PART 2Amendments to the Act
CHAPTER 9Part 12A of the Act: powers exercisable in relation to parent undertakings
IntroductionI457
Part 12A of the Act (powers exercisable in relation to parent undertakings) is amended as follows.
Section 192C (power to direct qualifying parent undertaking)I158
1
Section 192C M1 (power to direct qualifying parent undertaking) is amended as follows.
2
In subsection (3)(a), for “in pursuance of any of the directives mentioned in section 3M(3)” substitute—
in pursuance of—
i
any implementing provision contained in subordinate legislation (within the meaning of the Interpretation Act 1978) made otherwise than by any of the following—
aa
statutory instrument, and
bb
statutory rule for the purposes of the Statutory Rules (Northern Ireland) Order 1979 (S.I. 1979/1573 (N.I. 12)); or
ii
any other implementing provision (as amended from time to time)
3
For subsection (4) substitute—
4
In subsection (3)(a)—
“consolidated supervision” includes supplemental supervision;
“implementing provision” has the same meaning as in section 3M.
Section 192JB (rules requiring parent undertakings to facilitate resolution)I259
In section 192JB M2 (rules requiring parent undertakings to facilitate resolution), in subsection (4), for paragraph (b) substitute—
b
“group financial support agreement” means an agreement for the provision of financial support, by a member of the group of the parent undertaking, to an institution in the group which, at any time after the agreement is concluded, comes to need financial support;