133 Power of FCA and PRA to make rules applying to parent undertakings
Financial Services (Banking Reform) Act 2013 (2013 c 33) | Legislation

Parent undertakings

133  Power of FCA and PRA to make rules applying to parent undertakings

(1)     After section 192J of FSMA 2000 insert—

“Rules applying to parent undertakings of ring-fenced bodies
192JA Rules applying to parent undertakings of ring-fenced bodies

(1)     The appropriate regulator may make such rules applying to bodies corporate falling within subsection (2) as appear to the regulator to be necessary or expedient for the group ring-fencing purposes.

(2)     A body corporate falls within this subsection if—

(a)     it is incorporated in the United Kingdom or has a place of business in the United Kingdom,

(b)     it is a parent undertaking of a ring-fenced body, and

(c)     it is not itself an authorised person.

(3)     The “group ring-fencing purposes” are the purposes set out

Powered by Lexis+®
 

Popular documents

LEXISNEXIS

Pension commencement lump sums (PCLSs)

Pension commencement lump sums (PCLSs)When a member of a pension scheme becomes entitled to receive their scheme benefits, they can usually take part as a tax-free lump sum. HMRC calls this a ‘pension commencement lump sum’ (PCLS). Taking a lump sum is usually at the option of the member who will

LEXISNEXIS

PRA Rulebook—introduction for the insurance and reinsurance sector

PRA Rulebook—introduction for the insurance and reinsurance sectorOn 29 August 2015, the Prudential Regulation Authority (PRA) published the PRA Rulebook (Rulebook). The transition from the Handbook to the Rulebook was intended to benefit PRA-authorised firms, to access clearer and more concise

LEXISNEXIS

Subrogation in insurance and reinsurance

Subrogation in insurance and reinsuranceWhat is the right of subrogation?In the context of insurance and reinsurance, the right of subrogation entitles an insurer or reinsurer, having indemnified the (re)insured, to ‘step into its shoes’ to bring an action in the (re)insured’s name. For the purpose

LEXISNEXIS

Medco

MedcoSTOP PRESS: A new RTA small claims protocol for whiplash claims comes into effect for accidents occurring on or after 31 May 2021. The small claims track limit for personal injury claims arising from an RTA is increased to £5000 in respect of general damages for pain, suffering and loss of