Interpretation
This section has no associated Explanatory Memorandum
13. In regulation 35—
(a)in paragraph (2)—
(i)before sub-paragraph (a), insert—
“(za)for the definition of “appropriate regulator”, substitute—
““appropriate regulator” means—
(a)
the PRA, in relation to PRA-authorised persons and financial holding companies and mixed financial holding companies approved or designated by the PRA under—
(ii)
regulation 5 of the Financial Holding Companies (Approval etc.) and Capital Requirements (Capital Buffers and Macro-prudential Measures) (Amendment) (EU Exit) Regulations 2020;
(b)
the FCA in relation to any other person;””;
(ii)in sub-paragraph (a), in the new definition of “capital conservation buffer”, after paragraph (a), insert—
“(aa)in relation to a parent financial holding company and a parent mixed financial holding company, a capital conservation buffer the holding company is required to calculate under rules made by the PRA under section 192V of FSMA;”;
(iii)in sub-paragraph (c), in the new definition of “combined buffer requirement”, after paragraph (b), insert—
“(ba)an O-SII buffer;”;
(iv)in sub-paragraph (e), in the new definition of “institution-specific countercyclical capital buffer”, after paragraph (a), insert—
“(aa)in relation to a parent financial holding company or a parent mixed financial holding company, a countercyclical capital buffer which the holding company is required to calculate under rules made by the PRA under section 192V of FSMA;”;
(v)after sub-paragraph (e), insert—
“(ea)before the definition of “systemic risk buffer”, insert—
““parent financial holding company” and “parent mixed financial holding company” have the meanings given in section 192O(2) of FSMA;”;”
(vi)in sub-paragraph (f), in the new definition of “systemic risk buffer”, for “34A(1)” substitute “34C(1)”;
(vii)in sub-paragraph (g), omit ““O-SII buffer””;
(b)after paragraph (2), insert—
“(2A) For the definition of “O-SII buffer” substitute—
““O-SII buffer” has the meaning given in regulation 34ZA.””.