Regulation 7 Supervision of third-country financial conglomerates and third-country groups—interpretation

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“third-country competent authority” means the authority of a country or territory which is not F2part of the United Kingdom which is empowered by law or regulation to supervise (whether on an individual or group-wide basis) regulated entities;

“third-country financial conglomerate” means a group—

1. (a)

   which, subject to Article 3 of the conglomerates directive, meets the conditions in Article 2(14) of that directive F3as amended by regulation 2(2)(d) of the Financial Conglomerates and other Financial Groups (Amendment etc.) (EU Exit) Regulations 2019, and

2. (b)

   in which the parent undertaking has its head office outside the F4UK;

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