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The Banking Coordination (Second Council Directive) Regulations 1992
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11.—(1) Section 49 of the Act(1) (financial resources rules) shall have effect as if it included provision that rules under that section shall not include, as respects any European institution which is a member of a recognised self-regulating organisation, provision requiring the institution to have and maintain financial resources in respect of any home-regulated investment business carried on by it.
(2) Subsection (2) of that section shall also have effect in relation to an authorised person who is a European institution as if the reference in paragraph (b) to any business (whether or not investment business) carried on by the person concerned did not include a reference to any homeregulated investment business.
(1)
Section 49 has been amended by section 206 of, and Schedule 23 to, the Companies Act 1989 (c. 40).
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