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Statutory Instruments

2004 No. 1862

FINANCIAL SERVICES AND MARKETS

The Financial Conglomerates and Other Financial Groups Regulations 2004 cross-notes

Made

19th July 2004

Laid before Parliament

19th July 2004

Coming into force

10th August 2004

M1 Whereas the Treasury are a government department designated for the purposes of section 2(2) of the European Communities Act 1972 in relation to—

(a)

M2 the authorisation of the carrying on of insurance business and the regulation of such business and its conduct ;

(b)

M3 credit and financial institutions and the taking of deposits or other repayable funds from the public ;

(c)

M4 measures relating to investment firms and to the provision of investment services ; and

(d)

M5 collective investment in transferable securities and other liquid assets ;

M6,M7 Now therefore the Treasury, in exercise of the powers conferred upon them by section 2(2) of the European Communities Act 1972 and sections 183(2), 188(2), 417(1) and 428(3) of the Financial Services and Markets Act 2000 hereby make the following Regulations:

PART 1 Introduction

Citation, commencement and interpretation

1. —(1) These Regulations may be cited as the Financial Conglomerates and Other Financial Groups Regulations 2004 and come into force on 10th August 2004.

(2) In these Regulations—

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

F1 ...

F2 ...

F3 ...

F4 ...

“competent authority”, except in the term “ third-country competent authority ” as defined in regulation 7(1), means [F5 any authority in the United Kingdom F5] which is empowered by law or regulation to supervise regulated entities, whether on an individual or group-wide basis;

“ the conglomerates directive ” means Directive 2002/87/EC of the European Parliament and of the Council of 16th December 2002 on the supplementary supervision of credit institutions, insurance undertakings and investment firms in a financial conglomerate and amending Council Directives 73/239/EEC , 79/267/EEC , 92/49/EEC , 92/96/EEC , 93/6/EEC , 93/22/EEC , and Directives 98/78/EC and 2000/12/EC of the European Parliament and of the Council [F6 as last amended by Directive 2011/89/ EU of the European Parliament and of the Council; F6]

[F7 “ co-ordinator ” means the competent authority which has been appointed as responsible for the co-ordination and exercise of supplementary supervision of a financial conglomerate based on the criteria in regulation 2A of these Regulations; F7]

F1 ...

[F8 “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; F8]

[F9 “ financial sector ” means a sector composed of one or more of the following entities—

(a)

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);

(b)

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;

(c)

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

(d)

a mixed financial holding company; F9]

[F10 “ group ” means a group of undertakings, which consist of—

(a)

a parent undertaking and its subsidiaries;

(b)

the entities in which the parent undertaking or its subsidiaries hold a participation as defined in article 4(1) (35) of the capital requirements regulation; and

(c)

undertakings linked to each other by a relationship within the meaning of a common management relationship as defined in article 4(38A) of the capital requirements regulation, including any subgroup thereof; F10]

F1 ...

[F10 “ management company ” has the same meaning as regulation 2(2)(f)(c) of these regulations; F10]

[F10 “ mixed financial holding company ” means a parent undertaking, other than a regulated entity, which, together with its subsidiaries, at least one of which is a regulated entity which has its head office in the UK, and other entities, constitutes a financial conglomerate; F10]

[F10 “ parent undertaking ” has the same meaning given in article 4(15)(a) of the capital requirements regulation and any undertaking which, in the opinion of the regulator, effectively exercises a dominant influence over another undertaking; F10]

F11 “ relevant competent authorities ” means those competent authorities ... which are, or which have been appointed as, relevant competent authorities in relation to a financial conglomerate;

[F12 “ regulated entity ” means—

(a)

a credit institution (within the meaning of Article 4(1)(1) of the capital requirements regulation);

(b)

an insurance undertaking or reinsurance undertaking (within the meaning of section 417 of the Financial Services and Markets Act 2000) or a third-country insurance undertaking or third country reinsurance undertaking (within the meaning of Regulation 2(1) of the Solvency 2 Regulations 2015);

(c)

a company, the regular business of which is the management of UCITS (as specified in article 51ZA of the Regulated Activities Order) in the form of common funds or of investment companies (collective portfolio management of UCITS), or an undertaking which would require permission under Part 4A of FSMA to carry on the regulated activity of managing a UCITS (as specified in article 51ZA of the Regulated Activities Order) if its registered office were located in the United Kingdom;

(d)

an investment firm within the meaning of Article 2(1A) of the Markets in Financial Instruments Regulations (EU) No 600/2014, or

(e)

an alternative investment fund manager within the meaning of regulation 4(1) of the Alternative Investment Managers Regulations 2013 and which is not within the definition of ‘management company’ in this regulation, or an undertaking that would require permission to be an alternative investment fund manager if its registered office were located in the United Kingdom; and F12]

[F13 “regulator” means the Financial Conduct Authority or the Prudential Regulation Authority; F13]

“ supplementary supervision ” means the supervision of a regulated entity to the extent and in the manner prescribed by the conglomerates directive.

(3) Save as is otherwise provided, any expression used in these Regulations which is defined for the purposes of the Act has the meaning given by the Act.

PART 2 Exercise of supplementary supervision of regulated entitiesin a financial conglomerate

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

2. —(1) Where [F14 a regulator F14] has become the co-ordinator for a financial conglomerate, it must notify—

(a) the relevant member of that financial conglomerate;

[F15 (aa) the other regulator; F15]

F16 (b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F17 (c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F18 (d) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F19 that the group has been identified as a financial conglomerate ... of the conglomerates directive and that [F20 the regulator F20] is the co-ordinator for that financial conglomerate.

(2) Paragraph (3) applies if—

(a) [F21 a regulator F21] is a relevant competent authority in relation to a financial conglomerate, and

(b) [F22 that regulator F22] , in conjunction with the other relevant competent authorities, proposes to waive the criteria specified in [F23 paragraph (2A) F23] and appoint a different competent authority as co-ordinator.

[F24 (2A) The criteria are—

(a) where the financial conglomerate is headed by a regulated entity, the task of the co-ordinator must be exercised by the competent authority which has authorised that regulated entity;

(b) where a financial conglomerate is not headed by a regulated entity, the task of coordinator must be exercised by the competent authority identified in accordance with the following principles—

(i) where the parent of a regulated entity is a mixed financial holding company, the task of coordinator must be exercised by the competent authority which has authorised that regulated entity;

(ii) where the financial conglomerate is a group without a parent undertaking at the top, or in any other case, the task of coordinator must be exercised by the competent authority which authorised the regulated entity with the largest balance sheet total in the most important financial sector. F24]

F27 (3) Before [F25 the regulator F25] , in conjunction with the other relevant competent authorities, waives the criteria specified in [F26 paragraph (2A) F26] and appoints a different competent authority as co-ordinator, [F25 the regulator F25] must ... give the financial conglomerate an opportunity to make representations.

[F28 (3A) The relevant competent authorities may by common agreement waive the criteria referred to in paragraph (2A) if the authorities consider that their application would be inappropriate, taking into account the structure of the conglomerate and the relative importance of its activities.

(3B) Before the authorities waive the criteria in accordance with paragraph (3A), the authorities must give the financial conglomerate an opportunity to make representations. F28]

(4) In this regulation, “the relevant member” of a financial conglomerate is—

(a) the parent undertaking at the head of the financial conglomerate; or

(b) where there is no parent undertaking at the head of the financial conglomerate, the regulated entity which—

(i) F29 is in the most important financial sector ...; and

(ii) has the largest balance-sheet total in that sector.

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

3. —(1) This regulation applies if [F30 a regulator F30] is considering varying the Part IV permission of any person (“A”) where—

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

(b) F32[F31 that regulator F31] is acting in the course of carrying on supplementary supervision ....

(2)[F33 Section 55R(2) F33] of the Act (obligation to consult home state regulators of connected persons) does not apply.

F34 (3) Before varying the Part IV permission of A, [F31 that regulator F31] must ...—

(a) consult the relevant competent authorities in relation to the financial conglomerate of which A is a member; [F35 and F35]

F36 (b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

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

Exercise of functions under [F37 section 138A F37] of the Act for the purposes of carrying on supplementary supervision

F40 4. —(1) Paragraph (2) applies if [F38 a regulator F38] is considering exercising any of the powers conferred on it by [F39 section 138A F39] of the Act (modification or waiver of rules) in the course of carrying on supplementary supervision of a financial conglomerate ....

F43 (2) Before [F41 a regulator F41] exercises such a power in relation to an authorised person who is a member of a financial conglomerate, [F42 the regulator F42] must ...—

(a) consult the relevant competent authorities in relation to the financial conglomerate of which that person is a member; [F44 and F44]

F45 (b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

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

Consultation in the case of major sanctions or exceptional measures

5. —(1) Before [F46 a regulator F46] —

(a) varies the Part IV permission of a member of a financial conglomerate (“D”);

(b) publishes a statement under section 205 of the Act (public censure) that it considers that D has contravened a requirement imposed on him by or under the Act;

(c) imposes a penalty on D in respect of such a contravention under section 206 of the Act (financial penalties); or

(d) exercises any of its powers (other than its powers under section 381, 383 or 384(2)) under Part XXV of the Act (injunctions and restitution) in relation to D,

it must, if it considers that the action constitutes a major sanction or an exceptional measure and is of importance for the supervisory tasks of the competent authority of any regulated entity which is a member of the same financial conglomerate as D, consult that competent authority.

