The Capital Requirements Regulations 2006 (revoked)

Changes over time for: Section 1

Version Superseded: 10/06/2013

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Point in time view as at 01/04/2013. This version of this provision has been superseded.

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Citation, commencement and interpretationU.K.

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1.—(1) These Regulations may be cited as the Capital Requirements Regulations 2006 and come into force on 1^st January 2007.

(2) In these Regulations—

“the Act” means the Financial Services and Markets Act 2000 M1;

“application” unless the context otherwise requires means an application—

(a)

for a permission;

(b)

to vary or revoke a permission; or

(c)

to vary or revoke the terms and conditions to which a permission is subject;

[F1“appropriate regulator” means the FCA or, as the case may be, the PRA;]

“banking consolidation directive” M2 means Council Directive 2006/48/EC of the European Parliament and of the Council of 14 June 2006 relating to the taking up and pursuit of the business of credit institutions [F2as last amended [F3on 24th November 2010 by Directives 2010/76/EU and 2010/78/EU] of the European Parliament and of the Council];

[F4“banking or investment group” means the group to which an EEA parent credit institution, EEA parent investment firm or EEA parent financial holding company belongs;]

“capital adequacy directive” M3 means Council Directive 2006/49/EC of the European Parliament and of the Council of 14 June 2006 relating to the capital adequacy of investment firms and credit institutions [F5as last amended [F6on 24th November 2010 by Directives 2010/76/EU and 2010/78/EU] of the European Parliament and of the Council];

“decision” means [F7, for the purposes of Part 2,] a decision made by the EEA consolidated supervisor in relation to an application or a proposal;

“EEA consolidated supervisor” means the competent authority responsible, under the banking consolidation directive or under the banking consolidation directive as applied by Articles 2(2) and 37(1) of the capital adequacy directive, for the exercise of supervision on a consolidated basis of—

(a)

an EEA parent credit institution;

(b)

an EEA parent investment firm; or

(c)

credit institutions or investment firms controlled by an EEA parent financial holding company where the parent is authorised in a different EEA State to at least one of the subsidiaries;

“EEA parent credit institution” means a parent credit institution in an EEA State which is not a subsidiary of another credit institution or investment firm authorised in any EEA State, or of a financial holding company set up in any EEA State;

“EEA parent investment firm” means a parent investment firm in an EEA State which is not a subsidiary of another credit institution or investment firm authorised in any EEA State or of a financial holding company set up in any EEA State;

“EEA parent financial holding company” means a parent financial holding company in an EEA State which is not a subsidiary of another credit institution or investment firm authorised in any EEA State or of another financial holding company set up in any EEA State;

[F8“ESRB” means the European Systemic Risk Board established by Regulation (EU) No. 1092/2010 of the European Parliament and of the Council of 24 November 2010 on European Union macro-prudential oversight of the financial system and establishing a European Systemic Risk Board;]

[F9“home EEA state” means the EEA state in which a credit institution or investment firm has been authorised in accordance with the banking consolidation directive or the capital adequacy directive;

“host EEA state” means the EEA state in which a credit institution or investment firm authorised in another EEA state has a branch;]

“joint decision” means [F10, for the purposes of Part 2,] a decision, made jointly by all relevant competent authorities and the EEA consolidated supervisor, in relation to an application or a proposal;

“national consolidated supervisor” means the competent authority responsible, under the banking consolidation directive or under the banking consolidation directive as applied by Articles 2(2) and 37(1) of the capital adequacy directive, for the exercise of supervision on a consolidated basis of—

(a)

a parent credit institution in an EEA State;

(b)

a parent investment firm in an EEA State; or

(c)

credit institutions or investment firms controlled by a parent financial holding company in an EEA State;

“parent credit institution in an EEA State” means a credit institution which has a credit institution, an investment firm or a financial institution as a subsidiary or which holds a participation in such an institution, and which is not itself a subsidiary of another credit institution or investment firm authorised in the same EEA State, or of a financial holding company set up in the same EEA State;

