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The Financial Services Act 2021 (Prudential Regulation of Credit Institutions and Investment Firms) (Consequential Amendments and Miscellaneous Provisions) Regulations 2021
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- UK Statutory Instruments
- 2021 No. 1376
- PART 2
- Regulation 3
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- Regulations revoked by 2023 c. 29 Sch. 1 Pt. 2
Insolvency (Northern Ireland) Order 1989U.K.
This section has no associated Explanatory Memorandum
3.—(1) Article 347A (financial institutions and their non-preferential debts) of the Insolvency (Northern Ireland) Order 1989(1) is amended as follows.
(2) In paragraph (1)—
(a)after sub-paragraph (d) insert—
“(da)an investment holding company,”;
(b)for sub-paragraph (e) substitute—
“(e)a financial institution which is—
(i)a subsidiary of an entity referred to in sub-paragraphs (a) to (da), and
(ii)covered by the supervision of that entity on a consolidated basis by the Financial Conduct Authority in accordance with Part 9C rules or by the Prudential Regulation Authority in accordance with Regulation (EU) No 575/2013 of the European Parliament and of the Council of 26 June 2013 on prudential requirements for credit institutions and investment firms or CRR rules, or,”.
(3) At the end of paragraph (2) insert “except for the definitions of “consolidated basis” and “consolidated situation””.
(4) After paragraph (2) insert—
“(2A) For the purposes of paragraph (1)—
“on a consolidated basis” means on the basis of the consolidated situation;
“consolidated situation” means the situation that results from an entity being treated, for the purposes of Part 9C rules, Regulation (EU) 575/2013 or CRR rules (as appropriate), as if that entity and one or more other entities formed a single entity;
“CRR rules” has the meaning given in section 144A of the Financial Services and Markets Act 2000;
“Part 9C rules” has the meaning given in section 143F of the Financial Services and Markets Act 2000.”.
Commencement Information
I1Reg. 3 in force at 1.1.2022, see reg. 1(3)
(1)
S.I. 1989/2405 (N.I.19); article 347A was inserted by S.I. 2018/1244 and modified by S.I. 2020/1350.
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