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Financial Services Act 2021
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- UK Public General Acts
- 2021 c. 22
- SCHEDULE 1
- PART 1
- Paragraph 14
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- 01/01/2022- Amendment
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Financial Services Act 2021, Paragraph 14 is up to date with all changes known to be in force on or before 26 December 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.
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14(1)Article 85 (qualifying Tier 1 instruments included in consolidated Tier 1 capital) is amended as follows.U.K.
(2)In paragraph 1(a), for point (i) substitute—
“(i)the amount of Tier 1 capital of the subsidiary required to meet the following:
(A)the sum of the requirement laid down in point (b) of Article 92(1), the requirements referred to in Articles 458, 459 and 500, the specific own funds requirements referred to in regulation 34 of the Capital Requirements Regulations 2013, the combined buffer requirement defined in regulation 2 of the Capital Requirements (Capital Buffers and Macro-prudential Measures) Regulations 2014, and any additional local supervisory regulations in third countries insofar as those requirements are to be met by Tier 1 Capital, or
(B)where the subsidiary is an FCA investment firm, the sum of the own funds requirements set out in Part 9C rules which apply to the subsidiary and any requirements set out in additional local supervisory regulations in third countries insofar as those requirements are to be met by Tier 1 capital;”.
(3)In paragraph 3, for “a competent authority” substitute “ the PRA ”.
(4)After paragraph 3 insert—
“3AWhere Part 9C rules provide that, in relation to any subsidiaries which are FCA investment firms, the calculation referred to in paragraph 1 is to be undertaken on a consolidated basis so as to include those subsidiaries, Tier 1 instruments within those subsidiaries shall not be recognised in own funds at the sub-consolidated or consolidated level, as applicable.”
Commencement Information
I1Sch. 1 para. 14 in force at 1.1.2022 by S.I. 2021/671, reg. 5(1)(b) (with reg. 5(2)) (as amended by S.I. 2021/1163, regs. 1(2), 2)
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