- Latest available (Revised)
- Original (As made)
The Securities Financing Transactions, Securitisation and Miscellaneous Amendments (EU Exit) Regulations 2020, Section 74 is up to date with all changes known to be in force on or before 01 September 2024. 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.
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.
74.—(1) Regulation (EU) No 575/2013 of the European Parliament and of the Council of 26 June 2013 on prudential requirements for credit institutions and investment firms and amending Regulation (EU) No 648/2012 is amended as follows.
(2) In Article 11—
(a)in paragraph 1, for “Parent institutions in a Member State” substitute “UK parent institutions”;
(b)in paragraph 2—
(i)for “‘parent institution in a Member State’, ‘EU parent institution’” substitute “‘UK parent institution’”;
(ii)after “Directive 2013/36/EU”, in each place it occurs, insert “ UK law”;
(c)in paragraph 3a—
(i)for “non-EU G-SII”, in each place it occurs, substitute “non-UK G-SII”;
(ii)for “EU parent undertakings” substitute “UK parent undertakings”;
(iii)in the second sub-paragraph, omit “Where Article 21b(2) of Directive 2013/36/EU applies, the two intermediate EU parent undertakings jointly identified as a material subsidiary shall each comply with Article 92b of this Regulation on the basis of their consolidated situation.”;
(d)in paragraph 4, first sub-paragraph—
(i)for “EU parent institutions”, in each place it occurs, substitute “UK parent institutions”;
(ii)for “points (3) and (6) of Section A of Annex I to Directive 2014/65/EU” substitute “paragraphs 3 and 6 of Part 3 of Schedule 2 to the Regulated Activities Order”;
(iii)for “Pending the report from the Commission referred to in Article 508(2) of this Regulation, and where the group comprises only investment firms, competent authorities” substitute “Where the group comprises only investment firms, the competent authority”;
(e)omit paragraph 5;
(f)in paragraph 6—
(i)for the first sub-paragraph substitute—
“6. In addition to the requirements of paragraphs 1 to 3, the competent authority may require an institution to comply with the obligations mentioned in the third sub-paragraph on a sub-consolidated basis when—
(a)it is justified for supervisory purposes by the specificities of the risk or the capital structure of the institution, or
(b)the institution is a ring-fenced body within the meaning of section 142A(1) of FSMA.”;
(ii)in the second sub-paragraph, omit “and shall neither entail disproportionate adverse effects on the whole or parts of the financial system in other Member States or in the Union as a whole nor form or create an obstacle to the functioning of the internal market”;
(iii)after the second sub-paragraph insert—
“The obligations mentioned in this sub-paragraph are those provided for in—
(a)Parts 2, 3, 4, 6, 7, 7A and 8 of this Regulation;
(b)Directive 2013/36/EU UK law which implemented Title 7, Chapter 4 of Directive 2013/36/EU.”.
(3) In Article 18—
(a)in paragraph 3, for “within the meaning of Article 22(7) of Directive 2013/34/EU” insert “by a common management relationship”;
(b)in paragraph 6, second sub-paragraph, after “Directive 2013/34/EU” insert “, as it had effect immediately before IP completion day”;
(c)in paragraph 8(a), for “an undertaking excluded from the scope of Directive 2009/138/EC in accordance with Article 4 of that Directive;” substitute “an undertaking within Article 4(1)(27)(k) of this Regulation”;
(d)in paragraph 9—
(i)in the first sub-paragraph, for “EBA shall develop draft regulatory” substitute “The FCA and PRA may each make”;
(ii)omit the second and third sub-paragraphs.