(2) But paragraph (1) does not apply—

(a) where the [F47 relevant regulator F47] considers that there is an urgent need to act;

(b) where [F47 relevant regulator F47] considers that such consultation may jeopardise the effectiveness of the action mentioned in paragraph (1); or

(c) where regulation 3, 8(3) or (4), 9 or 10 applies.

(3) Where paragraph (1) does not apply by virtue of paragraph (2)(a) or (b), the [F48 relevant regulator F48] must, as soon as is reasonably practicable, inform the competent authority referred to in paragraph (1) of the action that it has taken.

[F49 Regulator F49] functions and service of notifications

6. —(1) Any function carried out by [F50 a regulator F50] (whether in the capacity of a co-ordinator, a relevant competent authority or otherwise) for the purposes of [F51 these Regulations F51] is to be treated as a function conferred on the [F52 regulator F52] by a provision of the Act.

M8 (2) The Financial Services and Markets Act 2000 (Service of Notices) Regulations 2001 apply to any notifications given under regulation 2(1)(a) as they apply to any notice, direction or document of any kind given under the Act.

PART 3 Supplementary supervision of third-country financial conglomeratesand third-country groups

Supervision of third-country financial conglomerates and third-country groups—interpretation

7. —(1) For the purposes of this Part—

F53 ...

F53 ...

F53 ...

F53 ...

“ third-country competent authority ” means the authority of a country or territory which is not [F54 part of the United Kingdom F54] which is empowered by law or regulation to supervise (whether on an individual or group-wide basis) regulated entities;

“ third-country financial conglomerate ” means a group—

(a)

which, subject to Article 3 of the conglomerates directive, meets the conditions in Article 2(14) of that directive [F55 as amended by regulation 2(2)(d) of the Financial Conglomerates and other Financial Groups (Amendment etc.) (EU Exit) Regulations 2019 F55] , and

(b)

in which the parent undertaking has its head office outside the [F56 UK F56] ;

F53 ...

F57 (2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Supervision of third-country financial conglomerates

8. [F58—(1) Where a regulator is verifying whether the regulated entities in a third-country financial conglomerate are subject to supervision by a third-country competent authority, which is equivalent to that provided for by the provisions of these Regulations, it must, before completing the verification, consult the other relevant competent authorities in relation to the third-country financial conglomerate. F58]

F60 (2) Paragraphs (3) and (4) apply if [F59 a regulator F59] ... exercises its powers to—

(a) vary the Part IV permission of a regulated entity in a third-country financial conglomerate;

(b) disapply from, or apply in a modified form to, such a regulated entity the rules specified in subsection (1) of [F61 section 138A F61] of the Act (modification or waiver of rules) in accordance with that section;

(c) impose conditions under [F62 section 187 of the Act (approval with conditions) F62] on a person who is, or proposes to be, a controller of such a regulated entity; or

(d) give a notice under [F63 section 191A (objection by the appropriate regulator) or section 191B (restriction notices) of the Act F63] to a person who is, or proposes to be, a controller of such a regulated entity.

F64 (3) ... [F65 A regulator F65] must before taking the action specified in paragraph (2)—

(a) where [F66 that regulator F66] is the co-ordinator, consult the relevant competent authorities in relation to that third-country financial conglomerate; or

(b) where [F66 that regulator F66] is not the co-ordinator, obtain the consent of the co-ordinator for that third-country financial conglomerate to take that action.

[F67 (4) If a regulator decides to take that action, it must notify the competent authority of each regulated entity in that third-country financial conglomerate that it has done so. F67]

Supervision of third-country banking groups

F68 9. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Supervision of third-country groups subject to the capital requirements regulation and capital requirement directive

F69 10. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

PART 4 Provisions relating to information

Disclosure of confidential information

M9 11. In regulation 2 of the Financial Services and Markets Act 2000 (Disclosure of Confidential Information) Regulations 2001 (interpretation)—

(a) after the definition of “Authority worker”, insert—

“ “ conglomerates directive ” means Directive 2002/87/EC of the European Parliament and of the Council of 16th December 2002 on the supplementary supervision of credit institutions, insurance undertakings and investment firms in a financial conglomerate and amending Council Directives 73/239/EEC , 79/267/EEC , 92/49/EEC , 92/96/EEC , 93/6/EEC , 93/22/EEC , and Directives 98/78/EC and 2000/12/EC of the European Parliament and of the Council M10 ; ” ;

(b) in the definition of “single market directive information”, after “single market directives”, insert “ or the conglomerates directive ” .

Obtaining information—avoidance of duplication of reporting

12. —(1) Paragraph (2) applies if [F70 a regulator F70] is the co-ordinator in relation to any financial conglomerate.

(2) If [F71 a regulator F71] requires any disclosed information in connection with its functions as the co-ordinator, it must so far as possible obtain that information by requesting the competent authority which holds that information to disclose it to [F72 that regulator F72] .

(3) In this regulation, “ disclosed information ” means information which a regulated entity in a financial conglomerate has disclosed to its competent authority.

PART 5 Miscellaneous

Consultation on change of control

F73 13. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

References to existing directives

M11 14. —(1) In section 119(2B) of the Building Societies Act 1986 (definition of “Banking Consolidation Directive”) , at the end insert “ (as last amended by Directive 2002/87/EC of the European Parliament and of the Council) ” .

M12 (2) In section 17(7C) of the Bank of England Act 1998 (power to obtain information) , after “Council Directive 2000/12/EC of the European Parliament and the Council”, insert “ (as last amended by Directive 2002/87/EC of the European Parliament and of the Council) ” .

M13 (3) In article 2(3) of the Cash Ratio Deposits (Eligible Liabilities) Order 1998 (interpretation) , at the end, insert “ (as last amended by Directive 2002/87/EC of the European Parliament and of the Council) ” .

M14 (4) In the Financial Services and Markets Act 2000 (EEA Passport Rights) Regulations 2001 , in regulation 2(5)(e)(i) and regulation 3(3)(e)(i) (content of consent and regulator’s notice) , after “first non-life insurance directive”, insert “ (as last amended by Directive 2002/87/EC of the European Parliament and of the Council) ” .

Extension of power to vary Part IV permissions

15. —(1) Subject to paragraph (2), [F74 a regulator F74] may exercise its [F75 own-initiate variation power or own-initiative requirement power (within the meaning of Part 4A of the Act ) F75] in relation to an authorised person, if it appears to it that it is desirable to do so for the purpose of—

(a) carrying out supplementary supervision in accordance with [F76 these Regulations F76] ;

F77 (b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F78 (c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(2)[F79 A regulator F79] may exercise its own-initiative power, for the purposes set out in paragraph (1), to vary a Part IV permission in any of the ways mentioned in [F80 sections 55H(2), 55I(1), 55L(5)(b) or (c) or 55M(5)(b) or (c) of the Act F80] ; and this extends to including any provision in the permission as varied that could be included if a fresh permission were given in response to an application under [F81 section 55A F81] of the Act (application for permission).

(3) The duty imposed by [F82 subsection (3) of section 55B F82] of the Act (the threshold conditions) does not prevent [F83 a regulator F83] from exercising its own-initiative power for the purposes set out in paragraph (1).

[F84 Thresholds for identifying a financial conglomerate

16. —(1) If the group does not reach the threshold referred to in—

(a) the PRA Rulebook, Financial Conglomerates Annex 1, Threshold Test 2;

(b) the Threshold Test 2 of Annex 4 of Chapter 3 of the FCA General Prudential sourcebook,

the relevant competent authorities may decide by common agreement not to regard the group as a financial conglomerate.

(2) If a group does not reach the threshold in paragraph (1)(a) or (b), the relevant competent authority may decide not to apply the provisions on risk concentration, intra-group transactions and internal control mechanisms and risk management processes in—

(a) Chapter 3 of the FCA General Prudential Sourcebook, Chapter 12 of the FCA Senior Management Arrangements, Systems and Controls, or

(b) the Financial Conglomerates part of the PRA Rulebook; if the application of such provisions is not necessary or would be inappropriate or misleading with respect to the objectives of supplementary supervision.

(3) Decisions taken in accordance with this regulation must be notified to the other competent authorities.

17. —(1) If the group reaches the threshold referred to in regulation 16(1)(a) or (b) but the smallest sector does not exceed EUR 6 billion, the relevant competent authorities may decide by common agreement not to regard the group as a financial conglomerate.

(2) The relevant competent authorities may also decide not to apply the provisions on risk concentration, intra-group transactions and internal control mechanisms and risk management processes in—

(a) Chapter 3 of the FCA General Prudential sourcebook, Chapter 12 of the FCA Senior Management Arrangements, Systems and Controls sourcebook, or

(b) the Financial Conglomerates part of the PRA Rulebook; if the application of such provisions is not necessary or would be inappropriate or misleading with respect to the objectives of supplementary supervision.

(3) Decisions taken in accordance with this regulation must be notified to the other competent authority.

