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.