This Part applies where an investment holding company, a mixed financial holding company, a mixed activity holding company or a parent undertaking commits or is suspected of committing a contravention of: (i) a relevant provision; (ii) any direction given to such an entity under a relevant provision; (iii) any direction given under financial services legislation pursuant to a relevant provision; (iv) any requirement imposed on such an entity under a relevant provision, any direction under a relevant provision or any direction under financial services legislation pursuant to a relevant provision; or (v) any obligation imposed by this Part or imposed by the Bank under a power exercised under this Part. It also applies to participation by a person, while concerned in the management of such an entity, in the commission of such a contravention.

For the purposes of subsection (1), references to a regulated financial service provider or a financial service provider include those holding and parent entities; a reference to a prescribed contravention includes a contravention by such an entity of a provision, direction, requirement or obligation referred to in subsection (1); and performing a controlled function in relation to a regulated financial service provider includes being concerned in the management of the specified holding companies. References to those companies do not include a regulated financial service provider which is such a company. Defined terms derive their meanings from the European Union (Investment Firms) Regulations 2021, and "relevant provisions" means Regulation 40A and Regulations 42 to 50 of those Regulations.