Regulation 1 Citation, commencement and interpretation

These Regulations may be cited as the Financial Institutions (Prudential Supervision) Regulations 1996.

These Regulations shall come into force on 18th July 1996.

In these Regulations—

• “the Banking Act” means the Banking Act 1987^f1;

• “the Building Societies Act” means the Building Societies Act 1986^f2;

• “the Financial Services Act” means the Financial Services Act 1986^f3;

• “the Friendly Societies Act” means the Friendly Societies Act 1992^f4;

• “the Insurance Companies Act” means the Insurance Companies Act 1982^f5;

• “the Bank” means the Bank of England;

• “the Board” means The Securities and Investments Board;

• “EEA State” means a State which is a contracting party to the agreement on the European Economic Area signed at Oporto on 2nd May 1992^f6 as adjusted by the Protocol signed at Brussels on 17th March 1993^f7;

• “the Prudential Supervision Directive” means the European Parliament and Council Directive of 29th June 1995 amending—

  1. (a)

     Directives 77/780/EEC and 89/646/EEC in the field of credit institutions,

  2. (b)

     Directives 72/239/EEC and 92/49/EEC in the field of non-life insurance,

  3. (c)

     Directives 79/267/EEC and 92/96/EEC in the field of life assurance,

  4. (d)

     Directive 93/22/EEC in the field of investment firms, and

  5. (e)

     Directive 85/611/EEC in the field of undertakings for collective investment in transferable securities (UCITS),

  with a view to reinforcing prudential supervision (No. 95/26/EC)^f8;

• “undertaking” has the same meaning as in Part VII of the Companies Act 1985^f9.

Any reference in these Regulations—