The Financial Services Act 2021 (Prudential Regulation of Credit Institutions and Investment Firms) (Consequential Amendments and Miscellaneous Provisions) Regulations 2021
| Jurisdiction | UK Non-devolved |
| Citation | SI 2021/1376 |
| Year | 2021 |
(1) These Regulations may be cited as the Financial Services Act 2021 (Prudential Regulation of Credit Institutions and Investment Firms) (Consequential Amendments and Miscellaneous Provisions) Regulations 2021.(2) This Part and Part 6 come into force on the day after the day on which these Regulations are made.(3) The remaining Parts come into force on 1st January 2022.(4) These Regulations extend to England and Wales, Scotland and Northern Ireland.(1) Section 387A (financial institutions and their non-preferential debts) of the Insolvency Act 1986after paragraph (d) insert—“, except for the definitions of “consolidated basis” and “consolidated situation”” .(4) After subsection (2) insert—“except for the definitions of “consolidated basis” and “consolidated situation”” .(4) After paragraph (2) insert—
- (da) an investment holding company,
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(e) a financial institution which is—
(i) a subsidiary of an entity referred to in paragraphs (a) to (da) , and (ii) covered by the supervision of that entity on a consolidated basis by the Financial Conduct Authority in accordance with Part 9C rules or by the Prudential Regulation Authority in accordance with Regulation (EU) No 575/2013 of the European Parliament and of the Council of 26 June 2013 on prudential requirements for credit institutions and investment firms or CRR rules, or,
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(2A) For the purposes of subsection (1) —
- “on a consolidated basis” means on the basis of the consolidated situation;
- “consolidated situation” means the situation that results from an entity being treated, for the purposes of Part 9C rules, Regulation (EU) 575/2013 or CRR rules (as appropriate) , as if that entity and one or more other entities formed a single entity;
- “CRR rules” has the meaning given in section 144A of the Financial Services and Markets Act 2000;
- “Part 9C rules” has the meaning given in section 143F of the Financial Services and Markets Act 2000.
- “on a consolidated basis” means on the basis of the consolidated situation;
- “consolidated situation” means the situation that results from an entity being treated, for the purposes of Part 9C rules, Regulation (EU) 575/2013 or CRR rules (as appropriate) , as if that entity and one or more other entities formed a single entity;
- “CRR rules” has the meaning given in section 144A of the Financial Services and Markets Act 2000;
- “Part 9C rules” has the meaning given in section 143F of the Financial Services and Markets Act 2000.
- (da) an investment holding company,
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(e) a financial institution which is—
(i) a subsidiary of an entity referred to in sub-paragraphs (a) to (da) , and (ii) covered by the supervision of that entity on a consolidated basis by the Financial Conduct Authority in accordance with Part 9C rules or by the Prudential Regulation Authority in accordance with Regulation (EU) No 575/2013 of the European Parliament and of the Council of 26 June 2013 on prudential requirements for credit institutions and investment firms or CRR rules, or,
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(2A) For the purposes of paragraph (1) —
- “on a consolidated basis” means on the basis of the consolidated situation;
- “consolidated situation” means the situation that results from an entity being treated, for the purposes of Part 9C rules, Regulation (EU) 575/2013 or CRR rules (as appropriate) , as if that entity and one or more other entities formed a single entity;
- “CRR rules” has the meaning given in section 144A of the Financial Services and Markets Act 2000;
- “Part 9C rules” has the meaning given in section 143F of the Financial Services and Markets Act 2000.
- “on a consolidated basis” means on the basis of the consolidated situation;
- “consolidated situation” means the situation that results from an entity being treated, for the purposes of Part 9C rules, Regulation (EU) 575/2013 or CRR rules (as appropriate) , as if that entity and one or more other entities formed a single entity;
- “CRR rules” has the meaning given in section 144A of the Financial Services and Markets Act 2000;
- “Part 9C rules” has the meaning given in section 143F of the Financial Services and Markets Act 2000.
- (c) Part 9C rules;
- (d) CRR rules; or
- (e) rules made under section 192XA.
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