- Latest available (Revised)
- Point in Time (10/08/2004)
- Original (As made)
Version Superseded: 01/01/2014
Point in time view as at 10/08/2004. This version of this provision has been superseded.
You are viewing this legislation item as it stood at a particular point in time. A later version of this or provision, including subsequent changes and effects, supersedes this version.
Note the term provision is used to describe a definable element in a piece of legislation that has legislative effect – such as a Part, Chapter or section.
The Financial Conglomerates and Other Financial Groups Regulations 2004, Section 13 is up to date with all changes known to be in force on or before 17 August 2024. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
Changes and effects yet to be applied by the editorial team are only applicable when viewing the latest version or prospective version of legislation. They are therefore not accessible when viewing legislation as at a specific point in time. To view the ‘Changes to Legislation’ information for this provision return to the latest version view using the options provided in the ‘What Version’ box above.
13.—(1) The Financial Services and Markets Act 2000 (Consultation with Competent Authorities) Regulations 2001 M1 are amended as follows.
(2) In regulation 2 (definitions), after the definition of “EEA credit institution”, insert—
““EEA insurance undertaking” means an EEA firm falling within paragraph 5(d) of Schedule 3 to the Act;”.
(3) In regulation 3, for “paragraph (1), (2) or (3)”, substitute “ paragraph (1), (2), (3) or (4) ”.
(4) In regulation 4(a), for “paragraph (1), (2) or (3)”, substitute “ paragraph (1), (2), (3) or (4) ”.
(5) In regulation 5—
(a)in paragraph (1), for sub-paragraph (c), substitute—
“(c)the acquirer is any of the following—
(i)an EEA investment firm;
(ii)an EEA credit institution;
(iii)an EEA insurance undertaking; or
(iv)the parent undertaking of an EEA firm of a kind specified by paragraph (i), (ii) or (iii);”;
(b)in paragraph (2), for sub-paragraph (c), substitute—
“(c)the acquirer is any of the following—
(i)an EEA investment firm;
(ii)an EEA credit institution;
(iii)an EEA insurance undertaking; or
(iv)the parent undertaking of an EEA firm of a kind specified by paragraph (i), (ii) or (iii);”;
(c)in paragraph (3), for sub-paragraph (c), substitute—
“(c)the acquirer is any of the following—
(i)an EEA investment firm;
(ii)an EEA credit institution;
(iii)an EEA insurance undertaking;
(iv)an EEA management company; or
(v)the parent undertaking of an EEA firm of a kind specified by paragraph (i), (ii), (iii) or (iv);”;
(d)after paragraph (3), insert—
“(4) This paragraph applies where—
(a)a person (“the acquirer”) proposes to acquire or has acquired control, an additional kind of control or an increase in a relevant kind of control over a UK authorised person in circumstances falling within section 178(1) or (2) of the Act;
(b)that UK authorised person has permission to effect or carry on contracts of insurance (within the meaning of the Regulated Activities Order);
(c)the acquirer is any of the following—
(i)an EEA investment firm;
(ii)an EEA credit institution;
(iii)an EEA insurance undertaking; or
(iv)the parent undertaking of an EEA firm of a kind specified by paragraph (i), (ii) or (iii); and
(d)as a result of the acquisition or proposed acquisition, the acquirer is or would become a parent undertaking of the UK authorised person.”.
(6) For regulation 6, substitute—
“6. The requirement specified by this regulation is that the Authority must, as the case may be, consult the home state regulator of any EEA firm that is mentioned in paragraph (1)(c), (2)(c), (3)(c) or (4)(c) of regulation 5.”.
(7) After regulation 6, insert—
“7.—(1) Where paragraph (3) applies, the requirement specified by paragraph (5) is prescribed for the purposes of section 183(2) of the Act and so must be complied with by the Authority before it determines whether to approve the change of control or give a warning notice under section 183(3) or 185(3) of the Act.
(2) Where paragraph (4) applies, the requirement specified by paragraph (5) is prescribed for the purposes of section 188(2) of the Act and so must be complied with by the Authority before it gives a warning notice under section 188(1) of the Act.
