PART 12A

Powers exercisable in relation to parent undertakings

Rules applying to parent undertakings of ring-fenced bodies

Rules applying to parent undertakings of ring-fenced bodies
192JA
1
The appropriate regulator may make such rules applying to bodies corporate falling within subsection (2) as appear to the regulator to be necessary or expedient for the group ring-fencing purposes.
2
A body corporate falls within this subsection if—
a
it is incorporated in the United Kingdom or has a place of business in the United Kingdom,
b
it is a parent undertaking of a ring-fenced body, and
c
it is not itself an authorised person.
3
The “group ring-fencing purposes” are the purposes set out in section 142H(4).
4
“
The appropriate regulator
” means—
a
in relation to the parent undertaking of a ring-fenced body that is a PRA-authorised person, the PRA;
b
in any other case, the FCA.
Ss. 192JA, 192JB and cross-headings inserted (31.12.2014 for the insertion of s. 192JB, 21.4.2016 for the insertion of s. 192JA) by Financial Services (Banking Reform) Act 2013 (c. 33), ss. 133(1), 148(5); S.I. 2014/3160, art. 2(2); S.I. 2016/512, art. 2(b); S.I. 2018/1306, art. 2(l)
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.