18. —(1) In respect of the application of—

(a) the PRA Rulebook, Financial Conglomerates Annex 1 Threshold Test 1, 2 and 3, or

(b) the Threshold Test 1, 2 and 3 of Annex 4 of Chapter 3 of the FCA General Prudential sourcebook,

the relevant competent authorities may by common agreement take the action specified in paragraph (2).

(2) The action the relevant competent authorities may take is—

(a) to exclude an entity when calculating the ratios, in the cases referred to in regulation 24, unless—

(i) the entity moved from the UK to a third country, and

(ii) there is evidence that the entity changed its location to avoid regulation;

(b) to take into account compliance with the thresholds envisaged in—

(i) the PRA Rulebook, Financial Conglomerates Annex 1 Threshold Test 1 and 2, or

(ii) the Threshold Test 1 and 2 of Annex 4 of Chapter 3 of the FCA General Prudential sourcebook,

for three consecutive years so as to avoid sudden regime shifts, and disregard such compliance if there are significant changes in the group's structure;

(c) to exclude one or more participations as defined in article 4.1(35) of the Capital Requirements Regulation in the smaller sector if—

(i) such participations are decisive for the identification of a financial conglomerate, and

(ii) are collectively of negligible interest with respect the objectives of supplementary supervision.

(3) Where a financial conglomerate has been identified according to—

(a) the PRA Rulebook, Financial Conglomerates Annex 1 Threshold Test 1, 2 and 3, or

(b) the Threshold Test 1, 2 and 3 of Annex 4 of Chapter 3 of the General Prudential sourcebook,

the decisions referred to in paragraph (1) must be taken on the basis of a proposal made by the co-ordinator of that financial conglomerate.

19. —(1) In respect of the application of—

(a) the PRA Rulebook, Financial Conglomerates Annex 1 Threshold Test 1 and 2, or

(b) the Threshold Test 1 and 2 of Annex 4 of Chapter 3 of the FCA General Prudential sourcebook,

the relevant competent authorities may, in exceptional cases and by common agreement, take the action specified in paragraph (2).

(2) The action the competent authorities may take is to—

(a) replace the criterion based on balance sheet total with one or both of the parameters specified in paragraph (3), or

(b) add one or both of the parameters,

if they determine that the parameters are of relevance for the purposes of supplementary supervision.

(3) The parameters are—

(a) income structure;

(b) off-balance-sheet activities;

(c) total assets under management.

20. —(1) In respect of the application of—

(a) the PRA Rulebook, Financial Conglomerates Annex 1 Threshold Test 1 and 2, or

(b) the Threshold Test 1 and 2 of Annex 4 of Chapter 3 of the FCA General Prudential sourcebook;

if the ratios referred to in those rules fall below 40% and 10% respectively for conglomerates already subject to supplementary supervision, a lower ratio of 35% and 8 % respectively will apply for the following three years.

(2) In respect of the application of—

(a) the PRA Rulebook, Financial Conglomerates Annex 1 Threshold Test 3, or

(b) the Threshold Test 3 of Annex 4 of Chapter 3 of the FCA General Prudential sourcebook,

if the balance sheet total of the smallest financial sector in the group falls below EUR 6 billion for conglomerates already subject to supplementary supervision, a lower figure of EUR 5 billion must apply for the following three years.

(3) During the period which paragraph (2) applies, the co-ordinator may, with the agreement of the other relevant competent authority, decide that the lower ratios or the lower amount referred to in this regulation must cease to apply.

Scope of supplementary supervision of regulated entities

21. —(1) Where a person—

(a) holds participations (as defined in article 4.1(35) of the capital requirements regulation);

(b) holds capital ties in one or more regulated entities; or

(c) exercises significant influence over such entities without holding a participation or capital ties, other than in the cases referred to in regulations 22 and 23 of these Regulations;

the relevant competent authorities must, by common agreement determine whether and to what extent supplementary supervision of the regulated entities is to be carried out, as if they constituted a financial conglomerate.

(2) To apply such supplementary supervision, at least one of the entities must be a regulated entity which is part of a financial conglomerate and the conditions set out in—

(a) the PRA Rulebook Financial Conglomerates Annex 1; and

(b) Annex 4 of Chapter 3 of the FCA General Prudential sourcebook,

must be met.

(3) The relevant competent authorities must make their decision considering the objectives of the supplementary supervision.

(4) For the purposes of applying paragraph (1) to cooperative groups, the competent authorities must consider the public financial commitment of these groups with respect to other financial entities.

22. —(1) The following regulated entities must be subject to supplementary supervision at the level of the financial conglomerate in accordance with—

(a) Chapter 3 of the FCA General Prudential sourcebook,

(b) Chapter 12 of the FCA Senior arrangements, Systems and Controls sourcebook, and

(c) the Financial Conglomerates part of the PRA Rulebook.

(2) The regulated entities are—

(a) every regulated entity which is at the head of a financial conglomerate;

(b) every regulated entity, the parent undertaking of which is a mixed financial holding company which has its head office in the United Kingdom;

(c) every regulated entity linked with another financial sector entity by a common management relationship (within the meaning of article 4(38A) of the capital requirement regulation).

(3) Where a financial conglomerate is a subgroup of another financial conglomerate which meets the requirements of paragraph (2)(a), the relevant competent authorities may apply supplementary supervision to the regulated entities within the latter group only.

23. A regulated entity which is not subject to supplementary supervision in accordance with regulation 22, the parent undertaking of which is a regulated entity or a mixed financial holding company which has its head office in a third country, must be subject to supplementary supervision at the level of the financial conglomerate to the extent and in the manner prescribed in—

(a) regulation 8,

(b) the PRA Rulebook Financial Conglomerates Rule 6.2, and

(c) rule 3.2 of Chapter 3 of the FCA General Prudential sourcebook.

[F85 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. F85]

Capital adequacy

24. —(1) The co-ordinator may exclude an entity from the supplementary supervision scope when calculating the supplementary capital adequacy requirements if—

(a) the entity is situated in a third country where there are legal impediments to the transfer of the necessary information, without prejudice to the rules regarding the obligations of the competent authorities to refuse authorisation where the effective exercise of their supervisory functions is prevented;

(b) the entity is of negligible interest with respect to the objectives of the supplementary supervision of regulated entities in a financial conglomerate;

(c) the inclusion of the entity would be inappropriate or misleading with respect to the objectives of supplementary supervision.

(2) However, if several entities are to be excluded—

(a) under paragraph (1)(b), they must be included when collectively they are of non-negligible interest;

(b) under paragraph (1)(c), the co-ordinator must, except in cases of urgency, consult the other relevant competent authority before taking a decision.

(3) When the co-ordinator excludes a regulated entity in the supplementary supervision scope under paragraph (1)(b) and (c), the competent authorities may ask the entity which is at the head of the financial conglomerate for information which may facilitate the competent authorities' supervision of the regulated entity. F84]

John Heppell,

Nick Ainger

Two of the Lords Commissioners of Her Majesty’s Treasury

Status: The Financial Conglomerates and Other Financial Groups Regulations 2004 is up to date with all changes known to be in force on or before 21 February 2025. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
The Financial Conglomerates and Other Financial Groups Regulations 2004 (2004/1862)
Version from: 11 July 2023

