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The Capital Requirements Regulations 2013
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Changes to legislation:
The Capital Requirements Regulations 2013,
PART 6
is up to date with all changes known to be in force on or before 09 March 2025. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
Changes to Legislation
Revised legislation carried on this site may not be fully up to date. Changes and effects are recorded by our editorial team in lists which can be found in the ‘Changes to Legislation’ area. Where those effects have yet to be applied to the text of the legislation by the editorial team they are also listed alongside the legislation in the affected provisions. Use the ‘more’ link to open the changes and effects relevant to the provision you are viewing.
Changes and effects yet to be applied to Part 6:
- Regulations revoked by 2023 c. 29 Sch. 1 Pt. 2
PART 6 U.K.Consolidated supervision
Determination of the consolidating supervisorU.K.
F120. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Textual Amendments
F1Reg. 20 omitted (31.12.2020) by virtue of The Capital Requirements (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1401), regs. 1(3), 17 (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)
Assessment of equivalence of consolidated supervision by supervisory authorities in [F2third countries] U.K.
21.—(1) In this regulation, a “relevant institution” is an institution which satisfies the following conditions—
(a)the institution is authorised by the PRA F3...
(b)the parent undertaking of the institution is an institution, financial holding company or mixed financial holding company whose head office is not located in [F4the United Kingdom];
(c)the institution is not subject to supervision on a consolidated basis [F5by the F6... PRA];
(d)the PRA F7... would (but for paragraph (4)) be responsible for supervision of the institution on a consolidated basis; and
(e)either—
(i)the parent undertaking of the institution, or any regulated entity established in the [F8United Kingdom] which is a member of the same group as the institution, has requested the assessment referred to in paragraph (2) be carried out; or
(ii)the PRA F9... has decided on its own initiative to carry out that assessment.
[F10(2) The PRA must assess whether a relevant institution is subject to supervision on a consolidated basis by a supervisory authority of a country outside the United Kingdom which is equivalent to the standard of supervision on a consolidated basis applied by the PRA in accordance with Directive 2013/36/EU UK law, the capital requirements regulation and CRR rules.]
F11(3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(4) Where the [F12PRA] concludes that a relevant institution is not subject to equivalent supervision in accordance with paragraph (2), the [F12PRA] may apply—
(a)the requirements of [F13Directive 2013/36/EU UK law][F14, the capital requirements regulation and CRR rules] to the institution, amended as necessary; or
(b)other appropriate supervisory techniques, which must be designed to achieve the objectives of supervision on a consolidated basis F15...
(5) The other appropriate supervisory techniques referred to in paragraph (4) may include a requirement on the institution to establish a financial holding company or mixed financial holding company with its head office in [F16the United Kingdom], so that supervision on a consolidated basis may be applied in relation to the consolidated situation of that holding company.
F17(6) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Textual Amendments
F2Words in reg. 21 heading substituted (31.12.2020) by The Capital Requirements (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1401), regs. 1(3), 18(a) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)
F3Words in reg. 21(1)(a) omitted (1.1.2022) by virtue of The Financial Services Act 2021 (Prudential Regulation of Credit Institutions and Investment Firms) (Consequential Amendments and Miscellaneous Provisions) Regulations 2021 (S.I. 2021/1376), regs. 1(3), 16(5)(a)(i)
F4Words in reg. 21(1)(b) substituted (31.12.2020) by The Capital Requirements (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1401), regs. 1(3), 18(b) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)
F5Words in reg. 21(1)(c) substituted (31.12.2020) by The Capital Requirements (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1401), regs. 1(3), 18(c) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)
F6Words in reg. 21(1)(c) omitted (1.1.2022) by virtue of The Financial Services Act 2021 (Prudential Regulation of Credit Institutions and Investment Firms) (Consequential Amendments and Miscellaneous Provisions) Regulations 2021 (S.I. 2021/1376), regs. 1(3), 16(5)(a)(ii)
F7Words in reg. 21(1)(d) omitted (1.1.2022) by virtue of The Financial Services Act 2021 (Prudential Regulation of Credit Institutions and Investment Firms) (Consequential Amendments and Miscellaneous Provisions) Regulations 2021 (S.I. 2021/1376), regs. 1(3), 16(5)(a)(iii)
F8Words in reg. 21(1)(e)(i) substituted (31.12.2020) by The Capital Requirements (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1401), regs. 1(3), 18(d) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)
F9Words in reg. 21(1)(e)(ii) omitted (1.1.2022) by virtue of The Financial Services Act 2021 (Prudential Regulation of Credit Institutions and Investment Firms) (Consequential Amendments and Miscellaneous Provisions) Regulations 2021 (S.I. 2021/1376), regs. 1(3), 16(5)(a)(iii)
F10Reg. 21(2) substituted (1.1.2022) by The Financial Services Act 2021 (Prudential Regulation of Credit Institutions and Investment Firms) (Consequential Amendments and Miscellaneous Provisions) Regulations 2021 (S.I. 2021/1376), regs. 1(3), 16(5)(b)
