PART 1 U.K.Introductory provisions
Citation, commencement and cessationU.K.
1.—(1) These Regulations may be cited as the Capital Requirements (Capital Buffers and Macro-prudential Measures) Regulations 2014.
(2) Regulations 1 to 3, 7 to 13, 15 to 20, and 36 come into force on 1st May 2014.
(3) Regulations 4 to 6, 14, and 21 to 34 come into force on 1st January 2016.
(4) Regulation 35 comes into force on—
(a)1st May 2014 so far as it relates to the institution-specific countercyclical capital buffer; and
(b)1st January 2016 so far as it relates to the capital conservation buffer and the G-SII buffer.
(5) Regulations 13 and 19 cease to have effect on 1st January 2016.
InterpretationU.K.
2.—(1) In these Regulations—
“appropriate regulator” means the PRA in relation to a PRA-authorised person and the FCA in relation to any other person;
“the Bank” means the Bank of England;
“capital conservation buffer” has the meaning given by Article 128(1) of the capital requirements directive;
“combined buffer requirement” has the meaning given by Article 128(6) of the capital requirements directive, but with point (c) (reference to O-SII buffer) omitted;
“common equity tier 1 capital” has the same meaning as in Chapter 2 of Title 1 of Part 2 of the capital requirements regulation;
“countercyclical capital buffer” has the same meaning as in Articles 130, and 135 to 140, of the capital requirements directive;
“EEA parent financial holding company” means a parent financial holding company in an EEA State which is not a subsidiary of an institution authorised in an EEA State, or of another financial holding company or mixed financial holding company set up in an EEA State ;
“EEA parent institution” means a parent institution in an EEA State which is not a subsidiary of another institution authorised in an EEA State, or of a financial holding company or mixed financial holding company set up in an EEA State ;
“EEA parent mixed financial holding company” means a parent mixed financial holding company in an EEA State which is not a subsidiary of an institution authorised in an EEA State, or of another financial holding company or mixed financial holding company set up in an EEA State ;
“ESRB” means the European Systemic Risk Board established under Regulation (EU) 1092/2010 of 24 November 2010 of the European Parliament and of the Council on European Union macro-prudential oversight of the financial system and establishing a European Systemic Risk Board ;
“FPC” means the Financial Policy Committee of the Bank of England ;
“FSMA” means the Financial Services and Markets Act 2000 ;
“G-SII” means a global systemically important institution ;
“G-SII buffer” has the meaning given by Article 128(3) of the capital requirements directive;
“institution-specific countercyclical capital buffer” has the meaning given by Article 128(2) of the capital requirements directive;
“O-SII” means other systemically important institution ;
“O-SII buffer” has the meaning given by Article 128(4) of the capital requirements directive;
(2) Except as provided by paragraph (1)—
(a)any expression used in these Regulations which is defined in Article 4 (definitions) of the capital requirements regulation or Article 3 (definitions) of the capital requirements directive has the meaning which it is given in that Article ;
(b)any other expression used in these Regulations which is defined in section 417 (definitions) of the Financial Services and Markets Act 2000 has the meaning given by that section.
(3) A reference in these Regulations to an institution maintaining a buffer has the same meaning as in Articles 128 to 142 of the capital requirements directive.
(4) A reference in these Regulations to small or medium sized investment firms must be construed in accordance with Commission Recommendation 2003/361/EC of 6th May 2003 concerning the definition of micro, small and medium-sized enterprises .
Conferral of functions or discretion on the FPCU.K.
3. Where these Regulations confer a function or discretion on the FPC, the FPC must exercise that function or discretion.
Valid from 01/01/2016
Appeals: application of Part 9 of the Financial Services and Markets Act 2000U.K.
4. Part 9 of FSMA (hearings and appeals) applies to a reference to the Tribunal under these regulations as it applies to a reference to the Tribunal under an Act.