The Credit Institutions and Investment Firms (Miscellaneous Definitions) (Amendment) Regulations 2026
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Change 1
22 The Bank Recovery and Resolution (No. 2) Order 2014
(1) Article 2 (interpretation) of the Bank Recovery and Resolution (No. 2) Order 2014 is amended as follows. (2) In paragraph (1)— (a) for the definition of “subsidiary” substitute— “subsidiary” has the meaning given to “subsidiary undertaking” in section 1162 of the Companies Act 2006; ; (b) for the definition of “UK parent institution” substitute— “UK parent institution” means a relevant UK authorised person which— is not the subsidiary of— a relevant UK authorised person, a financial holding company established in the United Kingdom, or a mixed financial holding company established in the United Kingdom, and either— has a credit institution, a designated investment firm, a financial institution or an ancillary services undertaking as a subsidiary, or holds a participation in a credit institution, a designated investment firm, a financial institution or an ancillary services undertaking; . (3) After paragraph (1) insert— (1A) For the purpose of the definition of “UK parent institution” in paragraph (1)— (a) “ancillary services undertaking” has the meaning given in regulation 1(2) of the Financial Conglomerates and Other Financial Groups Regulations 2004; (b) “designated investment firm”, “financial holding company” and “financial institution” have the meanings given in section 417 of FSMA; (c) “relevant UK authorised person” means a UK authorised person which is a credit institution or a designated investment firm; (d) a financial holding company or a mixed financial holding company is established in the United Kingdom if it is incorporated in, or formed under the law of, any part of the United Kingdom; (e) a relevant UK authorised person holds a participation in a credit institution, a designated investment firm, a financial institution or an ancillary services undertaking (“a relevant firm”) if the relevant UK authorised person— (i) owns, directly or indirectly, 20% or more of the voting rights in the relevant firm, or (ii) owns, directly or indirectly, voting rights or capital in the relevant firm for the purpose of maintaining links with the relevant firm on a long-term basis which contribute to the activities of the relevant UK authorised person. .
22 The Bank Recovery and Resolution (No. 2) Order 2014
(1) Article 2 (interpretation) of the Bank Recovery and Resolution (No. 2) Order 2014 is amended as follows. (2) In paragraph (1)— (a) for the definition of “subsidiary” substitute— “subsidiary” has the meaning given to “subsidiary undertaking” in section 1162 of the Companies Act 2006; ; (b) for the definition of “UK parent institution” substitute— “UK parent institution” means a relevant UK authorised person which— is not the subsidiary of— a relevant UK authorised person, a financial holding company established in the United Kingdom, or a mixed financial holding company established in the United Kingdom, and either— has a credit institution, a designated investment firm, a financial institution or an ancillary services undertaking as a subsidiary, or holds a participation in a credit institution, a designated investment firm, a financial institution or an ancillary services undertaking; . (3) After paragraph (1) insert— (1A) For the purpose of the definition of “UK parent institution” in paragraph (1)— (a) “ancillary services undertaking” has the meaning given in regulation 1(2) of the Financial Conglomerates and Other Financial Groups Regulations 2004; (b) “designated investment firm”, “financial holding company” and “financial institution” have the meanings given in section 417 of FSMA; (c) “relevant UK authorised person” means a UK authorised person which is a credit institution or a designated investment firm; (d) a financial holding company or a mixed financial holding company is established in the United Kingdom if it is incorporated in, or formed under the law of, any part of the United Kingdom; (e) a relevant UK authorised person holds a participation in a credit institution, a designated investment firm, a financial institution or an ancillary services undertaking (“a relevant firm”) if the relevant UK authorised person— (i) owns, directly or indirectly, 20% or more of the voting rights in the relevant firm, or (ii) owns, directly or indirectly, voting rights or capital in the relevant firm for the purpose of maintaining links with the relevant firm on a long-term basis which contribute to the activities of the relevant UK authorised person. .
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