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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 4 of 4

Regulation 3 Exercise of functions under Part IV of the Act for the purposes of carrying on supplementary supervision

(1) This regulation applies if a regulator is considering varying the Part IV permission of any person ("A") where -

(a) A is a member of a financial conglomerate; and

(b) that regulator is acting in the course of carrying on supplementary supervision.

(2) Section 55R(2) of the Act (obligation to consult home state regulators of connected persons) does not apply.

(3) Before varying the Part IV permission of A, that regulator must -

(a) consult the relevant competent authorities in relation to the financial conglomerate of which A is a member; and

(b) [deleted]

(c) consult the financial conglomerate of which A is a member.

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