xmlns:atom="http://www.w3.org/2005/Atom" xmlns:atom="http://www.w3.org/2005/Atom"
226. The Liquidity Commission Delegated Regulation is amended in accordance with this Chapter.
Commencement Information
I1Reg. 226 in force at 31.12.2020 on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(3)
227.—(1) Article 2 (scope and application) is amended as follows.
(2) In paragraph 1, for the words from “supervised under Directive” to the end, substitute “ that are CRR firms ”.
(3) In paragraph 2, for “Articles 8 and 10” substitute “ Article 8 ”.
(4) In paragraph 3—
(a)for “EU parent institution” substitute “ UK parent institution ”;
(b)for “EU parent financial holding company” substitute “ UK parent financial holding company ”;
(c)for “EU parent mixed financial holding company” substitute “ UK parent mixed financial holding company ”;
(d)in sub-paragraph (d) for the words “the national law of” to end, substitute “ the Liquidity Coverage Requirement – UK Designated Investment Firms Part of the PRA's rulebook or the applicable liquidity requirements in the FCA's Handbook ”.
Commencement Information
I2Reg. 227 in force at 31.12.2020 on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(3)
228. In Article 3 (definitions)—
(a)in point (1), for the words “the second sub-paragraph” to the end substitute “ Article 10 of this Regulation ”;
(b)in point (2), for the words “as referred to in” to the end substitute “ and further subdivided into level 2A and 2B assets in accordance with Articles 11 and 12 of this Regulation ”;
(c)in point (5), for “a Member State” substitute “ the United Kingdom ”;
(d)omit point (6);
(e)in point (9), for “activities listed in Annex I to Directive 2013/36/EU” substitute “ Annex 1 activities ”;
(f)after point (9) insert—
“(9A) ‘UK deposit guarantee scheme’ means the depositor protection part of the Financial Services Compensation Scheme established under section 213 of FSMA;”
(g)after point (12) insert—
“(13) A reference to the PRA rulebook is to the rulebook published by the PRA containing rules made by that Authority under FSMA—
(a)as amended from time to time, for the purposes of Article 2(3)(d); or
(b)as the rulebook has effect on [F1IP completion day] , in all other cases.
(14) A reference to a sourcebook is to a sourcebook in the Handbook of Rules and Guidance published by the FCA containing rules made by that Authority under FSMA—
(a)as amended from time to time, for the purposes of Article 2(3)(d); or
(b)as the rulebook has effect on [F1IP completion day] , in all other cases.
(15) ‘the Capital Requirements Regulation’ means Regulation (EU) No 575/2013 of the European Parliament and of the Council of 26 June 2013 on prudential requirements for credit institutions and investment firms and amending Regulation (EU) No 648/2012, as it forms part of domestic law by virtue of section 3 of the European Union (Withdrawal) Act 2018, and as amended from time to time thereafter.
(16) Except as provided above, any expression used in this Regulation which is defined in Article 4 (definitions) of the Capital Requirements Regulation has the meaning which it is given in that Article, as it forms part of domestic law by virtue of section 3 of the European Union (Withdrawal) Act 2018, and as amended from time to time thereafter.”.
Textual Amendments
F1Words in reg. 228(g) substituted (30.12.2020) by The Financial Services and Economic and Monetary Policy (Consequential Amendments) (EU Exit) Regulations 2020 (S.I. 2020/1301), regs. 1, 3, Sch. para. 11(j)
Commencement Information
I3Reg. 228 in force at 31.12.2020 on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(3)
229. In Article 4 (the liquidity coverage ratio)—
(a)at the end of paragraph 4, insert “ or, if revoked, the PRA rulebook ”;
(b)at the end of paragraph 5, insert “ or, if revoked, the PRA rulebook ”.
Commencement Information
I4Reg. 229 in force at 31.12.2020 on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(3)
230. In Article 7 (general requirements for liquid assets)—
(a)in paragraph 2(a), omit the words from “This shall include” to “institutional protection scheme”;
(b)in paragraph 4(g), for “activities listed in Annex I to Directive 2013/36/EU” substitute “ Annex 1 activities ”;
(c)in paragraph 6, for “a Member State” substitute “ the United Kingdom ”;
(d)omit paragraph 7(d).
Commencement Information
I5Reg. 230 in force at 31.12.2020 on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(3)
231. In Article 8 (operational requirements)—
(a)in paragraph 1(b)—
(i)for “Member State” substitute “ United Kingdom ”;
(ii)for “credit institution's home Member State” substitute “ United Kingdom ”;
(b)in paragraph 4, in the second sub-paragraph, omit from “or to the deposits and” to the end;
(c)in paragraph 6, second sub-paragraph for “Article 105 of Directive 2013/36/EU” substitute “ regulation 35 of the Capital Requirements Regulations 2013 ”.