(4) In Article 124—
(a)in paragraph 1, in the second sub-paragraph, for “in those Member States that have laid down rigorous criteria for the assessment of the mortgage lending value in statutory or regulatory provisions” substitute “, if rigorous criteria are in force at the time in the United Kingdom for the assessment of the mortgage lending value”;
(b)in paragraph 1a—
(i)omit the first sub-paragraph;
(ii)for the second sub-paragraph substitute—
“The PRA shall ensure that the Financial Policy Committee is duly informed of the PRA’s intention to make use of this Article, and is appropriately involved in the assessment of financial stability concerns in the United Kingdom in accordance with paragraph 2.”;
(iii)omit the third sub-paragraph;
(c)in paragraph 2—
(i)in the first and second sub-paragraphs—
(aa)for “authority designated in accordance with paragraph 1a of this Article”, in each place, substitute “PRA”;
(bb)for “one or more parts of the territory of the Member State of the relevant authority”, in each place, substitute “the United Kingdom”;
(ii)in the second sub-paragraph, for “its Member State” substitute “the United Kingdom”;
(iii)omit the third sub-paragraph;
(iv)in the fourth sub-paragraph, for “authority designated in accordance with paragraph 1a” substitute “PRA”;
(d)in paragraph 3, for “authority designated in accordance with paragraph 1a” substitute “PRA”;
(e)in paragraph 4—
(i)in the first sub-paragraph, for “EBA, in close cooperation with the ESRB, shall develop draft regulatory” substitute “The FCA and PRA may each make”;
(ii)omit the second and third sub-paragraphs;
(f)omit paragraphs 5 and 6.
(5) In Article 164—
(a)in paragraph 5—
(i)omit the first sub-paragraph;
(ii)for the second sub-paragraph substitute—
“The PRA shall ensure that the Financial Policy Committee is duly informed of the PRA’s intention to make use of this Article, and is appropriately involved in the assessment of financial stability concerns in the United Kingdom in accordance with paragraph 6.”;
(iii)omit the third sub-paragraph;
(b)in paragraph 6—
(i)in the first sub-paragraph—
(aa)for “authority designated in accordance with paragraph 5 of this Article” substitute “PRA”;
(bb)for “one or more parts of the territory of the Member State of the relevant authority” substitute “the United Kingdom”;
(ii)in the second sub-paragraph—
(aa)for “authority designated in accordance with paragraph 5” substitute “PRA”;
(bb)for “its Member State” substitute “the United Kingdom”;
(cc)for “one or more parts of the territory of the Member State of the relevant authority” substitute “the United Kingdom”;
(iii)omit the third sub-paragraph;
(c)in paragraph 7, for “authority designated in accordance with paragraph 5” substitute “PRA”;
(d)in paragraph 8—
(i)in the first sub-paragraph—
(aa)for “EBA, in close cooperation with the ESRB, shall develop draft regulatory” substitute “The FCA and PRA may each make”;
(bb)for “authority designated in accordance with paragraph 5” substitute “PRA”;
(ii)omit the second and third sub-paragraphs;
(e)omit paragraphs 9 and 10.
(6) In Article 468, paragraph 4, after “Directive 2013/36/EU” insert “ UK law”.
(7) In Article 473a—
(a)in paragraph 7a, after “Directive 2013/36/EU” insert “ UK law”;
(b)in paragraph 9, omit the final sub-paragraph.
(8) Omit Article 500a.
Latest Available (revised):The latest available updated version of the legislation incorporating changes made by subsequent legislation and applied by our editorial team. Changes we have not yet applied to the text, can be found in the ‘Changes to Legislation’ area.
Original (As Enacted or Made): The original version of the legislation as it stood when it was enacted or made. No changes have been applied to the text.
Geographical Extent: Indicates the geographical area that this provision applies to. For further information see ‘Frequently Asked Questions’.
Show Timeline of Changes: See how this legislation has or could change over time. Turning this feature on will show extra navigation options to go to these specific points in time. Return to the latest available version by using the controls above in the What Version box.
Explanatory Memorandum sets out a brief statement of the purpose of a Statutory Instrument and provides information about its policy objective and policy implications. They aim to make the Statutory Instrument accessible to readers who are not legally qualified and accompany any Statutory Instrument or Draft Statutory Instrument laid before Parliament from June 2004 onwards.
Access essential accompanying documents and information for this legislation item from this tab. Dependent on the legislation item being viewed this may include:
This timeline shows the different points in time where a change occurred. The dates will coincide with the earliest date on which the change (e.g an insertion, a repeal or a substitution) that was applied came into force. The first date in the timeline will usually be the earliest date when the provision came into force. In some cases the first date is 01/02/1991 (or for Northern Ireland legislation 01/01/2006). This date is our basedate. No versions before this date are available. For further information see the Editorial Practice Guide and Glossary under Help.
Use this menu to access essential accompanying documents and information for this legislation item. Dependent on the legislation item being viewed this may include:
Click 'View More' or select 'More Resources' tab for additional information including: