Regulation 72 Article 11 (general treatment)

in the first sub-paragraph, for “a parent financial holding company or a parent mixed financial holding company in a Member State” substitute “a UK parent financial holding company or a UK parent mixed financial holding company”;

omit the second sub-paragraph.

for “EU parent institutions, institutions controlled by an EU parent financial holding company and institutions controlled by an EU parent mixed financial holding company” substitute “UK parent institutions, institutions controlled by a UK parent financial holding company and institutions controlled by a UK parent mixed financial holding company”;

for “points (3) and (6) of Section A of Annex I to Directive 2004/39/EC” substitute “paragraphs 3 and 6 of Part 3 of Schedule 2 to the Regulated Activities Order”;

for the words from “Pending the report” to “competent authorities” substitute “If the group comprises only investment firms, the competent authority”.

for the first sub-paragraph substitute—

“In addition to the requirements of paragraphs 1 to 3, the competent authority may require an institution to comply with the obligations mentioned in the third sub-paragraph on a sub-consolidated basis when—

(a)

it is justified for supervisory purposes by the specificities of the risk or the capital structure of the institution, or

(b)

the institution is a ring-fenced body within the meaning of section 142A(1) of FSMA.”;

in the second sub-paragraph, omit the words “and shall neither entail” to the end;

after the second sub-paragraph insert—

“The obligations mentioned in this sub-paragraph are those provided for in—

(a)

Parts 2, 3, 4, 6, 7 and 8 of this Regulation;

(b)

Directive 2013/36/EU UK law which implemented Title 7, Chapter 4 of Directive 2013/36/EU.”.