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The Capital Requirements Regulations 2013

Changes over time for: The Capital Requirements Regulations 2013 (without Schedules)

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Version Superseded: 01/01/2022

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Point in time view as at 09/06/2021.

Changes to legislation:

The Capital Requirements Regulations 2013 is up to date with all changes known to be in force on or before 10 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. Help about Changes to Legislation

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PART 1U.K.Introductory provisions

Citation, commencement and expiryU.K.

1.—(1) These Regulations may be cited as the Capital Requirements Regulations 2013.

(2) Subject to paragraph (3), these Regulations come into force on 1st January 2014.

(3) The Regulations specified in the first column of Schedule 1 (CRD transitional arrangements) come into force on the dates specified in the second column or cease to have effect on the dates specified in the third column.

InterpretationU.K.

2.—(1) In these Regulations—

“appropriate regulator” means the PRA in relation to a PRA-authorised person and the FCA in relation to any other person [F1, subject to regulation 39(2)];

F2...

“capital requirements directive” means [F3United Kingdom enactment and rules which implemented] Directive 2013/36/EU of the European Parliament and of the Council of 26 June 2013 on access to the activity of credit institutions and the prudential supervision of credit institutions and investment firms, amending Directive 2002/87/EC and repealing Directives 2006/48/EC and 2006/49/EC M1 [F4as that directive is amended by Directive (EU) 2019/878 of the European Parliament and of the Council of 20 May 2019 amending Directive 2013/36/EU as regards exempted entities, financial holding companies, mixed financial holding companies, remuneration, supervisory measures and powers and capital conservation measures];

“capital requirements regulation” means 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 M2;

F2...

F2...

F2...

F2...

F2...

F2...

F2...

“FSMA” means the Financial Services and Markets Act 2000;

“group” means a group whose members include one or more institutions;

F2...

F2...

F2...

F2...

F2...

F2...

F2...

[F5“Specified EU Regulations under the Capital Requirements Regulation” means the EU regulations or parts of EU regulations which form part of retained EU law and which are specified in paragraphs 78 to 83 and 126 to 168, in Schedule 1 to the Financial Regulators' Powers (Technical Standards) (Amendment etc.) (EU Exit) Regulations.]

(2) Except as provided by paragraph (1)—

(a)any expression used in these Regulations which is defined in Article 4 (definitions) of the capital requirements regulation F6... has the meaning which it is given in that Article M3;

(b)any other expression used in these Regulations which is defined in section 417 (definitions) of FSMA has the meaning given by that section M4.

[F7(3) Any reference in these Regulations to any EU regulation, EU decision or EU tertiary legislation (within the meaning of section 20 of the European Union (Withdrawal) Act 2018) is, unless the contrary intention appears, to be treated as a reference to that EU regulation, EU decision or EU tertiary legislation as it [F8forms part of retained EU law]. ]

Textual Amendments

Marginal Citations

M1OJ no L176, 27/6/2013, p. 338. For corrigenda see OJ no L208, 2/8/2013, p.73.

M2OJ no L176, 27/6/2013, p.1. For corrigenda see OJ no L208, 2/8/2013 p.68 and OJ no L321, 30/11/2013 p. 6.

M3In particular, “branch”, “credit institution”, “institution” and “investment firm” are defined in Article 4(1) of the capital requirements regulation.

M4In particular, “EBA”, “ESMA”, “FCA”, “PRA”, “PRA-authorised person” and “the Tribunal” are defined in section 417 of FSMA.

[F9Interpretation: regulators' rulesU.K.

2A.—(1) In these Regulations—

(a)a reference to the PRA rulebook is to the rulebook published by the PRA containing rules made by that Authority under FSMA as the rulebook has effect on IP completion day;

(b)any reference to a sourcebook is to a sourcebook in the Handbook of Rules and Guidance published by the FCA containing rules made by that Authority under FSMA as the sourcebook has effect on IP completion day.

(c)“Directive 2013/36/EU UK law” means the law of the United Kingdom which was relied on by the United Kingdom immediately before IP completion day to implement the capital requirements directive and its implementing measures—

(i)as they have effect on IP completion day, in the case of rules made by the FCA or by the PRA under FSMA; and

(ii)as amended from time to time, in all other cases.

