PART 9C

Prudential regulation of FCA investment firms

Rules

Powers to make rules applying to parent undertakings
143E
1
Subsections (1) and (3) of section 143D do not require the FCA to make rules applying to parent undertakings of FCA investment firms which belong to a group which includes a relevant body, but the FCA may make rules described in those subsections applying to such parent undertakings.
2
In subsection (1), “
relevant body
” means—
a
an undertaking (as defined in section 1161(1) of the Companies Act 2006) that has its head office in the United Kingdom and that has permission under Part 4A to accept deposits, other than—
i
an undertaking that also has permission under Part 4A to effect or carry out contracts of insurance, or
ii
a credit union within the meaning of section 1 of the Credit Unions Act 1979;
b
an investment firm that is for the time being designated by the PRA under article 3 of the Financial Services and Markets Act 2000 (PRA-regulated Activities) Order 2013 (S.I. 2013/556).
3
The FCA may make rules applying to parent undertakings of FCA investment firms which impose requirements for the disclosure of information about such undertakings' branches and subsidiary undertakings outside the United Kingdom.
4
The FCA's powers to make rules under subsections (1) and (3) are powers to do so—
a
in relation to authorised parent undertakings, in exercise of its power to make general rules, and
b
in relation to non-authorised parent undertakings, where such rules appear to it to be necessary or expedient for the purpose of advancing one or more of its operational objectives.
5
Section 143D(4)
applies
in relation to rules made by the FCA in exercise of the powers conferred by, or described in, this section as
it applies
in relation to rules made in the performance of the FCA's duties under that section.
6
Section 143D
... (7), (8) and (9) apply in relation to rules made under this section applying to non-authorised parent undertakings as they apply in relation to rules made under section 143D(3).
Word in s. 143E(5) substituted (1.1.2024) by The Financial Services and Markets Act 2023 (Consequential Amendments) Regulations 2023 (S.I. 2023/1410), regs. 1(2), 2(5)(a)(i)
Words in s. 143E(5) substituted (1.1.2024) by The Financial Services and Markets Act 2023 (Consequential Amendments) Regulations 2023 (S.I. 2023/1410), regs. 1(2), 2(5)(a)(ii)
Word in s. 143E(6) omitted (1.1.2024) by virtue of The Financial Services and Markets Act 2023 (Consequential Amendments) Regulations 2023 (S.I. 2023/1410), regs. 1(2), 2(5)(b)
Pt. 9C inserted (1.7.2021) by Financial Services Act 2021 (c. 22), s. 49(5), Sch. 2 para. 1; S.I. 2021/671, reg. 4(b)