Section 3(2)

In these Regulations— references to an amount in sterling includes reference to an equivalent amount in any currency; the equivalent in another currency on a particular day of a sum expressed in sterling is determined by converting the sum in sterling into its equivalent in ... that other currency using the London closing exchange rate for sterling and the relevant currency for the previous working day; references to “real property” include, in relation to Scotland, references to heritable property; references to business being carried on in the United Kingdom, or a person carrying on business in the United Kingdom, are to be read in accordance with regulation 9; references to a person having a “qualifying relationship” with a PRA-authorised person, or with an authorised person are to be read in accordance with section 415B(4) of FSMA ; “parent undertaking” and “subsidiary undertaking” have the same meaning as in the Companies Acts (see section 1162 of and Schedule 7 to, the Companies Act 2006 (parent and subsidiary undertaking) ).

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Source: legislation.gov.uk · retrieved 2026-09-04