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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.


192AMeaning of “qualifying authorised person”U.K.

(1)In this Part “qualifying authorised person” means an authorised person satisfying the following conditions.

(2)Condition A is that the authorised person is a body corporate incorporated in the United Kingdom.

(3)Condition B is that the authorised person is—

(a)a PRA-authorised person, or

(b)an investment firm.

(4)The Treasury may by order—

(a)amend subsection (3) so as to add to or restrict the descriptions of authorised person who can be qualifying authorised persons, or

(b)provide that while the order is in force subsection (3) is not to have effect.

(5)Except as provided by subsection (6), an order under subsection (4) is not to be made unless a draft of the order has been laid before Parliament and approved by a resolution of each House.

(6)An order under subsection (4) may be made without a draft having been laid and approved as mentioned in subsection (5) if the order contains a statement that the Treasury are of the opinion that, by reason of urgency, it is necessary to make the order without a draft being so laid and approved.

(7)An order under subsection (4) made in accordance with subsection (6)—

(a)must be laid before Parliament after being made, and

(b)ceases to have effect at the end of the relevant period unless before the end of that period the order is approved by a resolution of each House of Parliament (but without affecting anything done under the order or the power to make a new order).

(8)The “relevant period” is a period of 28 days beginning with the day on which the order is made.

(9)In calculating the relevant period no account is to be taken of any time during which Parliament is dissolved or prorogued or during which both Houses are adjourned for more than 4 days.]