IMPLEMENTS
Directive 2002/87/EC of the European Parliament and of the Council of 16 December 2002 on the supplementary supervision of credit institutions, insurance undertakings and investment firms in a financial conglomerate and amending Council Directives 73/239/EEC, 79/267/EEC, 92/49/EEC, 92/96/EEC, 93/6/EEC and 93/22/EEC, and Directives 98/78/EC and 2000/12/EC of the European Parliament and of the Council

COMMENTED by
The Financial Conglomerates and Other Financial Groups Regulations 2004 (Note)

EXTENDED by
The Financial Conglomerates and Other Financial Groups Regulations 2004 (Memo)

The Financial Conglomerates and Other Financial Groups Regulations 2004

STATUTORY INSTRUMENTS

2004 No. 1862

FINANCIAL SERVICES AND MARKETS

The Financial Conglomerates and Other Financial Groups Regulations 2004

Made 19th July 2004

Laid before Parliament 19th July 2004

Coming into force 10th August 2004

Whereas the Treasury are a government department designated for the purposes of section 2(2) of the European Communities Act 1972[1] in relation to -

(a) the authorisation of the carrying on of insurance business and the regulation of such business and its conduct[2];

(b) credit and financial institutions and the taking of deposits or other repayable funds from the public[3];

(c) measures relating to investment firms and to the provision of investment services[4]; and

(d) collective investment in transferable securities and other liquid assets[5];

Now therefore the Treasury, in exercise of the powers conferred upon them by section 2(2) of the European Communities Act 1972 and sections 183(2), 188(2), 417(1)[6] and 428(3) of the Financial Services and Markets Act 2000[7] hereby make the following Regulations:

PART 1

Introduction

Citation, commencement and interpretation

1. - (1) These Regulations may be cited as the Financial Conglomerates and Other Financial Groups Regulations 2004 and come into force on 10th August 2004.

(2) In these Regulations -

"the Act" means the Financial Services and Markets Act 2000;

"the Banking Advisory Committee" means the Committee established pursuant to Article 57 of the banking consolidation directive[8];

"the capital adequacy directive" means Council Directive 93/6/EE...

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