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The Financial Services and Markets Act 2023 (Consequential Amendments) Regulations 2023

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Regulation (EU) No 575/2013

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16.—(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(1) is amended as follows.

(2) In Article 6 (general principles)(2), in paragraph 1a, omit the words from “material subsidiaries” to the end of the paragraph.

(3) In Article 11 (general treatment)(3), in paragraph 3a, omit the words from “only UK parent undertakings” to the end of the paragraph.

(4) In Article 18 (methods of prudential consolidation)(4), in paragraph 1, omit “or 92b”.

(5) In Article 49 (requirement for deduction where consolidation or supplementary supervision is applied)(5), in paragraph 2, for “Articles 92a and 92b” substitute “Article 92a”.

(1)

EUR 575/2013.

(2)

Article 6 was amended by S.I. 2018/1401, S.I. 2019/1232 and S.I. 2021/1078.

(3)

Article 11 was amended by S.I. 2020/1385 and S.I. 2021/1078.

(4)

Article 18 was amended by Schedule 1 to the Financial Services Act 2021 (c. 22), S.I. 2020/1385 and S.I. 2021/1078.

(5)

Article 49 was amended by Schedule 1 to the Financial Services Act 2021, S.I. 2018/1401, S.I. 2019/264 and S.I. 2021/1376.

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