F11Reg. 21(3) omitted (31.12.2020) by virtue of The Capital Requirements (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1401), regs. 1(3), 18(f) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)
F12Word in reg. 21(4) substituted (1.1.2022) by The Financial Services Act 2021 (Prudential Regulation of Credit Institutions and Investment Firms) (Consequential Amendments and Miscellaneous Provisions) Regulations 2021 (S.I. 2021/1376), regs. 1(3), 16(5)(c)(i)
F13Words in reg. 21(4)(a) substituted (31.12.2020) by The Capital Requirements (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1401), regs. 1(3), 18(e) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)
F14Words in reg. 21(4)(a) substituted (1.1.2022) by The Financial Services Act 2021 (Prudential Regulation of Credit Institutions and Investment Firms) (Consequential Amendments and Miscellaneous Provisions) Regulations 2021 (S.I. 2021/1376), regs. 1(3), 16(5)(c)(ii)
F15Words in reg. 21(4)(b) omitted (31.12.2020) by virtue of The Capital Requirements (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1401), regs. 1(3), 18(g) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)
F16Words in reg. 21(5) substituted (31.12.2020) by The Capital Requirements (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1401), regs. 1(3), 18(b) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)
F17Reg. 21(6) omitted (31.12.2020) by virtue of The Capital Requirements (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1401), regs. 1(3), 18(h) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)
Co-ordination and co-operation arrangementsU.K.
F1822. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Textual Amendments
F18Regs. 22-33 omitted (31.12.2020) by virtue of The Capital Requirements (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1401), regs. 1(3), 19 (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)
Co-ordination of supervisory activities by the EEA consolidating supervisorU.K.
F1823. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Textual Amendments
F18Regs. 22-33 omitted (31.12.2020) by virtue of The Capital Requirements (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1401), regs. 1(3), 19 (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)
The Bank's general dutiesU.K.
F1824. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Textual Amendments
F18Regs. 22-33 omitted (31.12.2020) by virtue of The Capital Requirements (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1401), regs. 1(3), 19 (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)
Exchange of informationU.K.
F1825. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Textual Amendments
F18Regs. 22-33 omitted (31.12.2020) by virtue of The Capital Requirements (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1401), regs. 1(3), 19 (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)
Obtaining information already disclosedU.K.
F1826. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Textual Amendments
F18Regs. 22-33 omitted (31.12.2020) by virtue of The Capital Requirements (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1401), regs. 1(3), 19 (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)
Verification of information by a competent authority in another EEA StateU.K.
F1827. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Textual Amendments
F18Regs. 22-33 omitted (31.12.2020) by virtue of The Capital Requirements (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1401), regs. 1(3), 19 (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)
Requirement to establish list of holding companiesU.K.
F1828. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Textual Amendments
F18Regs. 22-33 omitted (31.12.2020) by virtue of The Capital Requirements (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1401), regs. 1(3), 19 (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)
Joint decisions on own funds: PRA or FCA is the EEA consolidating supervisorU.K.
F1829. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Textual Amendments
F18Regs. 22-33 omitted (31.12.2020) by virtue of The Capital Requirements (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1401), regs. 1(3), 19 (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)
Joint decisions on own funds: PRA or FCA is not the EEA consolidating supervisorU.K.
F1830. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Textual Amendments
F18Regs. 22-33 omitted (31.12.2020) by virtue of The Capital Requirements (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1401), regs. 1(3), 19 (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)
Joint decision on liquidity: PRA or FCA is the EEA consolidating supervisorU.K.
F1831. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Textual Amendments
F18Regs. 22-33 omitted (31.12.2020) by virtue of The Capital Requirements (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1401), regs. 1(3), 19 (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)
Joint decision on liquidity: PRA or FCA is not the EEA consolidating supervisorU.K.
F1832. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Textual Amendments
F18Regs. 22-33 omitted (31.12.2020) by virtue of The Capital Requirements (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1401), regs. 1(3), 19 (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)
Colleges of supervisorsU.K.
F1833. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Textual Amendments
F18Regs. 22-33 omitted (31.12.2020) by virtue of The Capital Requirements (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1401), regs. 1(3), 19 (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)
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