# The Financial Conglomerates and Other Financial Groups Regulations 2004, Regulation 8: Supervision of third-country financial conglomerates

Extent: E+W+S+N.I.

(1) Where a regulator is verifying whether the regulated entities in a third-country financial conglomerate are subject to supervision by a third-country competent authority, which is equivalent to that provided for by the provisions of these Regulations, it must, before completing the verification, consult the other relevant competent authorities in relation to the third-country financial conglomerate.
(2) Paragraphs (3) and (4) apply if a regulator ... exercises its powers to—
(a) vary the Part IV permission of a regulated entity in a third-country financial conglomerate;
(b) disapply from, or apply in a modified form to, such a regulated entity the rules specified in subsection (1) of section 138A of the Act (modification or waiver of rules) in accordance with that section;
(c) impose conditions under section 187 of the Act (approval with conditions) on a person who is, or proposes to be, a controller of such a regulated entity; or
(d) give a notice under section 191A (objection by the appropriate regulator) or section 191B (restriction notices) of the Act to a person who is, or proposes to be, a controller of such a regulated entity.
(3) ... A regulator must before taking the action specified in paragraph (2)—
(a) where that regulator is the co-ordinator, consult the relevant competent authorities in relation to that third-country financial conglomerate; or
(b) where that regulator is not the co-ordinator, obtain the consent of the co-ordinator for that third-country financial conglomerate to take that action.
(4) If a regulator decides to take that action, it must notify the competent authority of each regulated entity in that third-country financial conglomerate that it has done so.

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Source: https://www.legislation.gov.uk/uksi/2004/1862/regulation/8 (the official version)
Page: https://openlegislation.uk/financial-conglomerates-and-other-financial-groups-regulations-2004/regulation-8
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.