The Financial Services Act 2021 (Prudential Regulation of Credit Institutions and Investment Firms) (Consequential Amendments and Miscellaneous Provisions) Regulations 2022

Banking Act 2009

7.—(1) The Banking Act 2009 is amended as follows.

(2) In section 48D(1)(1) (general interpretation of section 48B)—

(a) omit the definition of “investment firm”;

(b) in the definition of “credit institution”, for “(23)” substitute “(24)”.

(3) After section 48D(2) insert—

“(2A) The definition of “investment firm” in section 258A(2) applies for the purposes of section 48B but for these purposes—

(a) any exclusions made under the power conferred by subsection (2)(b) of section 258A are to be ignored; and

(b) an institution is to be treated as falling within the definition only if it has permission to carry on the investment services and activities in point 3 or 6 of Part 3 of Schedule 2 to the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001(3).”.

(4) In section 89JA(4) (resolution of UK branches of third-country institutions), in the table of further modifications in subsection (11), in the entry in column 2 relating to section 60(3)(c), for “third country” substitute “country or territory outside the United Kingdom”.

(1)

Section 48D was inserted by paragraph 4 of Schedule 2 to the Financial Services (Banking Reform) Act 2013 and amended by S.I. 2014/3329 and S.I. 2018/1394. There are other amendments to this section which are not relevant.

(2)

Section 258A was inserted by section 101 of the Financial Services Act 2012 (c. 21) and amended by S.I. 2013/3115, S.I. 2018/1394 and S.I. 2020/1385.

(3)

S.I. 2001/544; Schedule 2 was substituted by S.I. 2006/3384. There are amendments to this Schedule which are not relevant.

(4)

Section 89JA was inserted by S.I. 2016/1239 and amended by S.I. 2018/1394.