financial institution
- (1) (in accordance with paragraph 5(c) of Schedule 3 to the Act (EEA Passport Rights: EEA firm) and article 1(5) of the Banking Consolidation Directive (Definitions)), but not for the purposes of ELM or PRU 8 (Group Risk)), an undertaking, other than a credit institution, the principal activity of which is to acquire holdings or to carry on one or more of the listed activities listed in points 2 to 12 of Annex I to the BCD, which is a subsidiary of the kind mentioned in article 19of the BCD and which fulfils the conditions in articles 18 and 19 of the BCD.9
- (2) for the purposes of
ELM
and PRU 8 (Group risk) and in accordance with Articles 1(5) (Definitions) and 2(2) (Scope)of the Banking Consolidation Directive):9
- (a) an undertaking, other than a credit institution, the principal activity of which is to acquire holdings or to carry on one or more of the listed activities listed in points 2 to 12 of Annex I to the Banking Consolidation Directive; 9
- (b) those institutions permanently excluded by paragraph 2(3) of the Banking Consolidation Directive (Scope), with the exception of the central banks of Member States, but so that, so far as this paragraph (b) applies for the purposes of ELM, it only applies for the purposes of chapter 7 (Consolidated financial supervision) of ELM; and9
- (c) (for the purposes of ELM) an asset management company.149