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Repealed by LN. 2013/198 as from 1.1.2014 - page 6 / 94

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1989-47

Financial Services (Investment and Fiduciary Services)

Repealed Subsidiary 2007/002

FINANCIAL SERVICES (CAPITAL ADEQUACY OF INVESTMENT FIRMS) REGULATIONS 2007 Authority (European Banking Authority), amending Decision No 716/2009/EC and repealing Commission Decision 2009/78/EC;

“European parent investment firm” means a parent investment firm in an EEA State which is not a subsidiary of another institution authorised in any such State, or of a financial holding company set up in any such State;

“FSCACI Regulations” means the Financial Services (Capital Adequacy

of Credit 2006/48/EC;

Institutions)

Regulations

transposing

Directive

“financial holding companymeans a financial institution

  • (a)

    the subsidiary undertakings of which are either exclusively or mainly investment firms or other financial institutions, at least one of which is an investment firm; and

  • (b)

    which is not a mixed financial holding company;

“financial institution” means an undertaking which is not a credit institution whose principal activity is to acquire holdings or to carry on one or more of the activities mentioned in paragraphs 2 to 12 of Schedule 1 of the FSCACI Regulations;

“financial instruments” means any contract that gives rise to both a financial asset of one party and a financial liability or equity instrument of another party and shall include both primary financial instruments or cash instruments, and derivative financial instruments the value of which is derived from the price of an underlying financial instrument or a rate or an index or the price of an underlying other item and include as a minimum the instruments specified in Section C of Annex I of Directive 2004/39/EC.

“initial capital” shall comprise–

(a)

all amounts, regardless of their actual designation, which, in accordance with an investment firm’s legal structure, are regarded as equity capital subscribed by shareholders or other proprietors in so far as it has been paid up, plus share premium account accounts but excluding cumulative preferential shares; and

(b)

all types of reserves shown separately in the investment firm’s balance sheet and profit and losses brought forward as a result of the application of the final profit or loss;

© Government of Gibraltar (www.gibraltarlaws.gov.gi)

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