The Financial Institutions (Prudential Supervision) Regulations 1996

Citation, commencement and interpretation

1.—(1) These Regulations may be cited as the Financial Institutions (Prudential Supervision) Regulations 1996.

(2) These Regulations shall come into force on 18th July 1996.

(3) In these Regulations—

“the Banking Act” means the Banking Act 1987(1);

“the Building Societies Act” means the Building Societies Act 1986(2);

“the Financial Services Act” means the Financial Services Act 1986(3);

“the Friendly Societies Act” means the Friendly Societies Act 1992(4);

“the Insurance Companies Act” means the Insurance Companies Act 1982(5);

“the Bank” means the Bank of England;

“the Board” means The Securities and Investments Board;

“EEA State” means a State which is a contracting party to the agreement on the European Economic Area signed at Oporto on 2nd May 1992(6) as adjusted by the Protocol signed at Brussels on 17th March 1993(7);

“the Prudential Supervision Directive” means the European Parliament and Council Directive of 29th June 1995 amending—

(a)

Directives 77/780/EEC and 89/646/EEC in the field of credit institutions,

(b)

Directives 72/239/EEC and 92/49/EEC in the field of non-life insurance,

(c)

Directives 79/267/EEC and 92/96/EEC in the field of life assurance,

(d)

Directive 93/22/EEC in the field of investment firms, and

(e)

Directive 85/611/EEC in the field of undertakings for collective investment in transferable securities (UCITS),

with a view to reinforcing prudential supervision (No. 95/26/EC)(8);

“undertaking” has the same meaning as in Part VII of the Companies Act 1985(9).

(4) Any reference in these Regulations—

(a) to an undertaking being closely linked with any person, or being closely linked with any person by control; or

(b) to an undertaking’s close links with any person, shall be construed in accordance with regulation 2 below.

(1)

1987 c. 22.

(2)

1986 c. 53.

(3)

1986 c. 60.

(4)

1992 c. 40.

(5)

1982 c. 50.

(6)

Cm 2073.

(7)

Cm 2183.

(8)

O.J. No. L.168, 18.7.95, p.7.

(9)

1985 c. 6.