The Financial Services and Markets Act 2000 (Prudential Regulation of FCA Investment Firms) (Definitions for the purposes of Part 9C) Regulations 2021
| Jurisdiction | UK Non-devolved |
| Citation | SI 2021/1046 |
| Year | 2021 |
2021 No. 1046
Financial Services
The Financial Services and Markets Act 2000 (Prudential Regulation of FCA Investment Firms) (Definitions for the purposes of Part 9C) Regulations 2021
Made 14th September 2021
Laid before Parliament 15th September 2021
Coming into force 6th October 2021
The Treasury, in exercise of the powers conferred by section 143B(2) of the Financial Services and Markets Act 20001, makes the following Regulations:
Citation and commencement
1. These Regulations may be cited as the Financial Services and Markets Act 2000 (Prudential Regulation of FCA Investment Firms) (Definitions for the purposes of Part 9C) Regulations 2021 and come into force 21 days after the day on which these Regulations are laid before Parliament.
Interpretation
2. In these Regulations—
“the Act” means the Financial Services and Markets Act 20002;
“Annex 1 activities” has the meaning given in Article 4(1)(26A) of the Capital Requirements Regulation3;
“Capital Requirements Regulation” means Regulation (EU) No 575/2013of the European Parliament and of the Council of 26 June 2013 on prudential requirements for credit institutions and investment firms, and amending Regulation (EU) No 648/2012, as it has effect on the day on which these Regulations are made4;
“connected undertakings” are undertakings where—
(a) the administrative, management or supervisory bodies of those undertakings consist, for the major part, of the same persons in office;
(b) one of the undertakings exercises significant influence over the other undertaking;
(c) the undertakings have been placed under single management, other than under a contract, clauses in their memoranda of association or their articles of association;
(d) one of the undertakings has direct or indirect ownership of 20% or more of the voting rights in, or capital of, the other undertaking; or
(e) one of the undertakings has rights in the capital of the other which create a durable link with the other undertaking, which is intended to contribute to its activities;
“credit institution” has the meaning given in Article 4(1)(1) of the Capital Requirements Regulation;
“FCA Handbook” means the FCA Handbook made by the Financial Conduct Authority under the Act;
“group” has the meaning given in regulation 4;
“IFPR ancillary services undertaking” means an undertaking the principal activity of which consists of—
(a) owning or managing property;
(b) managing data processing services; or
(c) any other similar activity, and
that activity of the undertaking is ancillary to the principal activity of one or more credit institutions or investment firms which are members of the same group as the IFPR ancillary services undertaking;
“IFPR asset management company” has the meaning given to “asset management company” by the Glossary of the FCA Handbook;
“IFPR authorised payment institution” has the meaning given to “authorised payment institution” by the Glossary of the FCA Handbook;
“IFPR AIFM” has the meaning given to “AIFM” by the Glossary of the FCA Handbook;
“IFPR financial holding company” has the meaning given to “financial holding company” in article 4(1)(20) of the Capital Requirements Regulation;
“IFPR financial institution” means an undertaking which—
(a) is an IFPR financial holding company, an...
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