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in force Provision is in force
in force* In force only for specified purposes (see footnote)
not in force Not in force in England (may be in force in other geographies, see footnotes)
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footnote commentary transitional and savings in force status related provisions geo extent insert/omit source count in force adj
C1 Regulations : power to modify conferred (11.7.2023) by Financial Services and Markets Act 2023 (c. 29) , ss. 3 , 86(3) , Sch. 1 Pt. 2 ; S.I. 2023/779 , reg. 2(d)
F1 Words in reg. 1(2) omitted (31.12.2020) by virtue of The Financial Conglomerates and Other Financial Groups (Amendment etc.) (EU Exit) Regulations 2019 (S.I. 2019/264) , regs. 1 , 2(2)(a) (with reg. 6 ) (as amended by S.I. 2020/1031 , reg. 3 , Sch. para. 15 and with savings in S.I. 2019/680 , reg. 11 ); 2020 c. 1 , Sch. 5 para. 1(1) this amendment (text omitted) should be read in conjunction with other related provisions, see the commentary. omitted
F2 Words in reg. 1(2) omitted (1.1.2014) by virtue of The Capital Requirements Regulations 2013 (S.I. 2013/3115) , reg. 1(2) , Sch. 2 para. 64(2)(a) omitted
F3 Words in reg. 1(2) omitted (1.1.2022) by virtue of The Financial Services Act 2021 (Prudential Regulation of Credit Institutions and Investment Firms) (Consequential Amendments and Miscellaneous Provisions) Regulations 2021 (S.I. 2021/1376) , regs. 1(3) , 12(a) omitted
F4 Words in reg. 1(2) omitted (1.1.2022) by virtue of The Financial Services Act 2021 (Prudential Regulation of Credit Institutions and Investment Firms) (Consequential Amendments and Miscellaneous Provisions) Regulations 2021 (S.I. 2021/1376) , regs. 1(3) , 12(b) omitted
F5 Words in reg. 1(2) substituted (31.12.2020) by The Financial Conglomerates and Other Financial Groups (Amendment etc.) (EU Exit) Regulations 2019 (S.I. 2019/264) , regs. 1 , 2(2)(b) (with reg. 6 ) (as amended by S.I. 2020/1031 , reg. 3 , Sch. para. 15 and with savings in S.I. 2019/680 , reg. 11 ); 2020 c. 1 , Sch. 5 para. 1(1) this amendment (text substituted) should be read in conjunction with other related provisions, see the commentary. substituted
F6 Words in reg. 1(2) inserted (10.6.2013) by The Financial Conglomerates and Other Financial Groups (Amendment) Regulations 2013 (S.I. 2013/1162) , regs. 1 , 3 inserted
F7 Words in reg. 1(2) substituted (31.12.2020) by The Financial Conglomerates and Other Financial Groups (Amendment etc.) (EU Exit) Regulations 2019 (S.I. 2019/264) , regs. 1 , 2(2)(c) (with reg. 6 ) (as amended by S.I. 2020/1031 , reg. 3 , Sch. para. 15 and with savings in S.I. 2019/680 , reg. 11 ); 2020 c. 1 , Sch. 5 para. 1(1) this amendment (text substituted) should be read in conjunction with other related provisions, see the commentary. substituted
F8 Words in reg. 1(2) substituted (17.8.2022) by The Financial Services and Markets Act 2000 (Consequential Amendments of References to Rules and Miscellaneous Amendments) Regulations 2022 (S.I. 2022/854) , regs. 1(2) , 2(1)(a) substituted
F9 Words in reg. 1(2) substituted (17.8.2022) by The Financial Services and Markets Act 2000 (Consequential Amendments of References to Rules and Miscellaneous Amendments) Regulations 2022 (S.I. 2022/854) , regs. 1(2) , 2(1)(b) substituted
F10 Words in reg. 1(2) inserted (31.12.2020) by The Financial Conglomerates and Other Financial Groups (Amendment etc.) (EU Exit) Regulations 2019 (S.I. 2019/264) , regs. 1 , 2(2)(g) (with reg. 6 ) (as amended by S.I. 2020/1031 , reg. 3 , Sch. para. 15 and with savings in S.I. 2019/680 , reg. 11 ); 2020 c. 1 , Sch. 5 para. 1(1) this amendment (text inserted) should be read in conjunction with other related provisions, see the commentary. inserted
F11 Words in reg. 1(2) omitted (31.12.2020) by virtue of The Financial Conglomerates and Other Financial Groups (Amendment etc.) (EU Exit) Regulations 2019 (S.I. 2019/264) , regs. 1 , 2(2)(e) (with reg. 6 ) (as amended by S.I. 2020/1031 , reg. 3 , Sch. para. 15 and with savings in S.I. 2019/680 , reg. 11 ); 2020 c. 1 , Sch. 5 para. 1(1) this amendment (text omitted) should be read in conjunction with other related provisions, see the commentary. omitted
F12 Words in reg. 1(2) substituted (31.12.2020) by The Financial Conglomerates and Other Financial Groups (Amendment etc.) (EU Exit) Regulations 2019 (S.I. 2019/264) , regs. 1 , 2(2)(f) (with reg. 6 ) (as amended by S.I. 2020/1031 , reg. 3 , Sch. para. 15 and with savings in S.I. 2019/680 , reg. 11 ); 2020 c. 1 , Sch. 5 para. 1(1) this amendment (text substituted) should be read in conjunction with other related provisions, see the commentary. substituted
F13 Words in reg. 1(2) inserted (1.4.2013) by The Financial Services Act 2012 (Consequential Amendments and Transitional Provisions) Order 2013 (S.I. 2013/472) , Sch. 2 para. 95(2) (with Sch. 2 para. 96 ) this amendment (text inserted) should be read in conjunction with other related provisions, see the commentary. inserted
F14 Words in reg. 2(1) substituted (1.4.2013) by The Financial Services Act 2012 (Consequential Amendments and Transitional Provisions) Order 2013 (S.I. 2013/472) , Sch. 2 para. 95(3)(a)(i) (with Sch. 2 para. 96 ) this amendment (text substituted) should be read in conjunction with other related provisions, see the commentary. substituted
F15 Reg. 2(1)(aa) inserted (1.4.2013) by The Financial Services Act 2012 (Consequential Amendments and Transitional Provisions) Order 2013 (S.I. 2013/472) , Sch. 2 para. 95(3)(a)(ii) (with Sch. 2 para. 96 ) this amendment (text inserted) should be read in conjunction with other related provisions, see the commentary. inserted
F16 Reg. 2(1)(b) omitted (31.12.2020) by virtue of The Financial Conglomerates and Other Financial Groups (Amendment etc.) (EU Exit) Regulations 2019 (S.I. 2019/264) , regs. 1 , 2(3)(a)(i) (with regs. 6 , 9 ) (as amended by S.I. 2019/1010 , regs. 1(3) , 8 and S.I. 2020/1031 , reg. 3 , Sch. para. 15 and with savings in S.I. 2019/680 , reg. 11 ); 2020 c. 1 , Sch. 5 para. 1(1) this amendment (text omitted) should be read in conjunction with other related provisions, see the commentary. omitted
F17 Reg. 2(1)(c) omitted (31.12.2020) by virtue of The Financial Conglomerates and Other Financial Groups (Amendment etc.) (EU Exit) Regulations 2019 (S.I. 2019/264) , regs. 1 , 2(3)(a)(i) (with regs. 6 , 9 ) (as amended by S.I. 2019/1010 , regs. 1(3) , 8 and S.I. 2020/1031 , reg. 3 , Sch. para. 15 and with savings in S.I. 2019/680 , reg. 11 ); 2020 c. 1 , Sch. 5 para. 1(1) this amendment (text omitted) should be read in conjunction with other related provisions, see the commentary. omitted
F18 Reg. 2(1)(d) omitted (31.12.2020) by virtue of The Financial Conglomerates and Other Financial Groups (Amendment etc.) (EU Exit) Regulations 2019 (S.I. 2019/264) , regs. 1 , 2(3)(a)(i) (with regs. 6 , 9 ) (as amended by S.I. 2019/1010 , regs. 1(3) , 8 and S.I. 2020/1031 , reg. 3 , Sch. para. 15 and with savings in S.I. 2019/680 , reg. 11 ); 2020 c. 1 , Sch. 5 para. 1(1) this amendment (text omitted) should be read in conjunction with other related provisions, see the commentary. omitted
F19 Words in reg. 2(1) omitted (31.12.2020) by virtue of The Financial Conglomerates and Other Financial Groups (Amendment etc.) (EU Exit) Regulations 2019 (S.I. 2019/264) , regs. 1 , 2(3)(a)(ii) (with regs. 6 , 9 ) (as amended by S.I. 2019/1010 , regs. 1(3) , 8 and S.I. 2020/1031 , reg. 3 , Sch. para. 15 and with savings in S.I. 2019/680 , reg. 11 ); 2020 c. 1 , Sch. 5 para. 1(1) this amendment (text omitted) should be read in conjunction with other related provisions, see the commentary. omitted
F20 Words in reg. 2(1) substituted (1.4.2013) by The Financial Services Act 2012 (Consequential Amendments and Transitional Provisions) Order 2013 (S.I. 2013/472) , Sch. 2 para. 95(3)(a)(iii) (with Sch. 2 para. 96 ) this amendment (text substituted) should be read in conjunction with other related provisions, see the commentary. substituted
