PART 5Amendments to other secondary legislation

The Financial Services and Markets Act 2000 (PRA-regulated Activities) Order 2013189

1

Article 3 of the Financial Services and Markets Act 2000 (PRA-regulated Activities) Order 2013375 (dealing in investments as principal: designation by the PRA) is amended as follows.

2

In paragraph (2)376—

a

at the end of sub-paragraph (a) insert “or”;

b

omit sub-paragraph (c) and the preceding “or”.

3

In paragraph (3)377—

a

for sub-paragraph (a)378 substitute—

a

is an investment firm that is required to have initial capital of 730,000 euro or would be required to do so if it had a Part 4A permission;

b

for sub-paragraph (c) substitute—

c

is established in a country other than the United Kingdom but would meet the requirement specified in sub-paragraph (a) if P were established in the United Kingdom and had obtained the necessary authorisation in the United Kingdom for its business.