial holding company is subject to equivalent provisions under the United Kingdom law which implemented the following two sets of legislation—
(a)the Solvency 2 Directive, and
(b)the capital requirements directive and the capital requirements regulation,
the PRA may apply only the United Kingdom law relating to the most significant sector, as determined in accordance with the United Kingdom law which implemented Article 3(2) of the Financial Conglomerates Directive.]
F4(5) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Textual Amendments
F1Reg. 11(2) substituted (31.12.2020) by The Solvency 2 and Insurance (Amendment, etc.) (EU Exit) Regulations 2019 (S.I. 2019/407), regs. 1(2), 9(4)(a) (as amended by S.I. 2020/1385, regs. 1(2), 54(2))
F2Words in reg. 11(3) substituted (31.12.2020) by The Solvency 2 and Insurance (Amendment, etc.) (EU Exit) Regulations 2019 (S.I. 2019/407), regs. 1(2), 9(4)(b) (as amended by S.I. 2020/1385, regs. 1(2), 54(2))
F3Reg. 11(4) substituted (31.12.2020) by The Solvency 2 and Insurance (Amendment, etc.) (EU Exit) Regulations 2019 (S.I. 2019/407), regs. 1(2), 9(4)(c) (as amended by S.I. 2020/1385, regs. 1(2), 54(2))
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