Financial Services Act 2021

2 (1) Article 4(1) (definitions) is amended as follows.

(2) Omit point (4) (definition of “local firm”).

(3) After point (22) insert—

“(22A) ‘investment holding company’ means a financial institution which is not a financial holding company and whose subsidiaries—

(a) are exclusively or mainly investment firms or financial institutions, and

(b) include at least one investment firm;”.

(4) In point (26) (definition of “financial institution”)—

(a) after “including” insert “an investment firm,”, and

(b) after “a mixed financial holding company,” insert “an investment holding company,”.

(5) For point (29a) substitute—

“(29a) ‘UK parent investment firm’ means a parent undertaking in the United Kingdom that is an investment firm;”.

(6) For point (51) substitute—

“(51) ‘initial capital’, in relation to an institution, means the amount and types of own funds specified in rule 12.1 of the Definition of Capital Part of the PRA rulebook;”.

(7) In point (60) (definition of “cash assimilated instrument”), after “institution” (in each place) insert “or investment firm”.