F21 Words in reg. 2(2)(a) substituted (1.4.2013) by The Financial Services Act 2012 (Consequential Amendments and Transitional Provisions) Order 2013 (S.I. 2013/472) , Sch. 2 para. 95(3)(b) (with Sch. 2 para. 96 ) this amendment (text substituted) should be read in conjunction with other related provisions, see the commentary. substituted
F22 Words in reg. 2(2)(b) substituted (1.4.2013) by The Financial Services Act 2012 (Consequential Amendments and Transitional Provisions) Order 2013 (S.I. 2013/472) , Sch. 2 para. 95(3)(c) (with Sch. 2 para. 96 ) this amendment (text substituted) should be read in conjunction with other related provisions, see the commentary. substituted
F23 Words in reg. 2(2)(b) substituted (31.12.2020) by The Financial Conglomerates and Other Financial Groups (Amendment etc.) (EU Exit) Regulations 2019 (S.I. 2019/264) , regs. 1 , 2(3)(b) (with regs. 6 , 9 ) (as amended by S.I. 2019/1010 , regs. 1(3) , 8 and S.I. 2020/1031 , reg. 3 , Sch. para. 15 and with savings in S.I. 2019/680 , reg. 11 ); 2020 c. 1 , Sch. 5 para. 1(1) this amendment (text substituted) should be read in conjunction with other related provisions, see the commentary. substituted
F24 Reg. 2(2A) inserted (31.12.2020) by The Financial Conglomerates and Other Financial Groups (Amendment etc.) (EU Exit) Regulations 2019 (S.I. 2019/264) , regs. 1 , 2(3)(c) (with regs. 6 , 9 ) (as amended by S.I. 2019/1010 , regs. 1(3) , 8 and S.I. 2020/1031 , reg. 3 , Sch. para. 15 and with savings in S.I. 2019/680 , reg. 11 ); 2020 c. 1 , Sch. 5 para. 1(1) this amendment (text inserted) should be read in conjunction with other related provisions, see the commentary. inserted
F25 Words in reg. 2(3) substituted (1.4.2013) by The Financial Services Act 2012 (Consequential Amendments and Transitional Provisions) Order 2013 (S.I. 2013/472) , Sch. 2 para. 95(3)(d) (with Sch. 2 para. 96 ) this amendment (text substituted) should be read in conjunction with other related provisions, see the commentary. substituted
F26 Words in reg. 2(3) substituted (31.12.2020) by The Financial Conglomerates and Other Financial Groups (Amendment etc.) (EU Exit) Regulations 2019 (S.I. 2019/264) , regs. 1 , 2(3)(d)(i) (with regs. 6 , 9 ) (as amended by S.I. 2019/1010 , regs. 1(3) , 8 and S.I. 2020/1031 , reg. 3 , Sch. para. 15 and with savings in S.I. 2019/680 , reg. 11 ); 2020 c. 1 , Sch. 5 para. 1(1) this amendment (text substituted) should be read in conjunction with other related provisions, see the commentary. substituted
F27 Words in reg. 2(3) omitted (31.12.2020) by virtue of The Financial Conglomerates and Other Financial Groups (Amendment etc.) (EU Exit) Regulations 2019 (S.I. 2019/264) , regs. 1 , 2(3)(d)(ii) (with regs. 6 , 9 ) (as amended by S.I. 2019/1010 , regs. 1(3) , 8 and S.I. 2020/1031 , reg. 3 , Sch. para. 15 and with savings in S.I. 2019/680 , reg. 11 ); 2020 c. 1 , Sch. 5 para. 1(1) this amendment (text omitted) should be read in conjunction with other related provisions, see the commentary. omitted
F28 Reg. 2(3A) (3B) inserted (31.12.2020) by The Financial Conglomerates and Other Financial Groups (Amendment etc.) (EU Exit) Regulations 2019 (S.I. 2019/264) , regs. 1 , 2(3)(e) (with regs. 6 , 9 ) (as amended by S.I. 2019/1010 , regs. 1(3) , 8 and S.I. 2020/1031 , reg. 3 , Sch. para. 15 and with savings in S.I. 2019/680 , reg. 11 ); 2020 c. 1 , Sch. 5 para. 1(1) this amendment (text inserted) should be read in conjunction with other related provisions, see the commentary. inserted
F29 Words in reg. 2(4)(b)(i) omitted (31.12.2020) by virtue of The Financial Conglomerates and Other Financial Groups (Amendment etc.) (EU Exit) Regulations 2019 (S.I. 2019/264) , regs. 1 , 2(3)(f) (with regs. 6 , 9 ) (as amended by S.I. 2019/1010 , regs. 1(3) , 8 and S.I. 2020/1031 , reg. 3 , Sch. para. 15 and with savings in S.I. 2019/680 , reg. 11 ); 2020 c. 1 , Sch. 5 para. 1(1) this amendment (text omitted) should be read in conjunction with other related provisions, see the commentary. omitted
F30 Words in reg. 3 substituted (1.4.2013) by The Financial Services Act 2012 (Consequential Amendments and Transitional Provisions) Order 2013 (S.I. 2013/472) , Sch. 2 para. 95(4)(a) (with Sch. 2 para. 96 ) this amendment (text substituted) should be read in conjunction with other related provisions, see the commentary. substituted
F31 Words in reg. 3 substituted (1.4.2013) by The Financial Services Act 2012 (Consequential Amendments and Transitional Provisions) Order 2013 (S.I. 2013/472) , Sch. 2 para. 95(4)(b) (with Sch. 2 para. 96 ) this amendment (text substituted) should be read in conjunction with other related provisions, see the commentary. substituted
F32 Words in reg. 3(1)(b) omitted (31.12.2020) by virtue of The Financial Conglomerates and Other Financial Groups (Amendment etc.) (EU Exit) Regulations 2019 (S.I. 2019/264) , regs. 1 , 2(4)(a) (with reg. 6 ) (as amended by S.I. 2020/1031 , reg. 3 , Sch. para. 15 and with savings in S.I. 2019/680 , reg. 11 ); 2020 c. 1 , Sch. 5 para. 1(1) this amendment (text omitted) should be read in conjunction with other related provisions, see the commentary. omitted
F33 Words in reg. 3(2) substituted (1.4.2013) by The Financial Services Act 2012 (Consequential Amendments and Transitional Provisions) Order 2013 (S.I. 2013/472) , Sch. 2 para. 95(4)(c) (with Sch. 2 para. 96 ) this amendment (text substituted) should be read in conjunction with other related provisions, see the commentary. substituted
F34 Words in reg. 3(3) omitted (31.12.2020) by virtue of The Financial Conglomerates and Other Financial Groups (Amendment etc.) (EU Exit) Regulations 2019 (S.I. 2019/264) , regs. 1 , 2(4)(b)(i) (with reg. 6 ) (as amended by S.I. 2020/1031 , reg. 3 , Sch. para. 15 and with savings in S.I. 2019/680 , reg. 11 ); 2020 c. 1 , Sch. 5 para. 1(1) this amendment (text omitted) should be read in conjunction with other related provisions, see the commentary. omitted
F35 Word in reg. 3(3)(a) inserted (31.12.2020) by The Financial Conglomerates and Other Financial Groups (Amendment etc.) (EU Exit) Regulations 2019 (S.I. 2019/264) , regs. 1 , 2(4)(b)(ii) (with reg. 6 ) (as amended by S.I. 2020/1031 , reg. 3 , Sch. para. 15 and with savings in S.I. 2019/680 , reg. 11 ); 2020 c. 1 , Sch. 5 para. 1(1) this amendment (text inserted) should be read in conjunction with other related provisions, see the commentary. inserted
F36 Reg. 3(3)(b) omitted (31.12.2020) by virtue of The Financial Conglomerates and Other Financial Groups (Amendment etc.) (EU Exit) Regulations 2019 (S.I. 2019/264) , regs. 1 , 2(4)(b)(iii) (with reg. 6 ) (as amended by S.I. 2020/1031 , reg. 3 , Sch. para. 15 and with savings in S.I. 2019/680 , reg. 11 ); 2020 c. 1 , Sch. 5 para. 1(1) this amendment (text omitted) should be read in conjunction with other related provisions, see the commentary. omitted
F37 Words in reg. 4 heading substituted (1.4.2013) by The Financial Services Act 2012 (Consequential Amendments and Transitional Provisions) Order 2013 (S.I. 2013/472) , Sch. 2 para. 95(5)(c) (with Sch. 2 para. 96 ) this amendment (text substituted) should be read in conjunction with other related provisions, see the commentary. substituted
F38 Words in reg. 4(1) substituted (1.4.2013) by The Financial Services Act 2012 (Consequential Amendments and Transitional Provisions) Order 2013 (S.I. 2013/472) , Sch. 2 para. 95(5)(a)(i) (with Sch. 2 para. 96 ) this amendment (text substituted) should be read in conjunction with other related provisions, see the commentary. substituted
F39 Words in reg. 4(1) substituted (1.4.2013) by The Financial Services Act 2012 (Consequential Amendments and Transitional Provisions) Order 2013 (S.I. 2013/472) , Sch. 2 para. 95(5)(a)(ii) (with Sch. 2 para. 96 ) this amendment (text substituted) should be read in conjunction with other related provisions, see the commentary. substituted
F40 Words in reg. 4(1) omitted (31.12.2020) by virtue of The Financial Conglomerates and Other Financial Groups (Amendment etc.) (EU Exit) Regulations 2019 (S.I. 2019/264) , regs. 1 , 2(5)(a) (with reg. 6 ) (as amended by S.I. 2020/1031 , reg. 3 , Sch. para. 15 and with savings in S.I. 2019/680 , reg. 11 ); 2020 c. 1 , Sch. 5 para. 1(1) this amendment (text omitted) should be read in conjunction with other related provisions, see the commentary. omitted
