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Financial Conglomerates and Other Financial Groups Regulations 2004 [SI 2004 No. 1862]Introductory TextPart 1 Introduction (reg. 1)Regulation 1 Citation, commencement and interpretationPart 2 Exercise of supplementary supervision of regulated entitiesin a financial conglomerate (regs. 2-6)Regulation 2 Notification of identification as a financial conglomerate and choice of co-ordinatorRegulation 3 Exercise of functions under Part IV of the Act for the purposes of carrying on supplementary supervisionRegulation 4 Exercise of functions under section 138A of the Act for the purposes of carrying on supplementary supervisionRegulation 5 Consultation in the case of major sanctions or exceptional measuresRegulation 6 Regulator functions and service of notificationsPart 3 Supplementary supervision of third-country financial conglomerates and third-country groups (regs. 7-10)Regulation 7 Supervision of third-country financial conglomerates and third-country groups - interpretationRegulation 8 Supervision of third-country financial conglomeratesRegulation 9 Supervision of third-country banking groupsRegulation 10 Supervision of third-country groups subject to the capital requirements regulation and capital requirement directivePart 4 Provisions relating to information (regs. 11-12)Regulation 11 Disclosure of confidential informationRegulation 12 Obtaining information - avoidance of duplication of reportingPart 5 Miscellaneous (regs. 13-24)Regulation 13 Consultation on change of controlRegulation 14 References to existing directivesRegulation 15 Extension of power to vary Part IV permissionsThresholds for identifying a financial conglomerate (regs. 16-20)Regulation 16Regulation 17Regulation 18Regulation 19Regulation 20Scope of supplementary supervision of regulated entities (regs. 21-23A)Regulation 21Regulation 22Regulation 23Regulation 23A Interpretation of regulations 16 to 23Regulation 24 Capital adequacySignatureExplanatory NoteExplanatory Memorandum
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Version status: In force | Document consolidation status: Updated to reflect all known changes
Version date: 31 December 2020 - onwards
Version 5 of 5

Regulation 2 Notification of identification as a financial conglomerate and choice of co-ordinator

(1) Where a regulator has become the co-ordinator for a financial conglomerate, it must notify -

(a) the relevant member of that financial conglomerate;

(aa) the other regulator;

(b) [deleted]

(c) [deleted]

(d) [deleted]

that the group has been identified as a financial conglomerate and that the regulator is the co-ordinator for that financial conglomerate.

(2) Paragraph (3) applies if -

(a) a regulator is a relevant competent authority in relation to a financial conglomerate, and

(b) that regulator, in conjunction with the other relevant competent authorities, proposes to waive the criteria specified in paragraph (2A) and appoint a different competent authority as co-ordinator.

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