F1PART 9CPrudential regulation of FCA investment firms

Annotations:
Amendments (Textual)

Interpretation

143AFCA investment firms

1

In this Part, “FCA investment firm” means an investment firm that—

a

is an authorised person within the meaning of section 31(1)(a),

b

is not for the time being designated by the PRA under article 3 of the Financial Services and Markets Act 2000 (PRA-regulated Activities) Order 2013 (S.I. 2013/556), and

c

has its registered office or, if it has no registered office, its head office in the United Kingdom.

2

But the following are not FCA investment firms—

a

a person excluded from the definition of “investment firm” in Article 3(1) of the Financial Services and Markets 2000 (Regulated Activities) Order 2001 (S.I. 2001/544) by paragraph (a) or (b) of that definition;

b

an investment firm which has a Part 4A permission to carry on regulated activities as an exempt investment firm within the meaning of regulation 8 of the Financial Services and Markets Act 2000 (Markets in Financial Instruments) Regulations 2017 (S.I. 2017/701).

143BOther terms used in this Part

1

In this Part—

  • “authorised parent undertaking” means a parent undertaking that—

    1. a

      is incorporated in the United Kingdom or has its principal place of business in the United Kingdom, and

    2. b

      is an authorised person;

  • “on a consolidated basis” means as if all members of an FCA investment firm's group are a single FCA investment firm;

  • “Directive 2013/36/EU UK law” means the law of the United Kingdom which was relied on immediately before IP completion day to implement the capital requirements directive and its implementing measures as it has effect—

    1. a

      on IP completion day, in the case of rules made by the FCA or the PRA under this Act, and

    2. b

      as amended from time to time, in all other cases;

  • “EU tertiary legislation” has the meaning given in section 20 of the European Union (Withdrawal) Act 2018;

  • “governance arrangements” includes organisational structure, lines of responsibility and internal control mechanisms;

  • “integrity”, in relation to the UK financial system, has the meaning given in section 1D;

  • “investment firm” has the meaning given in Article 4(1)(2) of the capital requirements regulation;

  • “non-authorised parent undertaking” means a parent undertaking that—

    1. a

      is incorporated in the United Kingdom or has its principal place of business in the United Kingdom, and

    2. b

      is not an authorised person.

2

The Treasury may by regulations make provision about the meaning of the following terms for the purposes of this Part—

  • “on a consolidated basis”;

  • “group”;

  • “parent undertaking”;

  • “subsidiary undertaking”.

3

Regulations under subsection (2) may, among other things, amend, repeal or otherwise modify provisions of this Act.

4

In this Part, references to instruments made under the capital requirements regulation include EU tertiary legislation made under that regulation which forms part of retained EU law.