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 permission under the laws or regulations applicable in the Abu Dhabi Global Market to accept deposits, other than a person who is not a company,
(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 credit institutions, 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.