The Financial Conglomerates and Other Financial Groups Regulations 2004

PART 1Introduction

Citation, commencement and interpretation

1.—(1) These Regulations may be cited as the Financial Conglomerates and Other Financial Groups Regulations 2004 and come into force on 10th August 2004.

(2) In these Regulations—

“the Act” means the Financial Services and Markets Act 2000;

“the Banking Advisory Committee” means the Committee established pursuant to Article 57 of the banking consolidation directive(1);

“the capital adequacy directive” means Council Directive 93/6/EEC of 15th March 1993 on the capital adequacy of investment firms and credit institutions(2);

“competent authority”, except in the term “third-country competent authority” as defined in regulation 7(1), means any national authority of an EEA State which is empowered by law or regulation to supervise regulated entities, whether on an individual or group-wide basis;

“the 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, 93/22/EEC, and Directives 98/78/EC and 2000/12/EC of the European Parliament and of the Council(3);

“co-ordinator” means the competent authority which has been appointed, for the purposes of Article 10 of the conglomerates directive, as the competent authority which is responsible for the co-ordination and exercise of supplementary supervision of a financial conglomerate;

“directive requirement” means any procedural requirement (including a requirement to consult or obtain consent) imposed on a competent authority by—

“financial conglomerate”, except in the term “third-country financial conglomerate” as defined in regulation 7(1), has the meaning given by Article 2(14) of the conglomerates directive;

“the Financial Conglomerates Committee” means the Committee established pursuant to Article 21 of the conglomerates directive;

“relevant competent authorities” means those competent authorities, within the meaning of Article 2(17) of the conglomerates directive, which are, or which have been appointed as, relevant competent authorities in relation to a financial conglomerate;

“regulated entity” means—

“supplementary supervision” means the supervision of a regulated entity to the extent and in the manner prescribed by the conglomerates directive.

(3) Save as is otherwise provided, any expression used in these Regulations which is defined for the purposes of the Act has the meaning given by the Act.