F41 Words in reg. 4(2) substituted (1.4.2013) by The Financial Services Act 2012 (Consequential Amendments and Transitional Provisions) Order 2013 (S.I. 2013/472) , Sch. 2 para. 95(5)(b)(i) (with Sch. 2 para. 96 ) this amendment (text substituted) should be read in conjunction with other related provisions, see the commentary. substituted
F42 Words in reg. 4(2) substituted (1.4.2013) by The Financial Services Act 2012 (Consequential Amendments and Transitional Provisions) Order 2013 (S.I. 2013/472) , Sch. 2 para. 95(5)(b)(ii) (with Sch. 2 para. 96 ) this amendment (text substituted) should be read in conjunction with other related provisions, see the commentary. substituted
F43 Words in reg. 4(2) omitted (31.12.2020) by virtue of The Financial Conglomerates and Other Financial Groups (Amendment etc.) (EU Exit) Regulations 2019 (S.I. 2019/264) , regs. 1 , 2(5)(b)(i) (with reg. 6 ) (as amended by S.I. 2020/1031 , reg. 3 , Sch. para. 15 and with savings in S.I. 2019/680 , reg. 11 ); 2020 c. 1 , Sch. 5 para. 1(1) this amendment (text omitted) should be read in conjunction with other related provisions, see the commentary. omitted
F44 Word in reg. 4(2)(a) inserted (31.12.2020) by The Financial Conglomerates and Other Financial Groups (Amendment etc.) (EU Exit) Regulations 2019 (S.I. 2019/264) , regs. 1 , 2(5)(b)(ii) (with reg. 6 ) (as amended by S.I. 2020/1031 , reg. 3 , Sch. para. 15 and with savings in S.I. 2019/680 , reg. 11 ); 2020 c. 1 , Sch. 5 para. 1(1) this amendment (text inserted) should be read in conjunction with other related provisions, see the commentary. inserted
F45 Reg. 4(2)(b) omitted (31.12.2020) by virtue of The Financial Conglomerates and Other Financial Groups (Amendment etc.) (EU Exit) Regulations 2019 (S.I. 2019/264) , regs. 1 , 2(5)(b)(iii) (with reg. 6 ) (as amended by S.I. 2020/1031 , reg. 3 , Sch. para. 15 and with savings in S.I. 2019/680 , reg. 11 ); 2020 c. 1 , Sch. 5 para. 1(1) this amendment (text omitted) should be read in conjunction with other related provisions, see the commentary. omitted
F46 Words in reg. 5(1) substituted (1.4.2013) by The Financial Services Act 2012 (Consequential Amendments and Transitional Provisions) Order 2013 (S.I. 2013/472) , Sch. 2 para. 95(6)(a) (with Sch. 2 para. 96 ) this amendment (text substituted) should be read in conjunction with other related provisions, see the commentary. substituted
F47 Words in reg. 5(2) substituted (1.4.2013) by The Financial Services Act 2012 (Consequential Amendments and Transitional Provisions) Order 2013 (S.I. 2013/472) , Sch. 2 para. 95(6)(b) (with Sch. 2 para. 96 ) this amendment (text substituted) should be read in conjunction with other related provisions, see the commentary. substituted
F48 Words in reg. 5(3) substituted (1.4.2013) by The Financial Services Act 2012 (Consequential Amendments and Transitional Provisions) Order 2013 (S.I. 2013/472) , Sch. 2 para. 95(6)(c) (with Sch. 2 para. 96 ) this amendment (text substituted) should be read in conjunction with other related provisions, see the commentary. substituted
F49 Word in reg. 6 heading substituted (1.4.2013) by The Financial Services Act 2012 (Consequential Amendments and Transitional Provisions) Order 2013 (S.I. 2013/472) , Sch. 2 para. 95(7)(b) (with Sch. 2 para. 96 ) this amendment (text substituted) should be read in conjunction with other related provisions, see the commentary. substituted
F50 Words in reg. 6(1) substituted (1.4.2013) by The Financial Services Act 2012 (Consequential Amendments and Transitional Provisions) Order 2013 (S.I. 2013/472) , Sch. 2 para. 95(7)(a)(i) (with Sch. 2 para. 96 ) this amendment (text substituted) should be read in conjunction with other related provisions, see the commentary. substituted
F51 Words in reg. 6(1) substituted (31.12.2020) by The Financial Conglomerates and Other Financial Groups (Amendment etc.) (EU Exit) Regulations 2019 (S.I. 2019/264) , regs. 1 , 2(6) (with reg. 6 ) (as amended by S.I. 2020/1031 , reg. 3 , Sch. para. 15 and with savings in S.I. 2019/680 , reg. 11 ); 2020 c. 1 , Sch. 5 para. 1(1) this amendment (text substituted) should be read in conjunction with other related provisions, see the commentary. substituted
F52 Words in reg. 6(1) substituted (1.4.2013) by The Financial Services Act 2012 (Consequential Amendments and Transitional Provisions) Order 2013 (S.I. 2013/472) , Sch. 2 para. 95(7)(a)(ii) (with Sch. 2 para. 96 ) this amendment (text substituted) should be read in conjunction with other related provisions, see the commentary. substituted
F53 Words in reg. 7 omitted (31.12.2020) by virtue of The Financial Conglomerates and Other Financial Groups (Amendment etc.) (EU Exit) Regulations 2019 (S.I. 2019/264) , regs. 1 , 2(7)(a) (with reg. 6 ) (as amended by S.I. 2020/1031 , reg. 3 , Sch. para. 15 and with savings in S.I. 2019/680 , reg. 11 ); 2020 c. 1 , Sch. 5 para. 1(1) this amendment (text omitted) should be read in conjunction with other related provisions, see the commentary. omitted
F54 Words in reg. 7 substituted (31.12.2020) by The Financial Conglomerates and Other Financial Groups (Amendment etc.) (EU Exit) Regulations 2019 (S.I. 2019/264) , regs. 1 , 2(7)(b) (with reg. 6 ) (as amended by S.I. 2020/1031 , reg. 3 , Sch. para. 15 and with savings in S.I. 2019/680 , reg. 11 ); 2020 c. 1 , Sch. 5 para. 1(1) this amendment (text substituted) should be read in conjunction with other related provisions, see the commentary. substituted
F55 Words in reg. 7 inserted (31.12.2020) by The Financial Conglomerates and Other Financial Groups (Amendment etc.) (EU Exit) Regulations 2019 (S.I. 2019/264) , regs. 1 , 2(7)(c)(i) (with reg. 6 ) (as amended by S.I. 2020/1031 , reg. 3 , Sch. para. 15 and with savings in S.I. 2019/680 , reg. 11 ); 2020 c. 1 , Sch. 5 para. 1(1) this amendment (text inserted) should be read in conjunction with other related provisions, see the commentary. inserted
F56 Word in reg. 7 substituted (31.12.2020) by The Financial Conglomerates and Other Financial Groups (Amendment etc.) (EU Exit) Regulations 2019 (S.I. 2019/264) , regs. 1 , 2(7)(c)(ii) (with reg. 6 ) (as amended by S.I. 2020/1031 , reg. 3 , Sch. para. 15 and with savings in S.I. 2019/680 , reg. 11 ); 2020 c. 1 , Sch. 5 para. 1(1) this amendment (text substituted) should be read in conjunction with other related provisions, see the commentary. substituted
F57 Reg. 7(2) omitted (31.12.2020) by virtue of The Financial Conglomerates and Other Financial Groups (Amendment etc.) (EU Exit) Regulations 2019 (S.I. 2019/264) , regs. 1 , 2(7)(d) (with reg. 6 ) (as amended by S.I. 2020/1031 , reg. 3 , Sch. para. 15 and with savings in S.I. 2019/680 , reg. 11 ); 2020 c. 1 , Sch. 5 para. 1(1) this amendment (text omitted) should be read in conjunction with other related provisions, see the commentary. omitted
F58 Reg. 8(1) substituted (31.12.2020) by The Financial Conglomerates and Other Financial Groups (Amendment etc.) (EU Exit) Regulations 2019 (S.I. 2019/264) , regs. 1 , 2(8)(a) (with regs. 6 , 9 ) (as amended by S.I. 2019/1010 , regs. 1(3) , 8 and S.I. 2020/1031 , reg. 3 , Sch. para. 15 and with savings in S.I. 2019/680 , reg. 11 ); 2020 c. 1 , Sch. 5 para. 1(1) this amendment (text substituted) should be read in conjunction with other related provisions, see the commentary. substituted
F59 Words in reg. 8(1)(2) substituted (1.4.2013) by The Financial Services Act 2012 (Consequential Amendments and Transitional Provisions) Order 2013 (S.I. 2013/472) , Sch. 2 para. 95(8)(a) (with Sch. 2 para. 96 ) this amendment (text substituted) should be read in conjunction with other related provisions, see the commentary. substituted
F60 Words in reg. 8(2) omitted (31.12.2020) by virtue of The Financial Conglomerates and Other Financial Groups (Amendment etc.) (EU Exit) Regulations 2019 (S.I. 2019/264) , regs. 1 , 2(8)(b) (with regs. 6 , 9 ) (as amended by S.I. 2019/1010 , regs. 1(3) , 8 and S.I. 2020/1031 , reg. 3 , Sch. para. 15 and with savings in S.I. 2019/680 , reg. 11 ); 2020 c. 1 , Sch. 5 para. 1(1) this amendment (text omitted) should be read in conjunction with other related provisions, see the commentary. omitted
