The Financial Services and Markets Act 2000 (Consultation with Competent Authorities) Regulations 2001

Made: 12th July 2001

Laid before Parliament: 13th July 2001

Coming into force

The Treasury, in exercise of the powers conferred on them by sections 183(2), 188(2), 417(1) and 428(3) of the Financial Services and Markets Act 2000, hereby make the following Regulations:

1

These Regulations may be cited as the Financial Services and Markets Act 2000 (Consultation with Competent Authorities) Regulations 2001 and come into force on the day on which section 19 of the Act comes into force.

2

In these Regulations—

• “the Act” means the Financial Services and Markets Act 2000;

• “EEA credit institution” means an EEA firm falling within paragraph 5(b) of Schedule 3 to the Act ;

• “EEA investment firm” means an EEA firm falling within paragraph 5(a) of Schedule 3 to the Act;

• “investment firm”, except in the term “EEA investment firm”, has the meaning given by article 4(5) of the Regulated Activities Order;

• “the Regulated Activities Order” means the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 ;

• “UK authorised person” has the meaning given by section 178(4) of the Act.

3

Where paragraph (1) or (2) of regulation 5 applies, the requirement specified by regulation 6 is prescribed for the purposes of section 183(2) of the Act (and so must be complied with by the Authority before determining whether to approve of the change of control or to give a warning notice under section 183(3) or 185(3) of the Act).

4

Where—

• (a) paragraph (1) or (2) of regulation 5 applies; and

• (b) the Authority proposes to give a notice of objection under 187(1) of the Act;

the requirement specified by regulation 6 is prescribed for the purposes of section 188(2) of the Act (and so must be complied with by the Authority before it gives a warning notice under section 188(1) of the Act).

5

• (1) This paragraph applies where—

• (a) a person (“the acquirer”) proposes to acquire or has acquired control, an additional kind of control or an increase in a relevant kind of control over a UK authorised person in circumstances falling within section 178(1) or (2) of the Act;

• (b) that UK authorised person is an investment firm;

• (c) the acquirer is either—

• (i) an EEA investment firm; or

• (ii) the parent undertaking of an EEA investment firm; and

• (d) as a result of the acquisition or proposed acquisition, the acquirer is or would become a parent undertaking of the UK authorised person.

• (2) This paragraph applies where—

• (a) a person (“the acquirer”) proposes to acquire or has acquired control, an additional kind of control or an increase in a relevant kind of control over a UK authorised person in circumstances falling within section 178(1) or (2) of the Act;

• (b) that UK authorised person has permission to accept deposits (within the meaning of the Regulated Activities Order);

• (c) the acquirer is either—

• (i) an EEA credit institution; or

• (ii) the parent undertaking of an EEA credit institution; and

• (d) as a result of the acquisition or proposed acquisition, the acquirer is or would become a parent undertaking of the UK authorised person.

6

The requirement specified by this regulation is that the Authority must consult the home state regulator of each EEA investment firm that is mentioned in regulation 5(1)(c)(i) or (ii) or each EEA credit institution that is mentioned in regulation 5(2)(c)(i) or (ii), as the case may be.

Signed

Nick Ainger — John Heppell — Two of the Lords Commissioners of Her Majesty’s Treasury — 12th July 2001

Explanatory note

(This note is not part of the Regulations)

Footnotes

[^f00001]: See the definition of “prescribed”.

[^f00002]: 2000 c. 8.

[^f00003]: Amended by S.I. 2000/2952.

[^f00004]: S.I. 2001/544.

Editorial notes

[^c15606021]: See the definition of “prescribed”.

[^c15606031]: 2000 c. 8.

[^c15606041]: Amended by S.I. 2000/2952.

[^c15606051]: S.I. 2001/544.