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The Financial Conglomerates and Other Financial Groups Regulations 2004
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- UK Statutory Instruments
- 2004 No. 1862
- PART 5
- Regulation 16
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The Financial Conglomerates and Other Financial Groups Regulations 2004, Section 16 is up to date with all changes known to be in force on or before 30 November 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.
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Changes and effects yet to be applied to Regulation 16:
- Regulations revoked by 2023 c. 29 Sch. 1 Pt. 2
[F1Thresholds for identifying a financial conglomerateU.K.
This section has no associated Explanatory Memorandum
16.—(1) If the group does not reach the threshold referred to in—
(a)the PRA Rulebook, Financial Conglomerates Annex 1, Threshold Test 2;
(b)the Threshold Test 2 of Annex 4 of Chapter 3 of the FCA General Prudential sourcebook,
the relevant competent authorities may decide by common agreement not to regard the group as a financial conglomerate.
(2) If a group does not reach the threshold in paragraph (1)(a) or (b), the relevant competent authority may decide not to apply the provisions on risk concentration, intra-group transactions and internal control mechanisms and risk management processes in—
(a)Chapter 3 of the FCA General Prudential Sourcebook, Chapter 12 of the FCA Senior Management Arrangements, Systems and Controls, or
(b)the Financial Conglomerates part of the PRA Rulebook; if the application of such provisions is not necessary or would be inappropriate or misleading with respect to the objectives of supplementary supervision.
(3) Decisions taken in accordance with this regulation must be notified to the other competent authorities.]
Textual Amendments
F1Regs. 16-24 inserted (31.12.2020) by The Financial Conglomerates and Other Financial Groups (Amendment etc.) (EU Exit) Regulations 2019 (S.I. 2019/264), regs. 1, 3 (with regs. 6, 9) (as amended by S.I. 2019/1010, regs. 1(3), 8 and S.I. 2020/1031, reg. 3, Sch. para. 15 and with savings in S.I. 2019/680, reg. 11 ); 2020 c. 1, Sch. 5 para. 1(1)
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