Financial Services and Markets Act 2000 (c. 8)

[F1 PART 9D U.K. Prudential regulation of credit institutions etc

Textual Amendments

F1 Pt. 9D inserted (9.6.2021) by Financial Services Act 2021 (c. 22), s. 49(5), Sch. 3 para. 1 (with Sch. 3 Pt. 4); S.I. 2021/671, reg. 2(d)

Interpretation U.K.

144A CRR rules U.K.

(1) In this Act, “CRR rules” means rules of a type described in subsection (2) to the extent that they make provision about a matter described in subsection (3).

(2) The types of rules are—

(a) general rules made, or to be made, by the PRA applying to CRR firms or a description of CRR firm;

(b) rules made, or to be made, under section 192XA.

(3) The matters are any matter that is the subject of—

(a) a relevant provision of the capital requirements regulation, or

(b) a CRR Basel standard.

(4) For the purposes of subsection (3)(a), a provision is “relevant” if—

(a) it has been or may be revoked by regulations made under section 3(1) of the Financial Services Act 2021, or

(b) it has been revoked by regulations made under section 3(3) or (5) of that Act.

(5) In subsection (3)—

(a) the reference to a matter that is the subject of a provision of the capital requirements regulation includes a matter that is the subject of an instrument made under the provision, and

(b) the reference to a matter that is the subject of a CRR Basel standard includes such a matter as it relates to any CRR firm (even where the standard in question does not apply to all CRR firms).

144B Terms used in this Part U.K.

(1) In this Part—

• “CRR Basel standard” has the meaning given in section 4 of the Financial Services Act 2021;

• “CRR firm” has the same meaning as in the capital requirements regulation;

• “EU tertiary legislation” has the meaning given in section 20 of the European Union (Withdrawal) Act 2018.

(2) In this Part, references to instruments made under the capital requirements regulation include EU tertiary legislation made under that regulation which forms part of retained EU law.]