6.—(1) Where a relevant decision is made before [F1IP completion day] by a body other than the PRA or the FCA—
(a)that decision will continue to have effect on and after [F1IP completion day];
(b)the competent authorities will have the power to review, vary, modify or revoke the decision, as if the decision had been taken by—
(i)the PRA, in relation to a PRA-authorised person (within the meaning of the Financial Services and Markets Act 2000 M1), or
(ii)the FCA, in any other case.
(2) For the purposes of paragraph (1), a relevant decision is one made by—
(a)the relevant competent authorities by common agreement—
(i)not to regard a group as a financial conglomerate in accordance with Article 3.3 or 3.3a of the conglomerates directive;
(ii)not to apply the provisions of Article 7, 8 or 9, in accordance with Article 3.3 or 3.3a of the conglomerates directive;
(iii)in the circumstances referred to in the second sub-paragraph of Article 3.4, under Article 3.4(a) (b) or (c) of the conglomerates directive;
(iv)under Article 3.5 of the conglomerates directive;
(v)under Article 5.4 of the conglomerates directive;
(vi)under Article 10.3 of the conglomerates directive;
(b)made by the relevant competent authorities—
(i)under Article 18.1, .2 or .3 of the conglomerates directive;
(ii)referred to in Article 30 or 31 of the conglomerates directive;
(iii)as to which method must be applied by a financial conglomerate in accordance with Annex I of the conglomerates directive;
(iv)under method 3 in Annex I of the conglomerates directive;
(c)made by the coordinator—
(i)with the agreement of the other relevant competent authorities, that the lower ratios or lower amount referred to in Article 3.6 of the conglomerates directive must cease to apply;
(ii)not to include a particular entity in scope when calculating the supplementary capital adequacy requirements in the cases specified in Article 6.5 of the conglomerates directive;
(iii)after consultation with the other relevant competent authorities—
(aa)to identify the type of transactions and risks regulated entities in a particular financial conglomerate must report in accordance with Annex 2 of the conglomerates directive;
(bb)to define appropriate thresholds based on regulatory own funds or technical provisions in accordance with Annex 2 of the conglomerates directive.
(3) For the purposes of this regulation—
“conglomerates directive” means Directive 2002/87/EC of the European Parliament and of the Council of 16th 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, 92/96/EEC, 93/6/EEC and 93/22/EEC, and Directives 98/78/EC and 2000/12/EC of the European Parliament and of the Council;
“the coordinator” has the meaning given in Article 2(17)(b) of the conglomerates directive;
“the FCA” means the Financial Conduct Authority;
“the PRA” means the Prudential Regulation Authority;
“relevant competent authorities” has the same meaning as in Article 2(17) of the conglomerates directive;
Textual Amendments
F1Words in reg. 6(1) substituted (30.12.2020) by The Financial Services and Economic and Monetary Policy (Consequential Amendments) (EU Exit) Regulations 2020 (S.I. 2020/1301), regs. 1, 3, Sch. para. 15
Commencement Information
I1Reg. 6 in force at 31.12.2020 on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1
Marginal Citations