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Regulation 29 (3)
1.—(1) The Financial Conglomerates and Other Financial Groups Regulations 2004(1) are amended as follows.
(2) In regulation 1(2) (interpretation)—
(a)for the definition of “the Banking Advisory Committee” substitute—
““the European Banking Committee” means the Committee established pursuant to a Commission Decision of 5 November 2003 establishing the European Banking Committee (No. 2004/10/EC).”;
(b)in the definition of “the capital adequacy directive”, for “Council Directive 93/6/EC of 15th March 1993” substitute “Directive 2006/49/EC of the European Parliament and of the Council of 14 June 2006”;
(c)in paragraph (b) of the definition of “directive requirement”, for “Article 56a” substitute “Article 143” and for “Article 7(2)” substitute “Article 2 and 37(1)”; and
(d)in the definition of “regulated entity”—
(i)in sub-paragraph (a), for “Article 1(1)” substitute “Article 4(1)”;
(ii)in sub-paragraph (d), for “including the undertakings referred to in Article 2(4)” substitute “including the undertakings referred to in Article 3(1)(b)”.
(3) In regulation 9 (supervision of third-country groups)—
(a)in paragraph (1), for “Article 56a” substitute “Article 143” and for “Article 52” substitute “Articles 71, 72 and 73(1) and (3)”;
(b)in paragraph (1)(b), for “the Banking Advisory Committee” substitute “the European Banking Committee” and for “the second paragraph of Article 56a” substitute “the first sub-paragraph of Article 143(2)”;
(c)in paragraph (2), for “the fifth paragraph of Article 56a” substitute “Article 143(3)”; and
(d)in paragraphs (3)(a) and (b), wherever it appears, for “Article 53” substitute “Articles 125 or 126”.
(4) In regulation 10 (supervision of third-country groups subject to the capital adequacy directive)—
(a)for paragraph (1)(a) substitute—
“(a)the Authority is, for the purposes of Article 143 of the banking consolidation directive, as applied by Articles 2(1) and 37(1) of the capital adequacy directive (supervision) verifying whether a credit institution or an investment firm in a third-country group is subject to supervision by a third-country competent authority which is equivalent to that governed by the principles laid down in Articles 2(1) and 37(1) of the capital adequacy directive; or”;
(b)in paragraph (1)(b), for “Article 56a” substitute “Article 143” and for “Article 7(3)” wherever it appears substitute “Articles 2(2) and 37(1)”;
(c)in paragraph (2)(b), for “the Banking Advisory Committee” substitute “the European Banking Committee” and for “the second paragraph of Article 56a” substitute “Article 143(2)”;
(d)in paragraph (3), for “the fifth paragraph of Article 56a” substitute “Article 143(3)” and for “Article 7” substitute “Articles 2 and 37(1)”; and
(e)in paragraph (4)(a) and (b), for “Article 53” wherever it appears substitute “Articles 125 or 126” and for “Article 7” wherever it appears substitute “Articles 2 and 37(1)”.
(5) In regulation 15(1)(b), for “Articles 54, 55a or 56” substitute “Articles 133, 134, 136, 138, 141, 142 or 143” and for “article 7(2) or (3)” substitute “Article 2(1) or (2) and 37(1)”.
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