Status: You are viewing the version of the handbook as on 2009-03-31.

financial institution

      1. (1) (in accordance with paragraph 5(c) of Schedule 3 to the Act (EEA Passport Rights: EEA firm) and article 23423(5) of the Banking Consolidation Directive (Definitions)), but not for the purposes of ELM 23, GENPRU, BIPRU and INSPRU23), 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 232423of the BCD and which fulfils the conditions in 23that article23.9
      1. (2) for the purposes of ELM 23, GENPRU, BIPRU and INSPRU23 and in accordance with Articles 231(3) (Scope) and 4(5) (Definitions) 23of the Banking Consolidation Directive) the following23:9
        1. (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 including the services and activities provided for in Sections A and B of Annex I of the MIFID when referring to the financial instruments provided for in Section C of Annex I of that Directive23; 9
        1. (b) (for the purposes of consolidated requirements) 23those institutions permanently excluded by 23Article 2 23of the Banking Consolidation Directive (Scope), with the exception of the23central banks of EEA States23; and9
        1. (c) (for the purposes of ELM) an asset management company.149