PART 12A

Powers exercisable in relation to parent undertakings

Introductory

Meaning of “qualifying authorised person”
192A
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.
Pt. 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.