F61 Words in reg. 8(2)(b) substituted (1.4.2013) by The Financial Services Act 2012 (Consequential Amendments and Transitional Provisions) Order 2013 (S.I. 2013/472) , Sch. 2 para. 95(8)(b) (with Sch. 2 para. 96 ) this amendment (text substituted) should be read in conjunction with other related provisions, see the commentary. substituted
F62 Words in reg. 8(2)(c) substituted (10.6.2013) by The Financial Conglomerates and Other Financial Groups (Amendment) Regulations 2013 (S.I. 2013/1162) , regs. 1 , 4(2) substituted
F63 Words in reg. 8(2)(d) substituted (10.6.2013) by The Financial Conglomerates and Other Financial Groups (Amendment) Regulations 2013 (S.I. 2013/1162) , regs. 1 , 4(3) substituted
F64 Words in reg. 8(3) omitted (31.12.2020) by virtue of The Financial Conglomerates and Other Financial Groups (Amendment etc.) (EU Exit) Regulations 2019 (S.I. 2019/264) , regs. 1 , 2(8)(c)(i) (with regs. 6 , 9 ) (as amended by S.I. 2019/1010 , regs. 1(3) , 8 and S.I. 2020/1031 , reg. 3 , Sch. para. 15 and with savings in S.I. 2019/680 , reg. 11 ); 2020 c. 1 , Sch. 5 para. 1(1) this amendment (text omitted) should be read in conjunction with other related provisions, see the commentary. omitted
F65 Words in reg. 8(3) substituted (31.12.2020) by The Financial Conglomerates and Other Financial Groups (Amendment etc.) (EU Exit) Regulations 2019 (S.I. 2019/264) , regs. 1 , 2(8)(c)(ii) (with regs. 6 , 9 ) (as amended by S.I. 2019/1010 , regs. 1(3) , 8 and S.I. 2020/1031 , reg. 3 , Sch. para. 15 and with savings in S.I. 2019/680 , reg. 11 ); 2020 c. 1 , Sch. 5 para. 1(1) this amendment (text substituted) should be read in conjunction with other related provisions, see the commentary. substituted
F66 Words in reg. 8(3) substituted (1.4.2013) by The Financial Services Act 2012 (Consequential Amendments and Transitional Provisions) Order 2013 (S.I. 2013/472) , Sch. 2 para. 95(8)(c)(ii) (with Sch. 2 para. 96 ) this amendment (text substituted) should be read in conjunction with other related provisions, see the commentary. substituted
F67 Reg. 8(4) substituted (31.12.2020) by The Financial Conglomerates and Other Financial Groups (Amendment etc.) (EU Exit) Regulations 2019 (S.I. 2019/264) , regs. 1 , 2(8)(d) (with regs. 6 , 9 ) (as amended by S.I. 2019/1010 , regs. 1(3) , 8 and S.I. 2020/1031 , reg. 3 , Sch. para. 15 and with savings in S.I. 2019/680 , reg. 11 ); 2020 c. 1 , Sch. 5 para. 1(1) this amendment (text substituted) should be read in conjunction with other related provisions, see the commentary. substituted
F68 Reg. 9 omitted (31.12.2020) by virtue of The Financial Conglomerates and Other Financial Groups (Amendment etc.) (EU Exit) Regulations 2019 (S.I. 2019/264) , regs. 1 , 2(9) (with reg. 6 ) (as amended by S.I. 2020/1031 , reg. 3 , Sch. para. 15 and with savings in S.I. 2019/680 , reg. 11 ); 2020 c. 1 , Sch. 5 para. 1(1) this amendment (text omitted) should be read in conjunction with other related provisions, see the commentary. omitted
F69 Reg. 10 omitted (31.12.2020) by virtue of The Financial Conglomerates and Other Financial Groups (Amendment etc.) (EU Exit) Regulations 2019 (S.I. 2019/264) , regs. 1 , 2(10) (with reg. 6 ) (as amended by S.I. 2020/1031 , reg. 3 , Sch. para. 15 and with savings in S.I. 2019/680 , reg. 11 ); 2020 c. 1 , Sch. 5 para. 1(1) this amendment (text omitted) should be read in conjunction with other related provisions, see the commentary. omitted
F70 Words in reg. 12(1) substituted (1.4.2013) by The Financial Services Act 2012 (Consequential Amendments and Transitional Provisions) Order 2013 (S.I. 2013/472) , Sch. 2 para. 95(11)(a) (with Sch. 2 para. 96 ) this amendment (text substituted) should be read in conjunction with other related provisions, see the commentary. substituted
F71 Words in reg. 12(2) substituted (1.4.2013) by The Financial Services Act 2012 (Consequential Amendments and Transitional Provisions) Order 2013 (S.I. 2013/472) , Sch. 2 para. 95(11)(a) (with Sch. 2 para. 96 ) this amendment (text substituted) should be read in conjunction with other related provisions, see the commentary. substituted
F72 Words in reg. 12(2) substituted (1.4.2013) by The Financial Services Act 2012 (Consequential Amendments and Transitional Provisions) Order 2013 (S.I. 2013/472) , Sch. 2 para. 95(11)(b) (with Sch. 2 para. 96 ) this amendment (text substituted) should be read in conjunction with other related provisions, see the commentary. substituted
F73 Reg. 13 revoked (1.1.2014) by The Capital Requirements Regulations 2013 (S.I. 2013/3115) , reg. 1(2) , Sch. 3
F74 Words in reg. 15 substituted (1.4.2013) by The Financial Services Act 2012 (Consequential Amendments and Transitional Provisions) Order 2013 (S.I. 2013/472) , Sch. 2 para. 95(12)(a) (with Sch. 2 para. 96 ) this amendment (text substituted) should be read in conjunction with other related provisions, see the commentary. substituted
F75 Words in reg. 15(1) substituted (1.4.2013) by The Financial Services Act 2012 (Consequential Amendments and Transitional Provisions) Order 2013 (S.I. 2013/472) , Sch. 2 para. 95(12)(b) (with Sch. 2 para. 96 ) this amendment (text substituted) should be read in conjunction with other related provisions, see the commentary. substituted
F76 Words in reg. 15(1)(a) substituted (31.12.2020) by The Financial Conglomerates and Other Financial Groups (Amendment etc.) (EU Exit) Regulations 2019 (S.I. 2019/264) , regs. 1 , 2(11)(a) (with reg. 6 ) (as amended by S.I. 2020/1031 , reg. 3 , Sch. para. 15 and with savings in S.I. 2019/680 , reg. 11 ); 2020 c. 1 , Sch. 5 para. 1(1) this amendment (text substituted) should be read in conjunction with other related provisions, see the commentary. substituted
F77 Reg. 15(1)(b) omitted (31.12.2020) by virtue of The Financial Conglomerates and Other Financial Groups (Amendment etc.) (EU Exit) Regulations 2019 (S.I. 2019/264) , regs. 1 , 2(11)(b) (with reg. 6 ) (as amended by S.I. 2020/1031 , reg. 3 , Sch. para. 15 and with savings in S.I. 2019/680 , reg. 11 ); 2020 c. 1 , Sch. 5 para. 1(1) this amendment (text omitted) should be read in conjunction with other related provisions, see the commentary. omitted
F78 Reg. 15(1)(c) omitted (31.12.2020) by virtue of The Financial Conglomerates and Other Financial Groups (Amendment etc.) (EU Exit) Regulations 2019 (S.I. 2019/264) , regs. 1 , 2(11)(b) (with reg. 6 ) (as amended by S.I. 2020/1031 , reg. 3 , Sch. para. 15 and with savings in S.I. 2019/680 , reg. 11 ); 2020 c. 1 , Sch. 5 para. 1(1) this amendment (text omitted) should be read in conjunction with other related provisions, see the commentary. omitted
F79 Words in reg. 15(2) substituted (1.4.2013) by The Financial Services Act 2012 (Consequential Amendments and Transitional Provisions) Order 2013 (S.I. 2013/472) , Sch. 2 para. 95(12)(c)(i) (with Sch. 2 para. 96 ) this amendment (text substituted) should be read in conjunction with other related provisions, see the commentary. substituted
F80 Words in reg. 15(2) substituted (1.4.2013) by The Financial Services Act 2012 (Consequential Amendments and Transitional Provisions) Order 2013 (S.I. 2013/472) , Sch. 2 para. 95(12)(c)(ii) (with Sch. 2 para. 96 ) this amendment (text substituted) should be read in conjunction with other related provisions, see the commentary. substituted
F81 Words in reg. 15(2) substituted (1.4.2013) by The Financial Services Act 2012 (Consequential Amendments and Transitional Provisions) Order 2013 (S.I. 2013/472) , Sch. 2 para. 95(12)(c)(iii) (with Sch. 2 para. 96 ) this amendment (text substituted) should be read in conjunction with other related provisions, see the commentary. substituted
F82 Words in reg. 15(3) substituted (1.4.2013) by The Financial Services Act 2012 (Consequential Amendments and Transitional Provisions) Order 2013 (S.I. 2013/472) , Sch. 2 para. 95(12)(d)(ii) (with Sch. 2 para. 96 ) this amendment (text substituted) should be read in conjunction with other related provisions, see the commentary. substituted
