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[F1PART 12AU.K.Powers exercisable in relation to parent undertakings

Textual Amendments

F1Pt. 12A inserted (24.1.2013 for specified purposes, 1.4.2013 in so far as not already in force) by Financial Services Act 2012 (c. 21), ss. 27, 122(3) (with Sch. 20); S.I. 2013/113, art. 2(1)(b)(c), Sch. Pts. 2, 3; S.I. 2013/423, art. 3, Sch.

[F2Rules applying to parent undertakings of ring-fenced bodiesU.K.

Textual Amendments

F2Ss. 192JA, 192JB and cross-headings inserted (31.12.2014 for the insertion of s. 192JB) by Financial Services (Banking Reform) Act 2013 (c. 33), ss. 133(1), 148(5); S.I. 2014/3160, art. 2(2)

192JARules applying to parent undertakings of ring-fenced bodiesU.K.

(1)The appropriate regulator may make such rules applying to bodies corporate falling within subsection (2) as appear to the regulator to be necessary or expedient for the group ring-fencing purposes.

(2)A body corporate falls within this subsection if—

(a)it is incorporated in the United Kingdom or has a place of business in the United Kingdom,

(b)it is a parent undertaking of a ring-fenced body, and

(c)it is not itself an authorised person.

(3)The “group ring-fencing purposes” are the purposes set out in section 142H(4).

(4)The appropriate regulator” means—

(a)in relation to the parent undertaking of a ring-fenced body that is a PRA-authorised person, the PRA;

(b)in any other case, the FCA.]]