PART 5Amendments to other secondary legislation

The Financial Services and Markets Act 2000 (Prescribed Financial Institutions) Order 2013186

1

The Financial Services and Markets Act 2000 (Prescribed Financial Institutions) Order 2013354 is amended as follows.

2

In article 1(2)355 (interpretation)—

a

for the definition of “insurance holding company” substitute—

  • “insurance holding company” has the same meaning as in regulation 2(1) of the Solvency 2 Regulations 2015356;

b

for the definition of “mixed financial holding company” substitute—

  • “mixed financial holding company” has the meaning given in regulation 1(2) of the Financial Conglomerates and Other Financial Groups Regulations 2004357;

c

omit the following definitions—

i

“credit institution”;

ii

“insurance undertaking”;

iii

“reinsurance undertaking”;

iv

“third-country insurance undertaking”;

v

“third-country reinsurance undertaking”.

3

In article 2358 (prescribed financial institutions)—

a

in paragraph (4)359 omit “(within the meaning given in Article 32.4 of the recovery and resolution directive)”; and

b

after paragraph (4) insert—

4A

For the purposes of paragraph (4) a company is failing or likely to fail where, if the company were a bank (within the meaning given in section 2 of the Banking Act 2009360), it would be failing or likely to fail by virtue of meeting any of the circumstances in section 7(5C)(b) to (e) of that Act.