The Financial Services and Markets Act 2000 (Consequential Amendments of References to Rules and Miscellaneous Amendments) Regulations 2022

• Citation: S.I. 2022/854
• Sections: 3

Section 1 Citation, commencement and extent

(1) These Regulations may be cited as the Financial Services and Markets Act 2000 (Consequential Amendments of References to Rules and Miscellaneous Amendments) Regulations 2022.

(2) These Regulations come into force on 17th August 2022.

(3) These Regulations extend to England and Wales, Scotland and Northern Ireland.

Section 2 Financial Conglomerates and Other Financial Groups Regulations 2004

(1) Regulation 1(2) (citation, commencement and interpretation) of the Financial Conglomerates and Other Financial Groups Regulations 2004 is amended as follows—

(a) for the definition of “financial conglomerate” substitute—

“financial conglomerate”, except in the term “ third-country financial conglomerate ” as defined in regulation 7(1), has the meaning given in the Glossary of definitions in the FCA Handbook as it has effect on 17th August 2022;

(b) for the definition of “financial sector” substitute—

“ financial sector ” means a sector composed of one or more of the following entities–

a credit institution, an ancillary services undertaking or financial institution, as defined in Articles 4(1)(1), 4(1)(18) and 4(1)(26) of the capital requirements regulation (the banking sector);

an entity within the “insurance sector”, as defined by the Financial Conglomerates part of the PRA Rulebook as it has effect on 17th August 2022;

an investment firm, as defined in Article 4(1)(2) of the capital requirements regulation (the investment services sector);

a mixed financial holding company;

and for the purposes of calculating the smallest or most important financial sectors in these Regulations, the banking sector and the investment services sector shall be considered together..

(2) After regulation 23 (scope of supplementary supervision of regulated entities) insert—

Interpretation of regulations 16 to 23

(23A) In regulations 16 to 23—

“ FCA General Prudential Sourcebook ” means that Part of the FCA Handbook as that Handbook has effect on 17th August 2022;

“ FCA Handbook ” means the Handbook made by the Financial Conduct Authority under the Act as that Handbook has effect on 17th August 2022; and

“ PRA Rulebook ” means the rulebook published by the Prudential Regulation Authority containing rules made by that Authority under the Act as that rulebook has effect on 17th August 2022.

Section 3 Commission Delegated Regulation (EU) 2015/35 of 10 October 2014 supplementing Directive 2009/138/EC of the European Parliament and of the Council on the taking-up and pursuit of the business of Insurance and Reinsurance (Solvency II)

Article 1 (definitions) of the Commission Delegated Regulation (EU) 2015/35 of 10 October 2014 supplementing Directive 2009/138/EC of the European Parliament and of the Council on the taking-up and pursuit of the business of Insurance and Reinsurance is amended as follows—

(a) in point 65, for “IP completion day” substitute “17th August 2022” .

(b) in point 66(a), for “IP completion day” substitute “17th August 2022” .