Financial Services and Markets Act 2000 (c. 8)

Part V U.K. Performance of Regulated Activities

Modifications etc. (not altering text)

C1 Pt. 5 modified (1.12.2001) by S.I. 2001/3592, arts. 1(2), 114(3)(a), 128(3)(a) (with art. 23(2))

C2 Pt. 5 modified (7.11.2018) by The EEA Passport Rights (Amendment, etc., and Transitional Provisions) (EU Exit) Regulations 2018 (S.I. 2018/1149), regs. 1(2), 23 (with regs. 4, 22, 26(1)(2)) (as amended (31.1.2020 immediately before exit day) by The Financial Services (Consequential Amendments) Regulations 2020 (S.I. 2020/56), regs. 1, 6(2))

C3 Pt. 5 modified by S.I. 2018/1149, reg. 69 (as inserted (1.3.2019) by The Financial Services Contracts (Transitional and Saving Provision) (EU Exit) Regulations 2019 (S.I. 2019/405), regs. 1(2), 4)

[F1 Removal of directors and senior executives and appointment of temporary manager U.K.

Textual Amendments

F1 Ss. 71B-71I and cross-heading inserted (16.12.2016) by The Bank Recovery and Resolution Order 2016 (S.I. 2016/1239), arts. 1(2), 32

71I. Sections 71B to 71H: interpretation U.K.

(1) For the purposes of sections 71B to 71H “relevant firm” means—

(a) a bank as defined in section 2 of the Banking Act 2009,

(b) a building society as defined in section 119 of the Building Societies Act 1986, or

(c) an investment firm as defined in [F2 Article 4(1)(2) of the capital requirements regulation].

(2) For the purposes of sections 71C to 71H, “parent undertaking” means an institution, financial holding company or mixed financial holding company which—

(a) is incorporated in, or formed under the law of, any part of the United Kingdom,

(b) is [F3 a UK parent], and

(c) either—

(i) has a subsidiary which is an institution, or

(ii) holds a participation (within the meaning given by Article 4.1(35) of the capital requirements regulation) in an institution.

(3) For the purposes of subsection (2), an institution, financial holding company or mixed financial holding company is [F4 a UK parent] if it is not itself the subsidiary of an institution, financial holding company or mixed financial holding company set up in [F5 the United Kingdom].

(4) In [F6 sections 71B to 71H and this section]—

• “institution” means a credit institution or an investment firm as defined in [F7 article 2(1) of the Bank Recovery and Resolution (No. 2) Order 2014];

• “financial holding company” and “mixed financial holding company” have the meanings given in Article 4.1(20) and 4.1(21) of the capital requirements regulation.

(5) For the purposes of sections 71B to 71H—

• “appropriate regulator” means—

  (a)

  in relation to a PRA-authorised person, the PRA,

  (b)

  in relation to any other authorised person, the FCA,

  (c)

  in relation to a parent undertaking that is not an authorised person—

  (i)

  the PRA, where the PRA is the consolidating supervisor in relation to that undertaking;

  (ii)

  the FCA, where the FCA is the consolidating supervisor in relation to that undertaking;

  (d)

  [F8 in relation to a financial holding company or mixed financial holding company which is not a parent undertaking—

  (i)

  the PRA, where the holding company is approved by the PRA under Part 12B;

  (ii)

  the FCA in all other cases;]

• “consolidating supervisor” means the competent authority responsible for the exercise of supervision on the basis of the consolidated situation (within the meaning of Article 4.1(47) of the capital requirements regulation) of an institution which is [F9 a UK parent];

• “director” includes, in relation to an undertaking which has no board of directors, a member of the equivalent management body responsible for the management of the undertaking concerned;

• F10 ...

• “senior executive”, in relation to a relevant firm or a parent undertaking, means a person who—

  (a)

  exercises executive functions within that firm or that undertaking; and

  (b)

  is responsible, and directly accountable to the directors, for the day to day management of that firm or that undertaking.]

Textual Amendments

F2 Words in s. 71I(1)(c) substituted (1.1.2022) by The Financial Services Act 2021 (Prudential Regulation of Credit Institutions and Investment Firms) (Consequential Amendments and Miscellaneous Provisions) Regulations 2021 (S.I. 2021/1376), regs. 1(3), 4(5)

F3 Words in s. 71I(2)(b) substituted (31.12.2020) by The Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/632), regs. 1(3), 30(2); 2020 c. 1, Sch. 5 para. 1(1)

F4 Words in s. 71I(3) substituted (31.12.2020) by The Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/632), regs. 1(3), 30(3)(a); 2020 c. 1, Sch. 5 para. 1(1)

F5 Words in s. 71I(3) substituted (31.12.2020) by The Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/632), regs. 1(3), 30(3)(b); 2020 c. 1, Sch. 5 para. 1(1)

F6 Words in s. 71I(4) substituted (29.12.2020) by The Financial Holding Companies (Approval etc.) and Capital Requirements (Capital Buffers and Macro-prudential Measures) (Amendment) (EU Exit) Regulations 2020 (S.I. 2020/1406), regs. 1(4), 2(6)(a) (with reg. 5)

F7 Words in s. 71I(4) substituted (31.12.2020) by The Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/632), regs. 1(3), 30(4); 2020 c. 1, Sch. 5 para. 1(1)

F8 Words in s. 71I(5) inserted (29.12.2020) by The Financial Holding Companies (Approval etc.) and Capital Requirements (Capital Buffers and Macro-prudential Measures) (Amendment) (EU Exit) Regulations 2020 (S.I. 2020/1406), regs. 1(4), 2(6)(b) (with reg. 5)

F9 Words in s. 71I(5) substituted (31.12.2020) by The Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/632), regs. 1(3), 30(5)(a); 2020 c. 1, Sch. 5 para. 1(1)

F10 Words in s. 71I(5) omitted (31.12.2020) by virtue of The Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/632), regs. 1(3), 30(5)(b); 2020 c. 1, Sch. 5 para. 1(1)