F83 Words in reg. 15(3) substituted (1.4.2013) by The Financial Services Act 2012 (Consequential Amendments and Transitional Provisions) Order 2013 (S.I. 2013/472) , Sch. 2 para. 95(12)(d)(i) (with Sch. 2 para. 96 ) this amendment (text substituted) should be read in conjunction with other related provisions, see the commentary. substituted
F84 Regs. 16-24 inserted (31.12.2020) by The Financial Conglomerates and Other Financial Groups (Amendment etc.) (EU Exit) Regulations 2019 (S.I. 2019/264) , regs. 1 , 3 (with regs. 6 , 9 ) (as amended by S.I. 2019/1010 , regs. 1(3) , 8 and S.I. 2020/1031 , reg. 3 , Sch. para. 15 and with savings in S.I. 2019/680 , reg. 11 ); 2020 c. 1 , Sch. 5 para. 1(1) this amendment (text inserted) should be read in conjunction with other related provisions, see the commentary. inserted
F84 Regs. 16-24 inserted (31.12.2020) by The Financial Conglomerates and Other Financial Groups (Amendment etc.) (EU Exit) Regulations 2019 (S.I. 2019/264) , regs. 1 , 3 (with regs. 6 , 9 ) (as amended by S.I. 2019/1010 , regs. 1(3) , 8 and S.I. 2020/1031 , reg. 3 , Sch. para. 15 and with savings in S.I. 2019/680 , reg. 11 ); 2020 c. 1 , Sch. 5 para. 1(1) this amendment (text inserted) should be read in conjunction with other related provisions, see the commentary. inserted
F84 Regs. 16-24 inserted (31.12.2020) by The Financial Conglomerates and Other Financial Groups (Amendment etc.) (EU Exit) Regulations 2019 (S.I. 2019/264) , regs. 1 , 3 (with regs. 6 , 9 ) (as amended by S.I. 2019/1010 , regs. 1(3) , 8 and S.I. 2020/1031 , reg. 3 , Sch. para. 15 and with savings in S.I. 2019/680 , reg. 11 ); 2020 c. 1 , Sch. 5 para. 1(1) this amendment (text inserted) should be read in conjunction with other related provisions, see the commentary. inserted
F84 Regs. 16-24 inserted (31.12.2020) by The Financial Conglomerates and Other Financial Groups (Amendment etc.) (EU Exit) Regulations 2019 (S.I. 2019/264) , regs. 1 , 3 (with regs. 6 , 9 ) (as amended by S.I. 2019/1010 , regs. 1(3) , 8 and S.I. 2020/1031 , reg. 3 , Sch. para. 15 and with savings in S.I. 2019/680 , reg. 11 ); 2020 c. 1 , Sch. 5 para. 1(1) this amendment (text inserted) should be read in conjunction with other related provisions, see the commentary. inserted
F84 Regs. 16-24 inserted (31.12.2020) by The Financial Conglomerates and Other Financial Groups (Amendment etc.) (EU Exit) Regulations 2019 (S.I. 2019/264) , regs. 1 , 3 (with regs. 6 , 9 ) (as amended by S.I. 2019/1010 , regs. 1(3) , 8 and S.I. 2020/1031 , reg. 3 , Sch. para. 15 and with savings in S.I. 2019/680 , reg. 11 ); 2020 c. 1 , Sch. 5 para. 1(1) this amendment (text inserted) should be read in conjunction with other related provisions, see the commentary. inserted
F84 Regs. 16-24 inserted (31.12.2020) by The Financial Conglomerates and Other Financial Groups (Amendment etc.) (EU Exit) Regulations 2019 (S.I. 2019/264) , regs. 1 , 3 (with regs. 6 , 9 ) (as amended by S.I. 2019/1010 , regs. 1(3) , 8 and S.I. 2020/1031 , reg. 3 , Sch. para. 15 and with savings in S.I. 2019/680 , reg. 11 ); 2020 c. 1 , Sch. 5 para. 1(1) this amendment (text inserted) should be read in conjunction with other related provisions, see the commentary. inserted
F84 Regs. 16-24 inserted (31.12.2020) by The Financial Conglomerates and Other Financial Groups (Amendment etc.) (EU Exit) Regulations 2019 (S.I. 2019/264) , regs. 1 , 3 (with regs. 6 , 9 ) (as amended by S.I. 2019/1010 , regs. 1(3) , 8 and S.I. 2020/1031 , reg. 3 , Sch. para. 15 and with savings in S.I. 2019/680 , reg. 11 ); 2020 c. 1 , Sch. 5 para. 1(1) this amendment (text inserted) should be read in conjunction with other related provisions, see the commentary. inserted
F84 Regs. 16-24 inserted (31.12.2020) by The Financial Conglomerates and Other Financial Groups (Amendment etc.) (EU Exit) Regulations 2019 (S.I. 2019/264) , regs. 1 , 3 (with regs. 6 , 9 ) (as amended by S.I. 2019/1010 , regs. 1(3) , 8 and S.I. 2020/1031 , reg. 3 , Sch. para. 15 and with savings in S.I. 2019/680 , reg. 11 ); 2020 c. 1 , Sch. 5 para. 1(1) this amendment (text inserted) should be read in conjunction with other related provisions, see the commentary. inserted
F84 Regs. 16-24 inserted (31.12.2020) by The Financial Conglomerates and Other Financial Groups (Amendment etc.) (EU Exit) Regulations 2019 (S.I. 2019/264) , regs. 1 , 3 (with regs. 6 , 9 ) (as amended by S.I. 2019/1010 , regs. 1(3) , 8 and S.I. 2020/1031 , reg. 3 , Sch. para. 15 and with savings in S.I. 2019/680 , reg. 11 ); 2020 c. 1 , Sch. 5 para. 1(1) this amendment (text inserted) should be read in conjunction with other related provisions, see the commentary. inserted
F84 Regs. 16-24 inserted (31.12.2020) by The Financial Conglomerates and Other Financial Groups (Amendment etc.) (EU Exit) Regulations 2019 (S.I. 2019/264) , regs. 1 , 3 (with regs. 6 , 9 ) (as amended by S.I. 2019/1010 , regs. 1(3) , 8 and S.I. 2020/1031 , reg. 3 , Sch. para. 15 and with savings in S.I. 2019/680 , reg. 11 ); 2020 c. 1 , Sch. 5 para. 1(1) this amendment (text inserted) should be read in conjunction with other related provisions, see the commentary. inserted
F85 Reg. 23A inserted (17.8.2022) by The Financial Services and Markets Act 2000 (Consequential Amendments of References to Rules and Miscellaneous Amendments) Regulations 2022 (S.I. 2022/854) , regs. 1(2) , 2(2) inserted
M1 1972 c. 68 . By virtue of the amendment of section 1(2) made by section 1 of the European Economic Area Act 1993 (c. 51) , regulations may be made under section 2(2) to implement obligations of the United Kingdom created by or arising under the Agreement on the European Economic Area signed at Oporto on 2nd May 1992 (Cm 2073) and the Protocol adjusting the Agreement signed at Brussels on 17th March 1993 (Cm 2183).
M2 S.I. 1997/2781 .
M3 S.I. 2001/3495 .
M4 S.I. 1993/2661 .
M5 S.I. 2002/2840 .
M6 See the definition of “prescribed”.
M7 2000 c. 8 .
M8 S.I. 2001/1420 .
M9 S.I. 2001/2188 ; regulation 2 was amended by S.I. 2001/3624 , S.I . 2003/693, S.I. 2003/1473 and S.I. 2003/2066 .
M10 OJ No. L35 11.2.2003, p.1; applied to the EEA by Joint Committee Decision 104/2004 of 9th July 2004 (not yet published in the Official Journal of the European Communities).
M11 1986 c. 53 ; definition inserted by S.I. 1996/1669 , substituted by S.I. 2000/2952 .
M12 1998 c. 11 ; section 17(7C) was inserted by S.I. 2001/3649 .
M13 S.I. 1998/1130 ; article 2(3) was amended by S.I. 2000/2952 .
M14 S.I. 2001/2511 ; regulation 2 was amended by S.I. 2002/765 and S.I. 2003/2066 and regulation 3 was amended by S.I. 2003/1473 and S.I. 2003/2066 .
Defined Term Section/Article ID Scope of Application
co-ordinator reg. 1. of PART 1 def_34194d2ff0
competent authority reg. 1. of PART 1 def_6ffeecbed0
disclosed information reg. 12. of PART 4 def_34614d87da
FCA General Prudential Sourcebook reg. 23A. of PART 5 def_31ab1e91e6
FCA Handbook reg. 23A. of PART 5 def_0be0622826
financial conglomerate reg. 1. of PART 1 def_230f506fba
financial sector reg. 1. of PART 1 def_9f6f93a567
group reg. 1. of PART 1 def_6fb732d492
insurance sector reg. 1. of PART 1 def_dd64f0d091
management company reg. 1. of PART 1 def_d3f5ab084d
mixed financial holding company reg. 1. of PART 1 def_02ec8440d8
parent undertaking reg. 1. of PART 1 def_67f518b3ba
PRA Rulebook reg. 23A. of PART 5 def_a986351125
regulated entity reg. 1. of PART 1 def_a7f929eec4
regulator reg. 1. of PART 1 def_55eb46337a
relevant competent authorities reg. 1. of PART 1 def_2e1c2437eb
supplementary supervision reg. 1. of PART 1 def_fab3b0e03a
the Act reg. 1. of PART 1 def_578cb035b0
the conglomerates directive reg. 1. of PART 1 def_e76505e3a5
the relevant member reg. 2. of PART 2 def_f970f2f4d5
third-country competent authority reg. 1. of PART 1 def_766c2f291a
third-country competent authority reg. 7. of PART 3 def_8f2e05af9f
third-country financial conglomerate reg. 1. of PART 1 def_3fe2f64805
third-country financial conglomerate reg. 7. of PART 3 def_dc600c3cb4

Status of changes to instrument text

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