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SCHEDULES

SCHEDULE 6U.K. Threshold Conditions

Modifications etc. (not altering text)

C1Sch. 6 modified (3.9.2001) by S.I. 2001/2507, arts. 1(1), 3(1); S.I. 2001/2632, art. 2(2), Sch. Pt. 2

[F1PART 1CU.K.Part 4A permission: conditions for which FCA is responsible in relation to PRA-authorised persons

Textual Amendments

Effective supervisionU.K.

3B.(1)B must be capable of being effectively supervised by the FCA having regard to all the circumstances including—

(a)the nature (including the complexity) of the regulated activities that B carries on or seeks to carry on;

(b)the complexity of any products that B provides or will provide in carrying on those activities;

(c)the way in which B’s business is organised;

(d)if B is a member of a group, whether membership of the group is likely to prevent the FCA’s effective supervision of B;

(e)whether B is subject to consolidated supervision required under any [F2relevant implementing provisions];

(f)if B has close links with another person (“CL”)—

(i)the nature of the relationship between B and CL,

(ii)whether those links are or that relationship is likely to prevent the FCA’s effective supervision of B, and

(iii)if CL is subject to the laws, regulations or administrative provisions of a [F3country or territory outside the United Kingdom] (“the foreign provisions”), whether those foreign provisions, or any deficiency in their enforcement, would prevent the FCA’s effective supervision of B.

(2)B has close links with CL if—

(a)CL is a parent undertaking of B,

(b)CL is a subsidiary undertaking of B,

(c)CL is a parent undertaking of a subsidiary undertaking of B,

(d)CL is a subsidiary undertaking of a parent undertaking of B,

(e)CL owns or controls 20% or more of the voting rights or capital of B, or

(f)B owns or controls 20% or more of the voting rights or capital of CL.]

Textual Amendments