PART 1 Introduction

1 Citation, commencement and interpretation
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;
“the capital adequacy directive” means Council Directive 93/6/EEC of 15th March 1993 on the capital adequacy of investment firms and credit institutions;
“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;
“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—
(a) the conglomerates directive; or
(b) Article 56a of the banking consolidation directive (as it is applied by that directive or by Article 7(2) of the capital adequacy directive);
Inserted by Article 29(11) of the conglomerates directive.
“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—
(a) a credit institution (within the meaning of the second sub-paragraph of Article 1(1) of the banking consolidation directive);
(b) an insurance undertaking (within the meaning of Article 4 of Directive 2002/83/EC of the European Parliament and of the Council of 5th November 2002 concerning life assurance, Article 6 of the first non-life insurance directive or Article 1(b) of Directive 98/78/EC of the European Parliament and of the Council of 27th October 1998 on the supplementary supervision of insurance undertakings in an insurance group);
OJNo. L345 19.12.2002, p.1.
(c) a management company (within the meaning of Article 1a(2) of the UCITS directive) or an undertaking which is outside the EEA but which would require authorisation in accordance with Article 5 of the UCITS directive if it had its registered office in the EEA; or
(d) an investment firm (within the meaning of Article 1(2) of the investment services directive, including the undertakings referred to in Article 2(4) of the capital adequacy directive); and
“supplementary supervision” means the supervision of a regulated entity to the extent and in the manner prescribed by the conglomerates directive.
The definition of the banking consolidation directive was inserted in Schedule 3 to the Act by S.I.2000/2952.
OJNo. L141 11.6.1993, p.1; amended by Directives 98/31/EC and 98/33/EC of the European Parliament and Council and the conglomerates directive.
OJNo. L35 11.2.2003, p.1; applied to the EEA by Joint Committee Decision 104/2004 of 9th July 2004 (not yet published in the Official Journal of the European Communities).
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.