Paragraph 6
In section 55R (persons connected with an applicant) M1, after subsection (3) insert—
“(4)Subsection (5) applies where—
(a)a credit institution (“B”) makes an application for permission under section 55A; and
(b)B is controlled by a person who also controls a credit institution, insurance undertaking or investment firm authorised in another EEA State.
(5)Before granting B's application for permission, the regulator concerned must consult the competent authorities of the other EEA State.
(6)In subsections (4) and (5), “credit institution”, “insurance undertaking” and “investment firm” have the meaning given in Article 4(1) of the capital requirements regulation.”.
Annotations
Marginal citations
- M1
Section 55R was substituted by the Financial Services Act 2012, section 11.
Notes on the whole SI
Textual amendments
- F1
2000 c. 8. Section 349(2) was amended by section 41 of, and paragraphs 19(1) and (2) of Schedule 12 to, the Financial Services Act 2012 (c. 21); paragraphs 14(1)(b), 17(c), 18 and 22 of Schedule 3 were amended by section 12 of, and paragraphs 1, 3, 7, 8 and 14 of Schedule 4 to, the Financial Services Act 2012; paragraph 14(1)(b) was also amended by S.I. 2003/1473 and S.I. 2003/2066.