• PRU 8.5 PRU 8.5 Restrictions on ownership or control

    • Guidance

      By Rule 8.1.1(1), this Section applies to an Authorised Person in any Category.

    • Parents of Category 1 and 5 Authorised Persons

      • PRU 8.5.1

        (1) No entity other than one of the following may be the Parent of, or any of the Parents of, an Authorised Person in Category 1 or 5:
        (a) another Authorised Person in Category 1 or 5; or
        (b) an Authorised Person with a Financial Services Permission to carry on the activities of Accepting Deposits.
        (2) An entity other than one referred to in (1)(a) or (b) may be the Parent of an Authorised Person in Category 1 or 5 where the ultimate, or any intermediate, Parent is an Authorised Peson of the type specified under 1(a) or (b).

    • Restrictions on Category 3A, 3B, 3C and 4 Authorised Persons

      • PRU 8.5.2

        (1) An Authorised Person in Category 3A, 3B, 3C or 4 must not, subject to (2), be a Parent of an entity that:
        (a) is an Authorised Person in Category 1 or 5 or an Insurer; or
        (b) carries on activities that would, if conducted in the ADGM, constitute Accepting Deposits or Managing a Profit Sharing Investment Account which is a PSIAu.
        (2) An Authorised Person in Category 3A, 3B, 3C or 4 may own or control an entity referred to in (1) where it is itself a Subsidiary of:
        (a) a Financial Institution with a Financial Services Permission to carry on any one or more of the activities specified in (1)(b); or
        (b) an Authorised Person in Category 1 or 5 or an Insurer.