The Financial Services Act 2012 (Consequential Amendments and Transitional Provisions) Order 2013

The Capital Requirements Regulations 2006

118.  In the Capital Requirements Regulations 2006(1)—

(a) in regulation 1(2)(2) (interpretation), after the definition of “application” insert—

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

(b) regulation 2 (application for permission) is amended as follows—

(i) in paragraph (1), for “the Authority” substitute “an appropriate regulator”;

(ii) in paragraphs (2) and (3), for “the Authority” in each place it appears substitute “that appropriate regulator”;

(c) regulation 3(3) (applications to the Authority as EEA consolidated supervisor) is amended as follows—

(i) in the heading and in paragraph (1), for “the Authority” substitute “an appropriate regulator”;

(ii) in paragraph (2), for “The Authority” substitute “That appropriate regulator”;

(iii) in paragraphs (3), (4) and (5), for “the Authority” in each place it appears substitute “that appropriate regulator”;

(d) regulation 4 (applications forwarded to the Authority as a relevant competent authority) is amended as follows—

(i) in the heading and in paragraph (1), for “the Authority” substitute “an appropriate regulator”;

(ii) in paragraph (2), for “The Authority” substitute “That appropriate regulator”;

(e) regulation 5 (proposals to vary or revoke a decision or joint decision) is amended as follows—

(i) in paragraph (1), for “the Authority” substitute “an appropriate regulator”;

(ii) in paragraph (2), for “The Authority” substitute “That appropriate regulator”;

(iii) in paragraphs (3) to (5), for “the Authority” in each place it appears substitute “that appropriate regulator”;

(f) in regulation 6, for “The Authority” substitute “An appropriate regulator”;

(g) in regulation 7 (recognition and application of a decision or joint decision), for “The Authority” substitute “An appropriate regulator”;

(h) regulation 8 (exercise of functions for the purpose of applying a decision or joint decision) is amended as follows—

(i) in the heading, for “section 148” substitute “section 138A”;

(ii) in paragraph (1)—

(aa) for “The Authority” substitute “An appropriate regulator”;

(bb) for “section 148” substitute “section 138A”;

(iii) in paragraph (2)—

(aa) in sub-paragraph (a), for “subsections (2) and (9)(b) of section 148 for the Authority’s” substitute “subsections (1) and (7)(b) of section 138A for that appropriate regulator’s”;

(bb) in subparagraph (b), for “section 148(4)” substitute “section 138A(4)”;

(i) regulation 9 is amended as follows—

(i) in paragraph (1)—

(aa) for “the Authority” substitute “an appropriate regulator”;

(bb) for “section 148” substitute “section 138A”;

(ii) in paragraph (2)(c), for “the Authority” substitute “that appropriate regulator”;

(j) in the heading to regulation 10 (the Authority’s duties as an EEA consolidated supervisor)(4), for “The Authority’s duties” substitute “Duties of an appropriate regulator”;

(k) in regulation 10 for “the Authority” substitute “an appropriate regulator”;

(l) in regulation 10A, for “Authority” in each place it appears substitute “appropriate regulator”;

(m) regulation 10B(5) is amended as follows—

(i) in paragraph (1), for “the Authority” substitute “an appropriate regulator”;

(ii) for “Authority” in each other place it appears substitute “appropriate regulator”;

(n) in regulations 11(6), 12 and 12A(7), for “Authority” in each place it appears substitute “appropriate regulator”;

(o) in the heading to regulation 13 (the Authority’s duties as EEA consolidated supervisor or national consolidated supervisor), for “The Authority’s duties” substitute “Duties of an appropriate regulator”;

(p) in regulation 13, for “the Authority” substitute “an appropriate regulator”;

(q) in regulations 14(8) and 15(9), for “Authority” in each place it appears substitute “appropriate regulator”;

(r) regulation 16 is amended as follows—

(i) for “Authority” in each place it appears substitute “appropriate regulator”;

