C2C1Part 38Companies: interpretation
Pts. 1-39 (except for Pt. 7 and ss. 662-669), 45-47 extended (12.5.2011) by The Companies Act 2006 (Consequential Amendments and Transitional Provisions) Order 2011 (S.I. 2011/1265), art. 5(1), Sch. 1 para. 2
Other definitions
1164Meaning of “banking company” and “banking group”
1
This section defines “banking company” and “banking group” for the purposes of the Companies Acts.
2
“Banking company” means a person who has permission under F1Part 4A of the Financial Services and Markets Act 2000 (c. 8) to accept deposits, other than—
a
a person who is not a company, and
b
a person who has such permission only for the purpose of carrying on another regulated activity in accordance with permission under that Part.
3
The definition in subsection (2) must be read with section 22 of that Act, any relevant order under that section and Schedule 2 to that Act.
4
References to a banking group are to a group where the parent company is a banking company or where—
a
the parent company's principal subsidiary undertakings are wholly or mainly credit institutions, and
b
the parent company does not itself carry on any material business apart from the acquisition, management and disposal of interests in subsidiary undertakings.
“Group” here means a parent undertaking and its subsidiary undertakings.
5
For the purposes of subsection (4)—
a
a parent company's principal subsidiary undertakings are the subsidiary undertakings of the company whose results or financial position would principally affect the figures shown in the group accounts, and
b
the management of interests in subsidiary undertakings includes the provision of services to such undertakings.
Pts. 1-39 modified (31.12.2020) by Regulation (EC) No. 2157/2001, Art. AAA1(3) (as inserted by The European Public Limited-Liability Company (Amendment etc.) (EU Exit) Regulations 2018 (S.I. 2018/1298), regs. 1, 97 (with regs. 140-145) (as amended by S.I. 2020/523, regs. 1(2), 5(a)-(f)); 2020 c. 1, Sch. 5 para. 1(1))