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MIFIDPRU 2.7 Investment holding companies, mixed financial holding companies and mixed-activity holding companies

Qualifications of directors

MIFIDPRU 2.7.1G

1Under section 143R of the Act, a UK investment holding company, UK mixed financial holding company or UK mixed-activity holding company must take reasonable care to ensure that the members of its management body are of sufficiently good repute and possess sufficient knowledge, skills and experience to perform their duties effectively.

Mixed-activity holding companies

MIFIDPRU 2.7.2G
  1. (1)

    1Under section 165 of the Act, the FCA may require a parent undertaking of a MIFIDPRU investment firm to provide information that is relevant for the FCA’s supervision of the MIFIDPRU investment firm.

  2. (2)

    Under section 167 of the Act, the FCA may appoint an investigator to verify the information received from a parent undertaking of a MIFIDPRU investment firm and any subsidiaries of that parent undertaking.

  3. (3)

    The powers in (1) and (2) also apply to a mixed-activity holding company.

MIFIDPRU 2.7.3R
  1. (1)

    1Where the parent undertaking of a MIFIDPRU investment firm is a UK mixed‐activity holding company, the MIFIDPRU investment firm must have in place adequate risk management processes and internal control mechanisms.

  2. (2)

    The processes and mechanisms in (1) must include sound reporting and accounting procedures to identify, measure, monitor and control transactions between the firm, the UK mixed‐activity holding company and its subsidiaries.

Sanctions

MIFIDPRU 2.7.4G

1Under section 143W of the Act, the FCA may impose disciplinary measures on the following, where they are not authorised persons, to end or mitigate breaches of a requirement under the MIFIDPRU sourcebook or sections 143K, 143R or 143S(6) of the Act:

  1. (1)

    a UK investment holding company;

  2. (2)

    a UK mixed financial holding company;

  3. (3)

    a UK mixed-activity holding company; or

  4. (4)

    a member of the management body of the entities in (1) to (3).