InterpretationU.K.
This section has no associated Explanatory Memorandum
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;
[“systemic risk buffer” has the meaning given by Article 128(5) 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.
[(2A) Any reference in these Regulations to any EU regulation, EU decision or EU tertiary legislation (within the meaning of section 20 of the European Union (Withdrawal) Act 2018) is, unless the contrary intention appears, to be treated as a reference to that EU regulation, EU decision or EU tertiary legislation as it has effect on the day on which the [Capital Requirements (Amendment) (EU Exit) Regulations 2019] were made.]
(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 .
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