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group

  1. 48
    1. (1) (except in relation to an ICVC and except for the purposes of SYSC 12 (Group risk systems and controls requirement) and LR) as defined in section 421 of the Act (Group) (in relation to a person ("A")) A and any person who is:
      1. (a) a parent undertaking of A;
      2. (b) a subsidiary undertaking of A;
      3. (c) a subsidiary undertaking of a parent undertaking of A;
      4. (d) a parent undertaking of a subsidiary undertaking of A;
      5. (e) an undertaking in which A or an undertaking in (a) to (d) has a participating interest;
      6. (f) if A or an undertaking in (a) or (d) is a building society, an associated undertaking of that building society;
      7. (g) if A or an undertaking in (a) or (d) is an incorporated friendly society, a body corporate of which that friendly society has joint control (as defined in section 13(9)(c) or (cc) of the Friendly Societies Act 1992); in this definition: In (A) to (E), the meaning also includes an interest held by an individual which would be a participating interest for the purposes of those provisions if he were an undertaking.
        1. (i) "participating interest" has the same meaning as in:
        2. (A) Part VII of the Companies Act 1985 or Part VIII of the Companies (Northern Ireland) Order 1986, where these provisions are applicable; or
        3. (B) paragraph 11(1) of Schedule 10 to the Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008 (SI 2008/410) where applicable; or
        4. (C) paragraph 8 of Schedule 7 to the Small Companies and Groups (Accounts and Directors' Report) Regulations 2008 (SI 2008/409) where applicable; or
        5. (D) paragraph 8 of Schedule 4 to the Large and Medium-sized Limited Liability Partnerships (Accounts) Regulations 2008 (SI 2008/1913) where applicable; or
        6. (E) paragraph 8 of Schedule 5 to the Small Limited Liability Partnerships (Accounts) Regulations 2008 (SI 2008/1912) where applicable;
        7. (ii) "associated undertaking" has the meaning given in section 119(1) of the Building Societies Act 1986.
        In (A) to (E), the meaning also includes an interest held by an individual which would be a participating interest for the purposes of those provisions if he were an undertaking.
    2. (2) (in relation to an ICVC) a group as in (1) but (in SYSC) including also the ICVC's authorised corporate director (if any). (see also immediate group)
    3. (3) (for the purposes of SYSC 12 (Group risk systems and controls requirement), SYSC 20 (Reverse stress testing) and GENPRU 1.2 (Adequacy of financial resources) as applicable to a BIPRU firm and in relation to a person "A")) A and any person:
      1. (a) who falls into (1);
      2. (b) who is a member of the same financial conglomerate as A;
      3. (c) who has a consolidation Article 12(1) relationship with A;
      4. (d) who has a consolidation Article 12(1) relationship with any person in (3)(a);
      5. (e) who is a subsidiary undertaking of a person in (3)(c) or (3)(d); or
      6. (f) whose omission from an assessment of the risks to A of A's connection to any person coming within (3)(a)-(3)(e) or an assessment of the financial resources available to such persons would be misleading.
    4. (3A) (for the purposes of SYSC 12 (Group risk systems and controls requirement) and SYSC 20 (Reverse stress testing), as applicable to an IFPRU investment firm and IFPRU) and in relation to a person "A"), A and any person:
      1. (a) who falls into (1);
      2. (b) who is a member of the same financial conglomerate as A;
      3. (c) who has a consolidation Article 12(1) relationship with A;
      4. (d) who has a consolidation Article 12(1) relationship with any person in (a);
      5. (e) who is a subsidiary of a person in (c) or (d);
      6. (f) whose omission from an assessment of the risks to A of A's connection to any person coming within (a) to (e) or an assessment of the financial resources available to such persons would be misleading.
    5. 60 (3B) (for the purposes of SYSC 12 (Group risk systems and controls requirement), as applicable to a firm to which the dual-regulated firms Remuneration Code applies and in relation to a person “A”), A and any person:
      1. (a) who falls into (1);
      2. (b) who is a member of the same financial conglomerate as A;
      3. (c) who has a consolidation Article 12(1) relationship with A;
      4. (d) who has a consolidation Article 12(1) relationship with any person in (a);
      5. (e) who is a subsidiary of a person in (c) or (d); or
      6. (f) whose omission from an assessment of the risks to A of A’s connection to any person coming within (a) to (e) or an assessment of the financial resources available to such persons would be misleading.
    6. (4) (in LR):
      1. (a) (except in 505050 LR 6.4.3G, LR 6.5.3G, LR 6.14.3R, LR 6.14.4G62, LR 8.7.8R (10) 50, LR 14.2.2 R , LR 14.2.3A G, LR 18.2.8 R and LR 18.2.9A G ) an issuer and its subsidiary undertakings (if any); and
      2. (b)50( in LR 6.4.3G, LR 6.5.3G, LR 6.14.3R, LR 6.14.4G62, 5050 LR 8.7.8R (10) 50,LR 14.2.2 R, LR 14.2.3A G, LR 18.2.8 R and LR 18.2.9A G), as defined in section 421 of the Act.
    7. (5) (in relation to a common platform firm) means the group of which that firm forms a part, consisting of a parent undertaking, its subsidiaries and the entities in which the parent undertaking or its subsidiaries hold a participation, as well as undertakings linked to each other by a consolidation article 12(1) relationship.68
    8. (6) (in MCOB) a group of MCD creditors which are to be consolidated for the purposes of drawing up consolidated accounts, as defined in Directive 2013/34/EU on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings.54[Note: article 4(6) of the MCD]54
    9. (6) (in relation to a Solvency II firm) a group of undertakings that:53
      1. (a) consists of a participating undertaking, its subsidiary undertakings and the undertakings in which it holds a participation, as well as undertakings linked to each other by a consolidation Article 12(1) relationship; or53
      2. (b) consists of a mutual-type group.53

    [Note: article 2(5) of the MiFID implementing Directive and article 212(1)(c) of the Solvency II Directive53]