(2) By way of an exception to paragraph 1(c), for the purposes of regulations 21, 34, 34A, 35 and 35B, and the references to the capital requirements directive therein, “Directive 2013/36/EU UK law” shall mean the law of the United Kingdom or any part of it, which was relied on by the United Kingdom immediately before IP completion day to implement Directive 2013/36/EU and its implementing measures as amended from time to time.]

Textual Amendments

PART 2 U.K.Capital Requirements Regulations 2006: revocation

Capital Requirements Regulations 2006: revocationU.K.

3.  The Capital Requirements Regulations 2006 M5 are revoked.

Marginal Citations

M5S.I. 2006/3221; the S.I. has been amended by S.I. 2010/906, S.I. 2010/2628, S.I. 2011/1435, 2012/917 and S.I. 2013/472.

PART 3 U.K.Designation of competent authorities

[F10Main provisions of the capital requirements regulation and Directive 2013/36/EU UK law]U.K.

4.  For the purposes of [F11every provision of Directive 2013/36/EU UK law and the] capital requirements regulation—

[F12(a)the PRA is responsible for—

(i)all the functions of a competent authority in respect of PRA-authorised persons and financial holding companies and mixed financial holding companies approved or designated by the PRA under—

(aa)Part 12B of FSMA, or

(bb)regulation 5 of the Financial Holding Companies (Approval etc.) and Capital Requirements (Capital Buffers and Macro-prudential Measures) (Amendment) (EU Exit) Regulations 2020;

(ii)the application of Article 124(2) and Article 164(6) of the capital requirements regulation;]

(b)the FCA is responsible for all the functions of a competent authority in respect of any other person.

Textual Amendments

Capital buffers and Article 458 of the capital requirements regulationU.K.

F135.  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F14PART 4U.K.PRA and FCA: cooperation and co-ordination

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F15PART 5U.K.Publication of information by PRA and FCA

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

PART 6U.K.Consolidated supervision

Determination of the consolidating supervisorU.K.

F1620.  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

Assessment of equivalence of consolidated supervision by supervisory authorities in [F17third countries] U.K.

21.—(1) In this regulation, a “relevant institution” is an institution which satisfies the following conditions—

(a)the institution is authorised by the PRA or FCA;

(b)the parent undertaking of the institution is an institution, financial holding company or mixed financial holding company whose head office is not located in [F18the United Kingdom];

(c)the institution is not subject to supervision on a consolidated basis [F19by the FCA or PRA];

(d)the PRA or FCA would (but for paragraph (4)) be responsible for supervision of the institution on a consolidated basis; and

(e)either—

(i)the parent undertaking of the institution, or any regulated entity established in the [F20United Kingdom] which is a member of the same group as the institution, has requested the assessment referred to in paragraph (2) be carried out; or

(ii)the PRA or FCA has decided on its own initiative to carry out that assessment.

(2) The appropriate regulator must assess whether a relevant institution is subject to supervision on a consolidated basis by a supervisory authority of a country outside the [F21United Kingdom] which is equivalent to to the standard of supervision applicable to an institution under [F22Directive 2013/36/EU UK law] and Chapter 2 of Title 2 of Part 1 of the capital requirements regulation.

F23(3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(4) Where the appropriate regulator concludes that a relevant institution is not subject to equivalent supervision in accordance with paragraph (2), the appropriate regulator may apply—

(a)the requirements of [F24Directive 2013/36/EU UK law] and capital requirements regulation to the institution, amended as necessary; or

(b)other appropriate supervisory techniques, which must be designed to achieve the objectives of supervision on a consolidated basis F25...

(5) The other appropriate supervisory techniques referred to in paragraph (4) may include a requirement on the institution to establish a financial holding company or mixed financial holding company with its head office in [F26the United Kingdom], so that supervision on a consolidated basis may be applied in relation to the consolidated situation of that holding company.

F27(6) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

Co-ordination and co-operation arrangementsU.K.

F2822.  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

Co-ordination of supervisory activities by the EEA consolidating supervisorU.K.

F2823.  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

The Bank's general dutiesU.K.

F2824.  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

Exchange of informationU.K.

F2825.  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

Obtaining information already disclosedU.K.

F2826.  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

Verification of information by a competent authority in another EEA StateU.K.

