Financial Services And Markets Citation, commencement and interpretation 1 1 This Order may be cited as the Financial Services (Banking Reform) Act 2013 (Transitional and Savings Provisions) (Amendment) Order 2015 and comes into force on 1st October 2015. Amendments to the Financial Services (Banking Reform) Act 2013 (Transitional and Savings Provisions) Order 2015 2 The Financial Services (Banking Reform) Act 2013 (Transitional and Savings Provisions) Order 2015 is amended in accordance with articles 3 to 7 of this Order. Amendments to article 1 (citation, commencement and interpretation) 3 1 Article 1(2) is amended as follows. 2 Omit the definition of “branch”. 3 For the definition of “class 2 firm” substitute— “class 2 firm” means a PRA -authorised person other than a relevant authorised person ; . 4 After the definition of “ FSMA ” insert— “insurer” has the meaning given in section 71A(6)(d); “non-UK institution” has the meaning given in section 71A(6)(b); 5 Omit the definition of “the rule-making date”. Amendments to article 10 (period for consideration of an application to perform controlled functions) 4 1 Article 10 is amended as follows. 2 Article 10 becomes article 10(1). 3 After article 10(1) insert— 2 In this article the “rule-making date” means— a in relation to a pre-implementation application concerning the performance of controlled functions in relation to a relevant non-UK institution (whether on the date concerned the institution is a class 1 or a class 2 firm)— i the date on which both regulators publish rules made under article 17 specifying in relation to relevant non-UK institutions equivalent functions for the purposes of this Order; or ii if the regulators publish such rules on different dates, the last day on which such rules are published; b in relation to a pre-implementation application concerning the performance of controlled functions in relation to an insurer that is not a solvency-II firm— i the date on which both regulators publish rules made under article 17 specifying in relation to such insurers equivalent functions for the purpose of this Order; or ii if the regulators publish such rules on different dates, the last day on which such rules are published; and c in relation to a pre-implementation application concerning the performance of controlled functions in relation to any other firm— i the date on which both regulators publish rules made under article 17 specifying in relation to such firms equivalent functions for the purposes of this Order; or ii if the regulators publish such rules on different dates, the last day on which such rules are published. 3 For the purposes of this article— a “relevant non-UK institution” has the meaning given in article 10A (relevant non-UK institutions); and b “solvency II firm” has the meaning given in article 10B (solvency II firms). New articles 10A and 10B 5 After article 10 insert— Relevant non-UK institutions 10A 1 A “relevant non-UK institution” is a non-UK institution which— a meets condition A or B; b has a branch in the United Kingdom; and c is not an insurer. 2 Condition A is that the non-UK institution is a credit institution which has permission under Part 4A or resulting from Schedule 3 or 4 to carry on the regulated activity of accepting deposits . 3 Condition B is that— a the non-UK institution is an investment firm; b it has permission under Part 4A or resulting from Schedule 3 or 4 to carry on the regulated activity of dealing in investments as principal ; and c when carried on by it, that activity is a PRA-regulated activity . 4 In this article— a “branch” means a place of business that forms a legally dependent part of a non-UK institution and conducts directly all or some of the operations inherent in the institution’s business; b “credit institution” has the meaning given in section 71A(6)(c) ; c “investment firm” has the meaning given in section 424A . Solvency II firms 10B 1 “Solvency II firm” means— a an insurance undertaking within the meaning of Article 13(1) of the Solvency II Directive that is not— i an insurance undertaking falling under Article 308b(1) of the Solvency II Directive; or ii excluded from the scope of the Solvency II Directive by Section 2 of Chapter 1 of Title 1 of that Directive; b a reinsurance undertaking within the meaning of Article 13(4) of the Solvency II Directive that is not— i a reinsurance undertaking falling under Article 308b(1) of the Solvency II Directive; or ii excluded from the scope of the Solvency II Directive by Section 2 of Chapter 1 of Title 1 of that Directive; c a special purpose vehicle within the meaning of Article 13(26) of the Solvency II Directive; d a third country insurance undertaking within the meaning of Article 13(3) of the Solvency II Directive which has a branch in the United Kingdom; or e a third country reinsurance undertaking within the meaning of Article 13(6) of the Solvency II Directive which has a branch in the United Kingdom. 2 In this article “branch” has the meaning given in Article 13(11) of the Solvency II Directive . Amendment to article 12 (continuation of an application to perform controlled functions) 6 In article 12(1)(a) after “notified” insert “application”. Amendment to article 22 (consultation) 7 In article 22, for paragraph (2) substitute— 2 The requirement may be satisfied by things done (wholly or in part)— a before the commencement of this Order, or b where the rules, instrument or document relate (wholly or in part) to a person to whom this Order applies as a result of any amendment to this Order, before the date on which that amendment comes into force. . David Evennett George Hollingbery Two of the Lords Commissioners of Her Majesty’s Treasury 8th September 2015