Regulation 186 The Financial Services and Markets Act 2000 (Prescribed Financial Institutions) Order 2013

(1)

The Financial Services and Markets Act 2000 (Prescribed Financial Institutions) Order 2013^f1 is amended as follows.

(2)

In article 1(2)^f2 (interpretation)—

(a)

for the definition of “insurance holding company” substitute—

““insurance holding company” has the same meaning as in regulation 2(1) of the Solvency 2 Regulations 2015^f3;”;

(b)

for the definition of “mixed financial holding company” substitute—

““mixed financial holding company” has the meaning given in regulation 1(2) of the Financial Conglomerates and Other Financial Groups Regulations 2004^f4;”; and

(c)

omit the following definitions—

(i)

“credit institution”;

(ii)

“insurance undertaking”;

(iii)

“reinsurance undertaking”;

(iv)

“third-country insurance undertaking”;

(v)

“third-country reinsurance undertaking”.

(3)

In article 2^f5 (prescribed financial institutions)—

(a)

in paragraph (4)^f6 omit “(within the meaning given in Article 32.4 of the recovery and resolution directive)”; and

(b)

after paragraph (4) insert—

“(4A)
For the purposes of paragraph (4) a company is failing or likely to fail where, if the company were a bank (within the meaning given in section 2 of the Banking Act 2009^f7), it would be failing or likely to fail by virtue of meeting any of the circumstances in section 7(5C)(b) to (e) of that Act.”.

Annotations

Footnotes

f1: S.I. 2013/165.
f2: Article 1(2) was amended by S.I. 2013/3115 and 2014/3348.
f3: S.I. 2015/575, prospectively amended by S.I. 2018/XXXX [the Solvency 2 and Insurance (Amendment etc.) (EU Exit) Regulations 2018].
f4: S.I. 2004/1862.
f5: Article 2 was amended by S.I. 2014/3348.
f6: Paragraph (4) was inserted by S.I. 2014/3348.
f7: 2009 c.1. Relevant amendments to section 2 were made by S.I. 2011/2832 and by paragraph 3 of Schedule 17 to the Financial Services Act 2012. Section 7(5C) was inserted by S.I. 2014/3329, and was amended by S.I. 2016/1239.