F2827.  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

Requirement to establish list of holding companiesU.K.

F2828.  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

Joint decisions on own funds: PRA or FCA is the EEA consolidating supervisorU.K.

F2829.  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

Joint decisions on own funds: PRA or FCA is not the EEA consolidating supervisorU.K.

F2830.  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

Joint decision on liquidity: PRA or FCA is the EEA consolidating supervisorU.K.

F2831.  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

Joint decision on liquidity: PRA or FCA is not the EEA consolidating supervisorU.K.

F2832.  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

Colleges of supervisorsU.K.

F2833.  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

PART 7U.K.Exercise of supervision by the PRA and FCA

Supervisory powers: own fundsU.K.

34.—(1) The PRA and FCA must require an institution to hold own funds in excess of—

(a)the requirements of [F29Directive 2013/36/EU UK law which implemented] Chapter 4 of Title 7 of the capital requirements directive; and

(b)the requirements of the capital requirements regulation relating to risks or elements of risks not covered by Article 1 of the capital requirements regulation;

in the circumstances mentioned in paragraph (2).

(2) The circumstances referred to in paragraph (1) are—

(a)an institution does not meet the requirements set out in [F30Directive 2013/36/EU UK law which implemented] Articles 73 and 74 of the capital requirements directive or in Article 393 of the capital requirements regulation;

(b)risks or elements of risks are not covered by the own funds requirements set out in [F30Directive 2013/36/EU UK law which implemented] Chapter 4 of Title 7 of the capital requirements directive or in the capital requirements regulation;

(c)the sole application of other administrative measures is unlikely to improve the institution's arrangements, processes, mechanisms and strategies sufficiently within an appropriate timeframe;

(d)[F31either a SREP or an internal model review] reveals that non-compliance with the requirements for the [F32applicable internal approaches] will likely lead to inadequate own funds requirements;

(e)the risks are likely to be underestimated despite compliance with the applicable requirements of [F33Directive 2013/36/EU UK law or the capital requirements regulation]; or

(f)an institution reports to the competent authority in accordance with Article 377(5) of the capital requirements regulation that the stress test results referred to in that Article materially exceed its own funds requirement for the correlation trading portfolio.

(3) For the purposes of determining the appropriate level of own funds on the basis of [F34a SREP], the PRA and FCA must assess whether any imposition of an additional own funds requirement in excess of the own funds requirement is necessary to capture risks to which an institution is or might be exposed, taking into account the following:

(a)the quantitative and qualitative aspects of the institution's assessment process referred to in [F35Directive 2013/36/EU UK law which implemented] Article 73 of the capital requirements directive;

(b)the institution's arrangements, processes and mechanisms referred to in [F35Directive 2013/36/EU UK law which implemented] Article 74 of the capital requirements directive; [F36and]

(c)the outcome of [F37the SREP or internal model review]; F38...

F39(d). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

[F40(3A) In making the assessment required by paragraph (3), the FCA must also take into account their assessment of systemic risk.]

[F41(4) In this Part—

“internal model review” means a review carried out under regulation 34B;

“SREP” means the supervisory review and evaluation process detailed in regulation 34A.]

Textual Amendments

[F42Supervisory review and evaluation processU.K.

34A.—(1) The competent authority must review the arrangements, strategies, processes and mechanisms implemented by an institution to comply with Directive 2013/36/EU UK law and the capital requirements regulation and evaluate—

(a) in the case of the PRA—

(i)risks to which that institution is or might be exposed, and

(ii)risks revealed by stress testing, taking account of the nature, scale and complexity of that institution’s activities;

(b)in the case of the FCA—

(i)the risks referred to in paragraph (a), and

(ii)the risks that institution poses to the UK financial system.

(2) On the basis of the review and evaluation referred to in paragraph (1), the competent authority must determine whether the arrangements, strategies, processes and mechanisms implemented by an institution and the own funds and liquidity held by it ensures a sound management and coverage of its risks.

(3) The competent authority must establish the frequency and intensity of the review and evaluation referred to in paragraph (1) having regard to the size, systemic importance, nature, scale and complexity of the activities of the institution concerned.

Textual Amendments

Ongoing review of the permission to use internal approachesU.K.

