1
Application and Definitions
1.1
Unless otherwise stated, this Part applies to every firm and Chapter 8 applies only to a BRRD undertaking.
- 19/01/2015
1.2
In this Part, the following definitions shall apply:
means (in relation to a firm) a person resident in the UK who is authorised to act generally, and to accept service of any document, on behalf of the firm.
- (1) (in relation to a credit institution) means:
- (a) a place of business which forms a legally dependent part of a credit institution and which carries out directly all or some of the transactions inherent in the business of credit institutions.
- (b) for the purposes of the CRD and in accordance with Article 38 of the CRD, any number of places of business set up in the same EEA State by a credit institution with headquarters in another EEA State are to be regarded as a single branch;
- (2) (in relation to an investment firm) has the meaning given in Article 4(1)(26) of MiFID; and
- (3) (in relation to an insurance undertaking) any permanent presence of the insurance undertaking in an EEA State other than that in which it has its head office is to be regarded as a single branch, whether that presence consists of a single office which, or two or more offices each of which:
- (a) is managed by the insurance undertaking's own staff; or
- (b) is an agency of the insurance undertaking; or
- (c) is managed by a person who is independent of the insurance undertaking, but has permanent authority to act for the insurance undertaking as an agency would.
means a BRRD undertaking’s body or bodies, which are appointed in accordance with national law, which are empowered to set the BRRD undertaking’s strategy, objectives and overall direction, and which oversee and monitor management decision-making, and include the persons who effectively direct the business of the BRRD undertaking.
has the meaning given in point (16) of Article 2 of the Financial Groups Directive.
means the undertakings included in the scope of consolidation pursuant to Articles 18(1), 18(8), 19(1), 19(3) and 23 of the CRR and Groups 2.1- 2.3.
means, in relation to a financial conglomerate, the competent authority appointed as coordinator in accordance with Article 10(1) of the Financial Groups Directive.
means a firm with permission for operating a dormant account fund.
means a financial conglomerate that is of a type that falls under Article 5(2) of the Financial Groups Directive.
extraordinary public financial support
means State aid, or any other public financial support at supra-national level, which, if provided for at national level, would constitute State aid, that is provided in order to preserve or restore the viability, liquidity or solvency of a BRRD undertaking or of a group of which a BRRD undertaking forms part.
has the meaning given in point (14) of Article 2 of the Financial Groups Directive.
means 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.
has the meaning set out at point 20 of Article 4(1) of the CRR.
means a court order made by the High Court that prohibits a person from doing or continuing to do a certain act or requires a person to carry out a certain act.
means an administration order, compulsory winding up order, bankruptcy order or sequestration order.
means Commission Regulation (EC) 1287/2006 implementing Directive 2004/39/EC of the European Parliament and of the Council as regards organisational requirements and operating conditions for investment firms and defined terms for the purposes of that Directive.
mixed-activity holding company
has the meaning set out at point 22 of Article 4(1) of the CRR.
mixed financial holding company
has the meaning set out at point 21 of Article 4(1) of the CRR.
(in relation to a firm) means a rule requiring a firm to give the PRA notice of, or information regarding, an event, but excluding a rule requiring periodic submission of a report.
has the meaning given in Article 3(1) of the Regulated Activities Order.
operating a dormant account fund
means either of the regulated activities specified in Article 63N(1) of the Regulated Activities Order.
has the meaning given in section 195(3) of FSMA.
has the meaning set out at point (118) of Article 4(1) of the CRR.
means one of the following:
- (1) a credit institution;
- (2) an insurance undertaking within the meaning of Article 4 of the Consolidated Life Directive, Article 6 of the First Non-Life Directive or Article 1(b) of the Insurance Groups Directive; or
- (3) an investment firm,
whether or not it is incorporated in, or has its head office in, an EEA State.
has the meaning given in point (83) of Article 4(1) of the CRR.
means an individual who is a firm.
means any aid granted by an EEA State or through an EEA State’s resources in any form whatsoever which distorts or threatens to distort competition by favouring certain undertakings or the production of certain goods and which affects trade between EEA States.
- 19/01/2015
1.3
This Part applies to incoming firms without a top-up permission as follows:
- (1) 1 applies in full;
- (2) 2.1-2.3 apply in so far as responsibility for the matter in question is not reserved by an EU instrument to the firm's Home State regulator;
- (3) 2.4-2.5 apply in full;
- (4) 2.6-2.9 apply in so far as responsibility for the matter in question is not reserved by an EU instrument to the firm's Home State regulator;
- (5) 3-4 do not apply;
- (6) 5.1-5.3 apply in full except that 5.2(2) does not apply to an incoming EEA firm without a top-up permission;
- (7) 5.4 applies in so far as responsibility for the matter in question is not reserved by an EU instrument to the firm's Home State regulator;
- (8) 5.5 applies in full; and
- (9) 6, 7 and 9 apply in full.
- 19/01/2015
1.4
This Part:
- (1) applies with respect to the carrying on of both regulated activities and unregulated activities; and
- (2) takes into account any activity of other members of a group of which the firm is a member.
- 19/06/2014