The Credit Institutions and Investment Firms (Miscellaneous Definitions) (Amendment) Regulations 2026
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Change 1
20 The Financial Conglomerates and Other Financial Groups Regulations 2004
(1) Regulation 1 (citation, commencement and interpretation) of the Financial Conglomerates and Other Financial Groups Regulations 2004 is amended as follows. (2) In paragraph (2)— (a) after the definition of “the Act” insert— “ancillary services undertaking” means an undertaking the principal activity of which consists of an activity which is ancillary to the principal activity of a credit institution or a designated investment firm (as defined in section 417 of the Act); “common management relationship” means a relationship between an undertaking (“U1”) and one or more undertakings (“U2”) which satisfies the following conditions— U1 and U2 are not connected in the manner described in section 1162 of the Companies Act 2006, and either— U1 and U2 are managed on a unified basis in accordance with a contract between U1 and U2 or the memorandum or articles of association of U2; all or most of the members of the bodies responsible for the supervision or management (“management or supervisory bodies”) of U1 are members of the management or supervisory bodies of U2; ; (b) after the definition of “financial conglomerate” insert— “financial institution” has the meaning given in section 417 of the Act; ; (c) in the definition of “financial sector”— (i) in sub-paragraph (a), omit “, as defined in Articles 4(1)(1), 4(1)(18) and 4(1)(26) of the capital requirements regulation”; (ii) in sub-paragraph (c), for “Article 4(1)(2) of the capital requirements regulation” substitute “section 424A of the Act, that is not a credit institution”; (d) in the definition of “group”— (i) in sub-paragraph (b), omit “as defined in article 4(1)(35) of the capital requirements regulation”; (ii) in sub-paragraph (c), for “relationship within the meaning of a common management relationship as defined in article 4(1)(38A) of the capital requirements regulation” substitute “common management relationship”; (e) after the definition of “supplementary supervision” insert— “undertaking” has the meaning given in section 1161 of the Companies Act 2006. . (3) After paragraph (2) insert— (2A) For the purposes of the definition of “group” in this regulation, a parent undertaking or a subsidiary of the parent undertaking (“A”) holds a participation in an entity (“B”) if— (a) A owns, directly or indirectly, 20% or more of the voting rights or capital of B, or (b) A owns, directly or indirectly, voting rights or capital in B for the purpose of maintaining links with B on a long-term basis which contribute to the activities of A. .
20 The Financial Conglomerates and Other Financial Groups Regulations 2004
(1) Regulation 1 (citation, commencement and interpretation) of the Financial Conglomerates and Other Financial Groups Regulations 2004 is amended as follows. (2) In paragraph (2)— (a) after the definition of “the Act” insert— “ancillary services undertaking” means an undertaking the principal activity of which consists of an activity which is ancillary to the principal activity of a credit institution or a designated investment firm (as defined in section 417 of the Act); “common management relationship” means a relationship between an undertaking (“U1”) and one or more undertakings (“U2”) which satisfies the following conditions— U1 and U2 are not connected in the manner described in section 1162 of the Companies Act 2006, and either— U1 and U2 are managed on a unified basis in accordance with a contract between U1 and U2 or the memorandum or articles of association of U2; all or most of the members of the bodies responsible for the supervision or management (“management or supervisory bodies”) of U1 are members of the management or supervisory bodies of U2; ; (b) after the definition of “financial conglomerate” insert— “financial institution” has the meaning given in section 417 of the Act; ; (c) in the definition of “financial sector”— (i) in sub-paragraph (a), omit “, as defined in Articles 4(1)(1), 4(1)(18) and 4(1)(26) of the capital requirements regulation”; (ii) in sub-paragraph (c), for “Article 4(1)(2) of the capital requirements regulation” substitute “section 424A of the Act, that is not a credit institution”; (d) in the definition of “group”— (i) in sub-paragraph (b), omit “as defined in article 4(1)(35) of the capital requirements regulation”; (ii) in sub-paragraph (c), for “relationship within the meaning of a common management relationship as defined in article 4(1)(38A) of the capital requirements regulation” substitute “common management relationship”; (e) after the definition of “supplementary supervision” insert— “undertaking” has the meaning given in section 1161 of the Companies Act 2006. . (3) After paragraph (2) insert— (2A) For the purposes of the definition of “group” in this regulation, a parent undertaking or a subsidiary of the parent undertaking (“A”) holds a participation in an entity (“B”) if— (a) A owns, directly or indirectly, 20% or more of the voting rights or capital of B, or (b) A owns, directly or indirectly, voting rights or capital in B for the purpose of maintaining links with B on a long-term basis which contribute to the activities of A. .
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