The Financial Conglomerates and Other Financial Groups Regulations 2004

PART 1Introduction

1Citation, commencement and interpretation

PART 2Exercise of supplementary supervision of regulated entitiesin a financial conglomerate

2Notification of identification as a financial conglomerate and choice of co-ordinator

3Exercise of functions under Part IV of the Act for the purposes of carrying on supplementary supervision

4Exercise of functions under section 148 of the Act for the purposes of carrying on supplementary supervision

5Consultation in the case of major sanctions or exceptional measures

6Authority functions and service of notifications

PART 3Supplementary supervision of third-country financial conglomeratesand third-country groups

7Supervision of third-country financial conglomerates and third-country groups—interpretation

8Supervision of third-country financial conglomerates

9Supervision of third-country banking groups

10Supervision of third-country groups subject to the capital adequacy directive

PART 4Provisions relating to information

11Disclosure of confidential information

12Obtaining information—avoidance of duplication of reporting

PART 5Miscellaneous

13Consultation on change of control

14References to existing directives

15Extension of power to vary Part IV permissions

2004 No. 1862

FINANCIAL SERVICES AND MARKETS

The Financial Conglomerates and Other Financial Groups Regulations 2004

Made19th July 2004

Laid before Parliament19th July 2004

Coming into force10th August 2004

Whereas the Treasury are a government department designated for the purposes of section 2(2) of the European Communities Act 19721 in relation to—

a

the authorisation of the carrying on of insurance business and the regulation of such business and its conduct2;

b

credit and financial institutions and the taking of deposits or other repayable funds from the public3;

c

measures relating to investment firms and to the provision of investment services4; and

d

collective investment in transferable securities and other liquid assets5;

Now therefore the Treasury, in exercise of the powers conferred upon them by section 2(2) of the European Communities Act 1972 and sections 183(2), 188(2), 417(1)6 and 428(3) of the Financial Services and Markets Act 20007 hereby make the following Regulations: