Regulation 3 Exercise of functions under Part IV of the Act for the purposes of carrying on supplementary supervision

United Kingdom

(1)

This regulation applies if F1a regulator is considering varying the Part IV permission of any person (“A”) where—

(a)

A is a member of a financial conglomerate; and

(b)

F2that regulator is acting in the course of carrying on supplementary supervision F3....

(2)

F4Section 55R(2) of the Act (obligation to consult home state regulators of connected persons) does not apply.

(3)

Before varying the Part IV permission of A, that regulator must F5...—

(a)

consult the relevant competent authorities in relation to the financial conglomerate of which A is a member; F6and

F7(b)

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(c)

consult the financial conglomerate of which A is a member.

Annotations

Textual amendments

F1: Words in reg. 3 substituted (1.4.2013) by The Financial Services Act 2012 (Consequential Amendments and Transitional Provisions) Order 2013 (S.I. 2013/472), Sch. 2 para. 95(4)(a) (with Sch. 2 para. 96)
F2: Words in reg. 3 substituted (1.4.2013) by The Financial Services Act 2012 (Consequential Amendments and Transitional Provisions) Order 2013 (S.I. 2013/472), Sch. 2 para. 95(4)(b) (with Sch. 2 para. 96)
F3: Words in reg. 3(1)(b) omitted (31.12.2020) by virtue of The Financial Conglomerates and Other Financial Groups (Amendment etc.) (EU Exit) Regulations 2019 (S.I. 2019/264), regs. 1, 2(4)(a) (with reg. 6) (as amended by 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)
F4: Words in reg. 3(2) substituted (1.4.2013) by The Financial Services Act 2012 (Consequential Amendments and Transitional Provisions) Order 2013 (S.I. 2013/472), Sch. 2 para. 95(4)(c) (with Sch. 2 para. 96)
F5: Words in reg. 3(3) omitted (31.12.2020) by virtue of The Financial Conglomerates and Other Financial Groups (Amendment etc.) (EU Exit) Regulations 2019 (S.I. 2019/264), regs. 1, 2(4)(b)(i) (with reg. 6) (as amended by 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)
F6: Word in reg. 3(3)(a) inserted (31.12.2020) by The Financial Conglomerates and Other Financial Groups (Amendment etc.) (EU Exit) Regulations 2019 (S.I. 2019/264), regs. 1, 2(4)(b)(ii) (with reg. 6) (as amended by 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)
F7: Reg. 3(3)(b) omitted (31.12.2020) by virtue of The Financial Conglomerates and Other Financial Groups (Amendment etc.) (EU Exit) Regulations 2019 (S.I. 2019/264), regs. 1, 2(4)(b)(iii) (with reg. 6) (as amended by 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)