27 Powers of regulators in relation to parent undertakings
Financial Services Act 2012 (2012 c 21) | Legislation

27  Powers of regulators in relation to parent undertakings

After section 192 of FSMA 2000 insert—

“Part 12A
Powers Exercisable in Relation to Parent Undertakings

Introductory

192A Meaning of “qualifying authorised person”

(1)     In this Part “qualifying authorised person” means an authorised person satisfying the following conditions.

(2)     Condition A is that the authorised person is a body corporate incorporated in the United Kingdom.

(3)     Condition B is that the authorised person is—

(a)     a PRA-authorised person, or

(b)     an investment firm.

(4)     The Treasury may by order—

(a)     amend subsection (3) so as to add to or restrict the descriptions of authorised person who can be qualifying authorised persons, or

(b)     provide that while the order is in force subsection (3) is not to have effect.

(5)     Except as provided by subsection (6), an order under subsection (4) is not to be made unless a draft of the order has been laid before Parliament and approved by a resolution of each House.

(6)     An order under subsection (4) may be made without a draft having been laid and approved as mentioned in subsection (5) if the order contains a statement that the Treasury are of the

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