(ii) in paragraph (4)—

(aa) in sub-paragraph (i) for “Part IV” substitute “Part 4A”;

(bb) in sub-paragraph (ii) for “section 148” substitute “section 138A”;

(s) regulation 16A (significant branches)(10) is amended as follows—

(i) for “Authority” in each place it appears substitute “relevant regulator”;

(ii) after paragraph (7) insert—

“(8) In this regulation, “the relevant regulator” in relation to a branch established in the United Kingdom means—

(a) if the branch is a PRA-authorised person, the PRA;

(b) in any other case, the FCA.”;

(t) regulations 16B, 16C and 16D(11) are amended as follows—

(i) in paragraph (1) of each regulation, for “the Authority” substitute “an appropriate regulator”;

(ii) for “Authority” in each other place it appears substitute “appropriate regulator”;

(u) regulation 16E (the Authority’s general duties)(12) is amended as follows—

(i) for the heading, substitute “General duties of FCA and PRA”;

(ii) for “The Authority” substitute “An appropriate regulator”;

(iii) for “the competent authority” substitute “a competent authority”;

(v) regulation 16G(13) is amended as follows—

(i) in the heading, for “The Authority’s” substitute “The relevant regulator’s”;

(ii) the existing text is renumbered as paragraph (1);

(iii) in that paragraph (1), for “The Authority” substitute “The relevant regulator”;

(iv) after paragraph (1) insert—

“(2) In this regulation, the “relevant regulator” in relation to an authorised person means—

(a) if the authorised person is a PRA-authorised person, the PRA;

(b) in any other case, the FCA.”;

(w) regulation 17 (disclosed information) is amended as follows—

(i) in paragraph (1)—

(aa) for “the Authority” in the first place it appears substitute “an appropriate regulator”;

(bb) for the “Authority” in the second place it appears substitute “that appropriate regulator”;

(ii) in paragraph (2)—

(aa) for “the Authority” in the first place it appears substitute “an appropriate regulator”;

(bb) for the “Authority” in the second place it appears substitute “that appropriate regulator”;

(x) in regulations 22 to 25(14) (external credit assessment institutions), for “Authority” in each place it appears substitute “PRA”;

(y) regulation 26(15) (restriction on disclosure) is amended as follows—

(i) in paragraph (1)(b) for “the Authority” substitute “an appropriate regulator”;

(ii) in paragraph (3)(b) for “the Authority” substitute “that appropriate regulator”;

(z) regulation 27 (functions of the Authority) is amended as follows—

(i) in the heading, for “the Authority” substitute “the FCA and PRA”;

(ii) for “the Authority” in the first place it appears substitute “an appropriate regulator”;

(iii) for “the Authority” in the second place it appears substitute “that appropriate regulator”;

(aa) in Schedules 1(16) and 2 (recognition of ECAIs and mapping), for “Authority” in each place it appears substitute “PRA”.

(1)

S.I. 2006/3221.

(2)

There are amending instruments but none is relevant.

(3)

Paragraphs (4) and (5) were inserted by S.I. 2012/917.

(4)

Regulations 10 to 10B were substituted by S.I. 2010/2628.

(5)

Amended by S.I. 2012/917.

(6)

Substituted by S.I. 2010/2628 and amended by 2012/917.

(7)

Inserted by S.I. 2010/2628 and amended by 2012/917.

(8)

Substituted by S.I. 2010/2628 and amended by 2012/917.

(9)

Amended by S.I. 2010/2628.

(10)

Inserted by S.I. 2010/2628 and amended by S.I. 2012/917.

(11)

Regulations 16B, 16C and 16D were inserted by S.I. 2010/2628.

(12)

Inserted by S.I. 2010/2628.

(13)

Inserted by S.I. 2012/917.

(14)

Amended by S.I. 2010/906 and 2628.

(15)

Amended by S.I. 2012/917.

(16)

Amended by S.I. 2010/2628.