Commencement Information
I6Reg. 231 in force at 31.12.2020 on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(3)
232. In Article 10 (level 1 assets), in paragraph 1—
(a)in point (b)(i), for “the European Central Bank (ECB) or a Member State's central bank” substitute “ the Bank ”;
(b)in point (b)(ii)—
(i)after “central banks of third countries” insert “ or the European Central Bank ”;
(ii)after “or its central government” insert “ (if applicable) ”;
(c)in point (b)(iii), omit “the ECB or”;
(d)in point (c)(i), for “a Member State” substitute “ the United Kingdom ”;
(e)in point (c)(iii) and point (e)(i)—
(i)for “a Member State” in each place it occurs substitute “ the United Kingdom ”;
(ii)for “the Member State” in both places it occurs substitute “ the United Kingdom ”;
(f)in point (c)(v), for “central government of the Member State” substitute “ central government of the United Kingdom ”;
(g)in point (e)(ii)—
(i)for “the public policy objectives of the Union or of the central or regional government or local authority in a Member State” substitute “ the public policy objectives of the central or a regional government of, or a local authority in, the United Kingdom ”;
(ii)for “central government of the Member State” substitute “ government of the United Kingdom ”;
(h)in point (f)(i), for “bonds as referred to in Article 52(4) of Directive 2009/65/EC” substitute “ CRR covered bonds ”.
Commencement Information
I7Reg. 232 in force at 31.12.2020 on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(3)
233. In Article 11 (level 2A assets), in paragraph 1—
(a)in point (a), for “a Member State” substitute “ the United Kingdom ”;
(b)in point (c)(i), for “bonds as referred to in Article 52(4) of Directive 2009/65/EC” substitute “ CRR covered bonds ”;
(c)in point (d)(ii), for “Union” substitute “ United Kingdom ”.
Commencement Information
I8Reg. 233 in force at 31.12.2020 on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(3)
234. In Article 12 (level 2B assets), in paragraph 1—
(a)in point (c)(i), for “a Member State” in both places substitute “ the United Kingdom ”;
(b)in point (c)(ii), for “the currency of the credit institution's home Member State” substitute “ pounds sterling ”;
(c)in point (d), for “the central bank of a Member State” substitute “ the Bank ”;
(d)in point (e)(i), for “bonds as referred to in Article 52(4) of Directive 2009/65/EC” substitute “ CRR covered bonds ”;
(e)in point (e)(v), for “points (a), (d)(i) and (e)” substitute “ points (a) and (d)(i) ”.
Commencement Information
I9Reg. 234 in force at 31.12.2020 on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(3)
235. Omit Article 16 (deposits and other funding in cooperative networks and institutional protection schemes).
Commencement Information
I10Reg. 235 in force at 31.12.2020 on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(3)
236. In Article 19 (alternative liquidity approaches)—
(a)in paragraph 1(b), for “the central bank in a Member State or third country” substitute “ the Bank, the European Central Bank or the central banks of third countries ”;
(b)in paragraph 3, for the words from “by the implementing regulation” to the end substitute “ in accordance with Commission Implementing Regulation (EU) 2015/2344, or any subsequent technical standards made by the PRA under Article 419(4) of the Capital Requirements Regulation ”M1 ;
(c)in paragraph 4, for the words from “by the delegated act” to the end substitute “ in accordance with Commission Delegated Regulation (EU) 2016/709, or any subsequent technical standards made by the PRA under Article 419(5) of the Capital Requirements Regulation ”M2 .
Commencement Information
I11Reg. 236 in force at 31.12.2020 on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(3)
Marginal Citations
M1Commission Implementing Regulation (EU) 2015/2344 of 15 December 2015 laying down implementing technical standards with regard to currencies with constraints on the availability of liquid assets in accordance with Regulation (EU) No 575/2013 of the European Parliament and of the Council.
M2Commission Delegated Regulation (EU) 2016/709 of 26 January 2016 supplementing Regulation (EU) No 575/2013 of the European Parliament and of the Council with regard to regulatory technical standards specifying the conditions for the application of the derogations concerning currencies with constraints on the availability of liquid assets.
237. In Article 23 (additional liquidity outflows for other products and services), omit paragraph 3.
Commencement Information
I12Reg. 237 in force at 31.12.2020 on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(3)
238. In Article 24 (outflows from stable retail deposits)—
(a)in paragraph 1, for the words from “a deposit guarantee scheme in accordance” to “Directive 2014/49/EU” substitute “ the UK deposit guarantee scheme ”;
(b)in paragraph 4, for the words from “a deposit guarantee scheme in accordance” to the end of point (c) substitute “ the UK deposit guarantee scheme ”;
(c)omit paragraph 5.
Commencement Information
I13Reg. 238 in force at 31.12.2020 on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(3)
239. In Article 25 (outflows from other retail deposits), in paragraph 2, in point (e)—
(a)for “Union” substitute “ United Kingdom ”;
(b)for “the euro or the domestic currency of a Member State” substitute “ pounds sterling ”.
Commencement Information
I14Reg. 239 in force at 31.12.2020 on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(3)
240. In Article 26 (outflows with inter-dependent inflows), in point (c)(ii) for “a Member State” substitute “ the United Kingdom ”.
