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The Capital Requirements Regulations 2013

This section has no associated Explanatory Memorandum

6.  In section 55R (persons connected with an applicant) M1, after subsection (3) insert—U.K.

“(4) Subsection (5) applies where—

(a)a credit institution (“B”) makes an application for permission under section 55A; and

(b)B is controlled by a person who also controls a credit institution, insurance undertaking or investment firm authorised in another EEA State.

(5) Before granting B's application for permission, the regulator concerned must consult the competent authorities of the other EEA State.

(6) In subsections (4) and (5), “credit institution”, “insurance undertaking” and “investment firm” have the meaning given in Article 4(1) of the capital requirements regulation.”.

Marginal Citations

M1Section 55R was substituted by the Financial Services Act 2012, section 11.