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Version Superseded: 09/06/2021
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Financial Services and Markets Act 2000, Section 192O is up to date with all changes known to be in force on or before 28 May 2024. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
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(1)In this Part—
“consolidated basis” has the meaning given in Article 4(1)(48) of the capital requirements regulation;
“designated investment firm” means an investment firm which 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;
“Directive 2013/36/EU UK law” means—
before IP completion day, the law of the United Kingdom which is relied on by the United Kingdom to implement the capital requirements directive and its implementing measures (“the relevant EU provisions”); and
after IP completion day, the law of the United Kingdom which was relied on immediately before that date to implement the relevant EU provisions as it has effect—
on IP completion day, in the case of rules made by the FCA or by the PRA under this Act, and
as amended from time to time, in all other cases,
but the law of the United Kingdom does not for these purposes include section 192V rules;
“financial holding company” has the meaning given in Article 4(1)(20) of the capital requirements regulation;
“financial institution” has the meaning given in Article 4(1)(26) of the capital requirements regulation;
“institution” means a credit institution or an investment firm;
“investment firm” has the meaning given in Article 4(1)(2) of the capital requirements regulation;
“mixed financial holding company” has the meaning given in Article 4(1)(21) of the capital requirements regulation;
“parent institution” means an institution which is a parent undertaking;
“parent undertaking” has the meaning given in section 420;
“section 192V rules” means rules made by the PRA under section 192V;
“sub-consolidated basis” has the meaning given in Article 4(1)(49) of the capital requirements regulation;
“subsidiary institution” means an institution which is a subsidiary undertaking.
(2)A “parent financial holding company” or “parent mixed financial holding company” means a financial holding company or a mixed financial holding company which—
(a)is a UK parent financial holding company or a UK parent mixed financial holding company, within the meaning given in Article 4(1)(30) and 4(1)(32) respectively of the capital requirements regulation; or
(b)is required, whether by the PRA by direction under section 192C or otherwise, to comply with the capital requirements regulation and Directive 2013/36/EU UK law on a sub-consolidated basis.]
Textual Amendments
F1Pt. 12B inserted (28.12.2020 for specified purposes, 29.12.2020 in so far as not already in force) 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(3)(a)(b), 2(7) (with reg. 5)
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