“parent investment firm in an EEA State” means an investment firm which has a credit institution, an investment firm or a financial institution as a subsidiary or which holds a participation in such an institution, and which is not itself a subsidiary of another credit institution or investment firm authorised in the same EEA State or of a financial holding company set up in the same EEA State;

“parent financial holding company in an EEA State” means a financial holding company which is not itself a subsidiary of a credit institution or investment firm authorised in the same EEA State, or of another financial holding company set up in the same EEA State;

“permission” means a permission referred to in Article 84(1) or 87(9) of the banking consolidation directive, an approval referred to in Article 105 or Annex III, Part 6 of the banking consolidation directive or recognition referred to in Annex V of the capital adequacy directive;

“proposal” means a proposal made by the EEA consolidated supervisor to vary or revoke a permission or vary or revoke the terms or conditions to which it is subject;

[F11“regulation establishing EBA” means Regulation (EU) No. 1093/2010 of the European Parliament and of the Council of 24 November 2010 establishing a European Supervisory Authority (European Banking Authority);]

“relevant competent authority” means a competent authority which is not the EEA consolidated supervisor and which has authorised a subsidiary of an EEA parent credit institution, a subsidiary of an EEA parent investment firm or a subsidiary of an EEA parent financial holding company.

[F12“relevant investment firm” means an investment firm which does not meet the conditions set out in Article 20(2) or (3) or the first paragraph of Article 46 of the capital adequacy directive;

“risk assessment” means, unless the context otherwise requires, an evaluation of the risks to which a credit institution or investment firm or a banking or investment group is or might be exposed, in accordance with Articles 123 and 124 of the banking consolidation directive;

“significant branch” has the meaning given by regulation 16A.]

(3) Save as provided by paragraph (2)—

(a)any expression used in these Regulations which is used in the banking consolidation directive or the capital adequacy directive shall have the meaning given by those directives; and

(b)any other expression used in these Regulations which is defined for the purposes of the Act has the meaning given by the Act.

Textual Amendments

F1Words in reg. 1(2) inserted (1.4.2013) by The Financial Services Act 2012 (Consequential Amendments and Transitional Provisions) Order 2013 (S.I. 2013/472), Sch. 2 para. 118(a) (with Sch. 2 para. 119)

F2Words in reg. 1(2) inserted (31.12.2010) by The Capital Requirements (Amendment) Regulations 2010 (S.I. 2010/2628), regs. 1, 3(a)

F3Words in reg. 1(2) substituted (16.4.2012) by The Capital Requirements (Amendment) Regulations 2012 (S.I. 2012/917), regs. 1, 3(a)

F4Words in reg. 1(2) inserted (31.12.2010) by The Capital Requirements (Amendment) Regulations 2010 (S.I. 2010/2628), regs. 1, 3(b)

F5Words in reg. 1(2) inserted (31.12.2010) by The Capital Requirements (Amendment) Regulations 2010 (S.I. 2010/2628), regs. 1, 3(c)

F6Words in reg. 1(2) substituted (16.4.2012) by The Capital Requirements (Amendment) Regulations 2012 (S.I. 2012/917), regs. 1, 3(b)

F7Words in reg. 1(2) inserted (31.12.2010) by The Capital Requirements (Amendment) Regulations 2010 (S.I. 2010/2628), regs. 1, 3(d)

F8Words in reg. 1(2) substituted (16.4.2012) by The Capital Requirements (Amendment) Regulations 2012 (S.I. 2012/917), regs. 1, 3(c)

F9Words in reg. 1(2) inserted (31.12.2010) by The Capital Requirements (Amendment) Regulations 2010 (S.I. 2010/2628), regs. 1, 3(e)

F10Words in reg. 1(2) inserted (31.12.2010) by The Capital Requirements (Amendment) Regulations 2010 (S.I. 2010/2628), regs. 1, 3(f)