The Credit Institutions and Investment Firms (Miscellaneous Definitions) (Amendment) Regulations 2026
Write the words of this act the way you think they should read. Solon shows your change as a redline against the published text and pins it to that exact text, so it can never be applied to wording you did not see.
Change 1
4 Financial Services and Markets Act 2000
For section 71I (sections 71B to 71H: interpretation) substitute— Sections 71B to 71H: interpretation 71I (1) For the purposes of sections 71B to 71H and this section— “appropriate regulator” means— in relation to a PRA-authorised person, the PRA; in relation to any other authorised person, the FCA; in relation to a parent undertaking that is not an authorised person— the PRA, where the PRA is the consolidating supervisor in relation to that undertaking; the FCA, where the FCA is the consolidating supervisor in relation to that undertaking; in relation to a financial holding company or mixed financial holding company which is not a parent undertaking— the PRA, where the holding company is approved by the PRA under Part 12B; the FCA in all other cases; “consolidated situation” has the meaning given in the glossary of the PRA Rulebook; “consolidating supervisor” means the competent authority responsible for the exercise of supervision on the basis of the consolidated situation of a parent undertaking; “director” includes, in relation to an undertaking which has no board of directors, a member of the equivalent management body responsible for the management of the undertaking concerned; “institution” means a credit institution or an investment firm as defined in article 2(1) of the Bank Recovery and Resolution (No. 2) Order 2014 (S.I. 2014/3348); “parent undertaking” means an institution, financial holding company or mixed financial holding company which— is incorporated in, or formed under the law of, any part of the United Kingdom, is a UK parent, and either— has a subsidiary which is an institution, or holds a participation in an institution; “relevant firm” means— a bank as defined in section 2 of the Banking Act 2009, a building society as defined in section 119 of the Building Societies Act 1986, or a Part 4A investment firm; “senior executive”, in relation to a relevant firm or a parent undertaking, means a person who— exercises executive functions within that firm or that undertaking, and is responsible, and directly accountable to the directors, for the day to day management of that firm or that undertaking. (2) For the purposes of the definition of “parent undertaking” in subsection (1)— (a) an institution, financial holding company or mixed financial holding company is a UK parent if it is not itself the subsidiary of an institution, financial holding company or mixed financial holding company set up in the United Kingdom; (b) an institution, financial holding company or mixed financial holding company (“A”) holds a participation in an institution (“B”) if— (i) A owns, directly or indirectly, 20% or more of the voting rights or capital in B, or (ii) 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. .
4 Financial Services and Markets Act 2000
For section 71I (sections 71B to 71H: interpretation) substitute— Sections 71B to 71H: interpretation 71I (1) For the purposes of sections 71B to 71H and this section— “appropriate regulator” means— in relation to a PRA-authorised person, the PRA; in relation to any other authorised person, the FCA; in relation to a parent undertaking that is not an authorised person— the PRA, where the PRA is the consolidating supervisor in relation to that undertaking; the FCA, where the FCA is the consolidating supervisor in relation to that undertaking; in relation to a financial holding company or mixed financial holding company which is not a parent undertaking— the PRA, where the holding company is approved by the PRA under Part 12B; the FCA in all other cases; “consolidated situation” has the meaning given in the glossary of the PRA Rulebook; “consolidating supervisor” means the competent authority responsible for the exercise of supervision on the basis of the consolidated situation of a parent undertaking; “director” includes, in relation to an undertaking which has no board of directors, a member of the equivalent management body responsible for the management of the undertaking concerned; “institution” means a credit institution or an investment firm as defined in article 2(1) of the Bank Recovery and Resolution (No. 2) Order 2014 (S.I. 2014/3348); “parent undertaking” means an institution, financial holding company or mixed financial holding company which— is incorporated in, or formed under the law of, any part of the United Kingdom, is a UK parent, and either— has a subsidiary which is an institution, or holds a participation in an institution; “relevant firm” means— a bank as defined in section 2 of the Banking Act 2009, a building society as defined in section 119 of the Building Societies Act 1986, or a Part 4A investment firm; “senior executive”, in relation to a relevant firm or a parent undertaking, means a person who— exercises executive functions within that firm or that undertaking, and is responsible, and directly accountable to the directors, for the day to day management of that firm or that undertaking. (2) For the purposes of the definition of “parent undertaking” in subsection (1)— (a) an institution, financial holding company or mixed financial holding company is a UK parent if it is not itself the subsidiary of an institution, financial holding company or mixed financial holding company set up in the United Kingdom; (b) an institution, financial holding company or mixed financial holding company (“A”) holds a participation in an institution (“B”) if— (i) A owns, directly or indirectly, 20% or more of the voting rights or capital in B, or (ii) 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. .
One line that says what changes, such as "Halve the dog tax".
Who it helps, what it costs, what it fixes. It is what persuades people to support it.
A proposal here is not law. Support on Solon is evidence that people want the change; the official route says what it takes to make it law.
Sign in to file your proposal. What you have written stays on this page.
Sign in to file itThink it through
Ask what your change would do, who would gain and who would bear a cost, and where something like it is already law. The assistant reads your draft as it stands, cites the law and the studies it finds, and takes no side. What you file stays yours.