Commencement Information
I15Reg. 240 in force at 31.12.2020 on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(3)
241. In Article 27 (outflows from operational deposits)—
(a)omit paragraph 1(b);
(b)in paragraph 2, for the words from “a deposit guarantee scheme” to “Directive 2014/49/EU” substitute “ the UK deposit guarantee scheme ”;
(c)omit paragraph 3.
Commencement Information
I16Reg. 241 in force at 31.12.2020 on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(3)
242. In Article 28 (outflows from other liabilities)—
(a)in paragraph 1, in the second sub-paragraph, for the words from “a deposit guarantee scheme” to “Directive 2014/49/EU” substitute “ the UK deposit guarantee scheme ”;
(b)in paragraph 3, in point (d)(ii), for “Member State” substitute “ United Kingdom ”.
Commencement Information
I17Reg. 242 in force at 31.12.2020 on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(3)
243. In Article 29 (outflows within a group or an institutional protection scheme)—
(a)in the heading, omit “or an institutional protection scheme”;
(b)in paragraph 1(b), for “relationship within the meaning of Article 12(1) of Directive 83/349/EEC” substitute “ common management relationship ”;
(c)in paragraph 1(b), omit from “or a member of the same” to the end;
(d)in paragraph 1(d), for “same Member State” substitute “ United Kingdom ”;
(e)in paragraph 2, in the second sub-paragraph, omit the words from the beginning to “Regulation (EU) No 575/2013”.
Commencement Information
I18Reg. 243 in force at 31.12.2020 on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(3)
244. In Article 30 (additional outflows), in paragraph 3, for “the delegated act to be adopted by the Commission pursuant to” substitute “ technical standards made under ”.
Commencement Information
I19Reg. 244 in force at 31.12.2020 on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(3)
245. In Article 31 (outflows from credit and liquidity facilities)—
(a)omit paragraph 7;
(b)in paragraph 9—
(i)in the first sub-paragraph, for “the central or regional government of at least one Member State” substitute “ the central or a regional government of the United Kingdom ”;
(ii)in the third sub-paragraph, for “public policy objectives of the Union or of that Member State's central or regional government” substitute “ the public policy objectives of the central or a regional government of the United Kingdom ”.
Commencement Information
I20Reg. 245 in force at 31.12.2020 on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(3)
246. In Article 32 (inflows), in paragraph 3(d), omit “, with the exception of deposits at the central institution referred to in Article 27(3),”.
Commencement Information
I21Reg. 246 in force at 31.12.2020 on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(3)
247. In Article 33 (cap on inflows)—
(a)in paragraph 2(a), for “relationship within the meaning of Article 12(1) of Directive 83/349/EEC” substitute “ common management relationship ”;
(b)in paragraph 2(b), omit “or (7)”;
(c)for paragraph (4)(b), substitute—
“(b)an activity that immediately before [F2IP completion day] would have amounted to consumer credit for the purposes of Directive 2008/48/EC.”;
(d)paragraph 5, in the second sub-paragraph—
(i)omit the first sentence;
(ii)for “EBA shall publish” substitute “ PRA must publish ”;
(iii)omit the final sentence.
Textual Amendments
F2Words in reg. 247(c) substituted (30.12.2020) by The Financial Services and Economic and Monetary Policy (Consequential Amendments) (EU Exit) Regulations 2020 (S.I. 2020/1301), regs. 1, 3, Sch. para. 11(k)
Commencement Information
I22Reg. 247 in force at 31.12.2020 on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(3)
248. In Article 34 (inflows within a group or an institutional protection scheme)—
(a)in the heading, omit “or an institutional protection scheme”;
(b)in paragraph 1(b), for “relationship within the meaning of Article 12(1) of Directive 83/349/EEC” substitute “ common management relationship ”;
(c)in paragraph 1(b), omit from “or a member of the same” to the end;
(d)in paragraph 1(d), for “same Member State” substitute “ United Kingdom ”;
(e)omit paragraphs 2 and 3.
Commencement Information
I23Reg. 248 in force at 31.12.2020 on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(3)
249.—(1) In Article 35 (grandfathering of Member State-guaranteed bank assets)—
(a)for the heading substitute “ Transitional provision: United Kingdom-guaranteed bank assets ”;
(b)in paragraph 1, for “the central government of a Member State” substitute “ the central government of the United Kingdom ”;
(c)in paragraph 2, for “in a Member State” substitute “ of the United Kingdom ”.
Commencement Information
I24Reg. 249 in force at 31.12.2020 on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(3)
250. Omit Article 36 (transitional provision for Member State-sponsored impaired asset management agencies).
Commencement Information
I25Reg. 250 in force at 31.12.2020 on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(3)
251. After Article 39 (entry into force) omit “This Regulation shall be binding in its entirety and directly applicable in all Member States.”
Commencement Information
I26Reg. 251 in force at 31.12.2020 on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(3)