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The Financial Conglomerates and Other Financial Groups Regulations 2004, Section 8 is up to date with all changes known to be in force on or before 17 July 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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8.—(1) Where [F1a regulator] is, for the purposes of Article 18(1) of the conglomerates directive (parent undertakings outside the Community), verifying whether the regulated entities in a third-country financial conglomerate are subject to supervision, by a third-country competent authority, which is equivalent to that provided for by the provisions of the conglomerates directive, it must, where there is a directive requirement to do so, before completing this verification—
(a)consult the other relevant competent authorities in relation to that third-county financial conglomerate; [F2and]
[F3(b)take into account any applicable guidelines prepared through the Joint Committee of the ESAs in accordance with Articles 16 and 56 of Regulation (EU) No. 1093/2010, of Regulation (EU) No. 1094/2010 and of Regulation (EU) No. 1095/2010.]
(2) Paragraphs (3) and (4) apply if [F1a regulator], for the purposes of Article 18(3) of the conglomerates directive (application of other methods for the purposes of ensuring appropriate supplementary supervision of the regulated entities in a third-country financial conglomerate), exercises its powers to—
(a)vary the Part IV permission of a regulated entity in a third-country financial conglomerate;
(b)disapply from, or apply in a modified form to, such a regulated entity the rules specified in subsection (1) of [F4section 138A] of the Act (modification or waiver of rules) in accordance with that section;
(c)impose conditions under [F5section 187 of the Act (approval with conditions)] on a person who is, or proposes to be, a controller of such a regulated entity; or
(d)give a notice under [F6section 191A (objection by the appropriate regulator) or section 191B (restriction notices) of the Act] to a person who is, or proposes to be, a controller of such a regulated entity.
(3) Where there is a directive requirement to do so, [F7a regulator] must before taking the action specified in paragraph (2)—
(a)where [F8that regulator] is the co-ordinator, consult the relevant competent authorities in relation to that third-country financial conglomerate; or
(b)where [F8that regulator] is not the co-ordinator, obtain the consent of the co-ordinator for that third-country financial conglomerate to take that action.
(4) If [F9a regulator] decides to take that action, it must, where there is a directive requirement to do so, notify—
(a)the competent authority of each regulated entity in that third-country financial conglomerate, and
(b)the Commission,
that it has done so.
Textual Amendments
F1Words in reg. 8(1)(2) substituted (1.4.2013) by The Financial Services Act 2012 (Consequential Amendments and Transitional Provisions) Order 2013 (S.I. 2013/472), Sch. 2 para. 95(8)(a) (with Sch. 2 para. 96)
F2Word in reg. 8(1)(a) inserted (16.4.2012) by The Financial Services (Omnibus 1 Directive) Regulations 2012 (S.I. 2012/916), regs. 1, 4(4)(a)
F3Reg. 8(1)(b) substituted for reg. 8(1)(b)(c) (16.4.2012) by The Financial Services (Omnibus 1 Directive) Regulations 2012 (S.I. 2012/916), regs. 1, 4(4)(b)
F4Words in reg. 8(2)(b) substituted (1.4.2013) by The Financial Services Act 2012 (Consequential Amendments and Transitional Provisions) Order 2013 (S.I. 2013/472), Sch. 2 para. 95(8)(b) (with Sch. 2 para. 96)
F5Words in reg. 8(2)(c) substituted (10.6.2013) by The Financial Conglomerates and Other Financial Groups (Amendment) Regulations 2013 (S.I. 2013/1162), regs. 1, 4(2)
F6Words in reg. 8(2)(d) substituted (10.6.2013) by The Financial Conglomerates and Other Financial Groups (Amendment) Regulations 2013 (S.I. 2013/1162), regs. 1, 4(3)
F7Words in reg. 8(3) substituted (1.4.2013) by The Financial Services Act 2012 (Consequential Amendments and Transitional Provisions) Order 2013 (S.I. 2013/472), Sch. 2 para. 95(8)(c)(i) (with Sch. 2 para. 96)
F8Words in reg. 8(3) substituted (1.4.2013) by The Financial Services Act 2012 (Consequential Amendments and Transitional Provisions) Order 2013 (S.I. 2013/472), Sch. 2 para. 95(8)(c)(ii) (with Sch. 2 para. 96)
F9Words in reg. 8(4) substituted (1.4.2013) by The Financial Services Act 2012 (Consequential Amendments and Transitional Provisions) Order 2013 (S.I. 2013/472), Sch. 2 para. 95(8)(a) (with Sch. 2 para. 96)
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