(3) This paragraph applies where—
(a)a person (“the acquirer”) proposes to acquire or has acquired control, an additional kind of control or an increase in a relevant kind of control over a UK authorised person in circumstances falling within section 178(1) or (2) of the Act;
(b)that UK authorised person has an EEA right to carry on an activity in an EEA State other than the United Kingdom which derives from any of—
(i)the insurance directives;
(ii)the banking consolidation directive;
(iii)the investment services directive; or
(iv)the UCITS directive; and
(c)that UK authorised person is a member of a financial conglomerate (within the meaning of article 2(14) of Directive 2002/87/EC of the European Parliament and of the Council of 16 December 2002 on the supplementary supervision of credit institutions, insurance undertakings and investment firms in a financial conglomerate and amending Council Directives 73/239/EEC, 79/267/EEC, 92/49/EEC, 93/6/EEC, 93/22/EEC and Directives 98/78/EC and 2000/12/EC of the European Parliament and of the Council).
(4) This paragraph applies where—
(a)a circumstance has arisen in respect of which the Authority may give a decision notice to a UK authorised person under section 187 of the Act;
(b)that UK authorised person has an EEA right to carry on activity in an EEA State other than the United Kingdom which derives from any of—
(i)the insurance directives;
(ii)the banking consolidation directive;
(iii)the investment services directive; or
(iv)the UCITS directive;
(c)that UK authorised person is a member of a financial conglomerate (within the meaning of article 2(14) of Directive 2002/87/EC of the European Parliament and of the Council of 16 December 2002 on the supplementary supervision of credit institutions, insurance undertakings and investment firms in a financial conglomerate and amending Council Directives 73/239/EEC, 79/267/EEC, 92/49/EEC, 93/6/EEC, 93/22/EEC and Directives 98/78/EC and 2000/12/EC of the European Parliament and of the Council).
(5) The requirement specified by this paragraph is that the Authority must, where it considers that the action it proposes to take—
(a)constitutes a major sanction or an exceptional measure; and
(b)is of importance for the supervisory tasks of the home state regulator of any EEA firm that is a member of a financial conglomerate and is—
(i)an EEA investment firm;
(ii)an EEA credit institution; or
(iii)an EEA insurance undertaking,
consult that home state regulator.
(6) But paragraph (5) does not apply where the Authority—
(a)considers that there is an urgent need to act;
(b)considers that such consultation may jeopardise the effectiveness of any action to be taken by it; or
(c)has already consulted that home state regulator regarding that matter.
(7) Where paragraph (5) does not apply by virtue of paragraph (6)(a) or (b), the Authority must inform the home state regulator in question as soon as is reasonably practicable.”.
Marginal Citations
M1S.I. 2001/2509; amended by S.I. 2003/2066, regulation 6.
Latest Available (revised):The latest available updated version of the legislation incorporating changes made by subsequent legislation and applied by our editorial team. Changes we have not yet applied to the text, can be found in the ‘Changes to Legislation’ area.
Original (As Enacted or Made): The original version of the legislation as it stood when it was enacted or made. No changes have been applied to the text.
Point in Time: This becomes available after navigating to view revised legislation as it stood at a certain point in time via Advanced Features > Show Timeline of Changes or via a point in time advanced search.
Geographical Extent: Indicates the geographical area that this provision applies to. For further information see ‘Frequently Asked Questions’.
Show Timeline of Changes: See how this legislation has or could change over time. Turning this feature on will show extra navigation options to go to these specific points in time. Return to the latest available version by using the controls above in the What Version box.
Explanatory Memorandum sets out a brief statement of the purpose of a Statutory Instrument and provides information about its policy objective and policy implications. They aim to make the Statutory Instrument accessible to readers who are not legally qualified and accompany any Statutory Instrument or Draft Statutory Instrument laid before Parliament from June 2004 onwards.
Access essential accompanying documents and information for this legislation item from this tab. Dependent on the legislation item being viewed this may include:
This timeline shows the different points in time where a change occurred. The dates will coincide with the earliest date on which the change (e.g an insertion, a repeal or a substitution) that was applied came into force. The first date in the timeline will usually be the earliest date when the provision came into force. In some cases the first date is 01/02/1991 (or for Northern Ireland legislation 01/01/2006). This date is our basedate. No versions before this date are available. For further information see the Editorial Practice Guide and Glossary under Help.
Use this menu to access essential accompanying documents and information for this legislation item. Dependent on the legislation item being viewed this may include:
Click 'View More' or select 'More Resources' tab for additional information including: