1020. Meaning Of “Banking Company” And “Banking Group”

(1) This section defines “banking company” and “banking group” for the purposes of these Regulations.
(2) “Banking company” " means a person who has a Financial Services Permission to carry on the Regulated Activity of Accepting Deposits, other than —
(a) a person who is not a company; and
(b) a person who has such permission only for the purpose of carrying on another Regulated Activity in accordance with such permission.
(3) References to a banking group are to a group where the parent company is a banking company or where–
(a) the parent company’s principal subsidiary undertakings are wholly or mainly banking companies, and
(b) the parent company does not itself carry on any material business apart from the acquisition, management and disposal of interests in subsidiary undertakings.
“Group” here means a parent undertaking and its subsidiary undertakings.
(4) For the purposes of subsection (4)–
(a) a parent company’s principal subsidiary undertakings are the subsidiary undertakings of the company whose results or financial position would principally affect the figures shown in the group accounts, and
(b) the management of interests in subsidiary undertakings includes the provision of services to such undertakings.