Modifications etc. (not altering text)
C1Pts. 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))
C2Pts. 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
(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.
Textual Amendments
F1Words in s. 1164(2) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 18 para. 121 (with Sch. 20); S.I. 2013/423, art. 3, Sch.