C1C2C3 Part V Performance of Regulated Activities

Annotations:
Modifications etc. (not altering text)
C1

Pt. 5 modified (1.12.2001) by S.I. 2001/3592, arts. 1(2), 114(3)(a), 128(3)(a) (with art. 23(2))

F1Removal of directors and senior executives and appointment of temporary manager

Annotations:
Amendments (Textual)
F1

Ss. 71B-71I and cross-heading inserted (16.12.2016) by The Bank Recovery and Resolution Order 2016 (S.I. 2016/1239), arts. 1(2), 32

71ISections 71B to 71H: interpretation

1

For the purposes of sections 71B to 71H “relevant firm” means—

a

a bank as defined in section 2 of the Banking Act 2009,

b

a building society as defined in section 119 of the Building Societies Act 1986, or

c

an investment firm as defined in F10Article 4(1)(2) of the capital requirements regulation.

2

For the purposes of sections 71C to 71H, “parent undertaking” means an institution, financial holding company or mixed financial holding company which—

a

is incorporated in, or formed under the law of, any part of the United Kingdom,

b

is F4a UK parent, and

c

either—

i

has a subsidiary which is an institution, or

ii

holds a participation (within the meaning given by Article 4.1(35) of the capital requirements regulation) in an institution.

3

For the purposes of subsection (2), an institution, financial holding company or mixed financial holding company is F5a UK parent if it is not itself the subsidiary of an institution, financial holding company or mixed financial holding company set up in F6the United Kingdom.

4

In F2sections 71B to 71H and this section—

  • “institution” means a credit institution or an investment firm as defined in F7article 2(1) of the Bank Recovery and Resolution (No. 2) Order 2014;

  • “financial holding company” and “mixed financial holding company” have the meanings given in Article 4.1(20) and 4.1(21) of the capital requirements regulation.

5

For the purposes of sections 71B to 71H—

  • “appropriate regulator” means—

    1. a

      in relation to a PRA-authorised person, the PRA,

    2. b

      in relation to any other authorised person, the FCA,

    3. c

      in relation to a parent undertaking that is not an authorised person—

      1. i

        the PRA, where the PRA is the consolidating supervisor in relation to that undertaking;

      2. ii

        the FCA, where the FCA is the consolidating supervisor in relation to that undertaking;

    4. d

      F3in relation to a financial holding company or mixed financial holding company which is not a parent undertaking—

      1. i

        the PRA, where the holding company is approved by the PRA under Part 12B;

      2. ii

        the FCA in all other cases;

  • “consolidating supervisor” means the competent authority responsible for the exercise of supervision on the basis of the consolidated situation (within the meaning of Article 4.1(47) of the capital requirements regulation) of an institution which is F8a UK parent;

  • “director” includes, in relation to an undertaking which has no board of directors, a member of the equivalent management body responsible for the management of the undertaking concerned;

  • F9...

  • “senior executive”, in relation to a relevant firm or a parent undertaking, means a person who—

    1. a

      exercises executive functions within that firm or that undertaking; and

    2. b

      is responsible, and directly accountable to the directors, for the day to day management of that firm or that undertaking.