{
  "url": "https://openlegislation.uk/financial-conglomerates-and-other-financial-groups-regulations-2004/regulation-16",
  "json_url": "https://openlegislation.uk/financial-conglomerates-and-other-financial-groups-regulations-2004/regulation-16.json",
  "legislation": "uksi/2004/1862",
  "legislation_title": "The Financial Conglomerates and Other Financial Groups Regulations 2004",
  "legislation_url": "https://openlegislation.uk/financial-conglomerates-and-other-financial-groups-regulations-2004",
  "path": "regulation/16",
  "kind": "regulation",
  "number": "16",
  "heading": "Thresholds for identifying a financial conglomerate",
  "text": "(1) If the group does not reach the threshold referred to in—\n(a) the PRA Rulebook, Financial Conglomerates Annex 1, Threshold Test 2;\n(b) the Threshold Test 2 of Annex 4 of Chapter 3 of the FCA General Prudential sourcebook,\nthe relevant competent authorities may decide by common agreement not to regard the group as a financial conglomerate.\n(2) If a group does not reach the threshold in paragraph (1)(a) or (b), the relevant competent authority may decide not to apply the provisions on risk concentration, intra-group transactions and internal control mechanisms and risk management processes in—\n(a) Chapter 3 of the FCA General Prudential Sourcebook, Chapter 12 of the FCA Senior Management Arrangements, Systems and Controls, or\n(b) the Financial Conglomerates part of the PRA Rulebook; if the application of such provisions is not necessary or would be inappropriate or misleading with respect to the objectives of supplementary supervision.\n(3) Decisions taken in accordance with this regulation must be notified to the other competent authorities.",
  "extent": null,
  "status": null,
  "version": "current",
  "annotations": [
    {
      "type": "F",
      "label": "F1",
      "text": "Regs. 16-24 inserted (31.12.2020) by The Financial Conglomerates and Other Financial Groups (Amendment etc.) (EU Exit) Regulations 2019 (S.I. 2019/264), regs. 1, 3 (with regs. 6, 9) (as amended by S.I. 2019/1010, regs. 1(3), 8 and S.I. 2020/1031, reg. 3, Sch. para. 15 and with savings in S.I. 2019/680, reg. 11 ); 2020 c. 1, Sch. 5 para. 1(1)"
    }
  ],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/uksi/2004/1862/regulation/16",
    "retrieved_at": "2026-10-29T05:22:24.089006+00:00"
  },
  "licence": "Open Government Licence v3.0",
  "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
  "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
}