The Investment Services Regulations 1995

Modifications of the Banking Regulations

2.  Regulation 3(3) of the Banking Regulations (requirements for being European subsidiary) shall cease to have effect except in so far as it relates to any financial institution—

(a) which immediately before the commencement date, is a European subsidiary and which, after that date, carries on in the United Kingdom (by whatever means and whether or not in conjunction with the provision by it of any listed service) any non-ISD activity in relation to which the requirements of paragraph 1 of Schedule 2 to those Regulations continue to be complied with; or

(b) which after the commencement date satisfies (and continues to satisfy) the requirements of regulation 3(3) in relation to the carrying on by it (by whatever means and whether or not in conjunction with the provision by it of any listed service) of any non-ISD activity;

and the meaning of “European institution” given by regulation 3(1) of those Regulations shall be modified accordingly.

3.  The following provisions of the Banking Regulations, that is to say—

(a) the definitions of “authorised or permitted”, “connected UK authority” and “home-regulated investment business” in regulation 2(1) (interpretation: general);

(b) regulation 3(7) (meaning of home-regulated activity);

(c) regulation 4(2) (permitted activities);

(d) regulation 5(1) (authorisations and licences not required);

(e) regulation 65 (application of Part II of the Insurance Companies Act 1982);

(f) regulation 66 (meaning of insurance business),

shall have effect, in relation to any financial institution falling within paragraph (a) or (b) of paragraph 2 above, as if any reference to a listed activity were a reference to any non-ISD activity.