34B.—(1) The competent authority must review on a regular basis, and at least every 3 years, an institution's compliance with the requirements regarding internal approaches that require permission by the competent authorities before using such internal approaches for the calculation of own funds requirements in accordance with Part 3 of the capital requirements regulation.

(2) In its review the competent authority must have particular regard to changes in an institution's business and to the implementation of those approaches to new products.

(3) Where material deficiencies are identified in risk capture by an institution's internal approaches, the competent authority must ensure these are rectified, or take appropriate steps to mitigate their consequences, including by imposing higher multiplication factors, or imposing capital add-ons, or taking other appropriate and effective measures.

(4) The competent authority must in particular review and assess whether the institution uses well developed and up-to-date techniques and practices for its internal approaches.

(5) If for an internal market risk model numerous overshootings referred to in Article 366 of the capital requirements regulation indicate that the model is not or is no longer sufficiently accurate, the competent authority must revoke the permission for using the internal model or impose appropriate measures to ensure that the model is improved promptly.

(6) If an institution has received permission to apply an approach that requires permission by the competent authority before using such an approach for the calculation of own funds requirements in accordance with Part 3 of the capital requirements regulation but no longer meets the requirements imposed as part of the grant of permission for applying that internal approach, the competent authority must require the institution either to satisfy the competent authority that the effect of non-compliance is immaterial where applicable in accordance with the capital requirements regulation or to present a plan for the timely restoration of compliance with the requirements and set a deadline for its implementation.

(7) The competent authority must require improvements to that plan if it is unlikely to result in full compliance or if the deadline is inappropriate.

(8) If the institution is unlikely to be able to restore compliance within an appropriate deadline and, where applicable, has not satisfactorily demonstrated that the effect of non-compliance is immaterial, the permission to use the internal approach must be revoked or limited to compliant areas or those where compliance can be achieved within an appropriate deadline.]

Textual Amendments

Specific liquidity requirementsU.K.

35.  For the purposes of determining the appropriate level of liquidity requirements on the basis of [F43a SREP], the appropriate regulator must assess whether the imposition of a specific liquidity requirement is necessary to capture liquidity risks to which an institution is or might be exposed, taking into account the following—

(a)the particular business model of the institution;

(b)the institution's arrangements, processes and mechanisms (as referred to in [F44Directive 2013/36/EU UK law which implemented] Section 2 of Chapter 2 of Title 7 to the capital requirements directive, in particular in Article 86);

(c)the outcome of [F45the SREP]; and

(d)any systemic liquidity risk that threatens the integrity of the financial markets of the United Kingdom.

Textual Amendments

[F46Application of supervisory measures to institutions with similar risk profilesU.K.

35A.  Where the FCA determines that institutions with similar risk profiles such as similar business models or geographical location of exposures, are or might be exposed to similar risks or pose similar risks to the UK financial system, it may apply a SREP to those institutions in a similar or identical manner.

Textual Amendments

Supervisory powersU.K.

35B.  For the purposes of a SREP, an internal model review, and in order to address a situation where an institution does not meet the requirements of the Capital Requirements Regulation or Directive 2013/36/EU UK law, or where the competent authority has evidence that an institution is likely to breach such requirements within the following twelve months, the competent authorities may at least—

(a)require the reinforcement of the arrangements, processes, mechanisms and strategies implemented in accordance with Directive 2013/36/EU UK law which implemented Articles 73 and 74;

(b)require institutions to present a plan to restore compliance with supervisory requirements and set a deadline for its implementation, including improvements to that plan regarding scope and deadline;

(c)require institutions to apply a specific provisioning policy or treatment of assets in terms of own funds requirements;

(d)to restrict or limit the business, operations or network of institutions or to request the divestment of activities that pose excessive risks to the soundness of an institution;

(e)require the reduction of the risk inherent in the activities, products and systems of institutions;

(f)require institutions to limit variable remuneration as a percentage of net revenues where it is inconsistent with the maintenance of a sound capital base;

(g)require institutions to use net profits to strengthen own funds;

(h)restrict or prohibit distributions or interest payments by an institution to shareholders, members or holders of Additional Tier 1 instruments (which meets the requirements of Article 52 of the capital requirements regulation) where the prohibition does not constitute an event of default of the institution;

(i)impose additional or more frequent reporting requirements, including reporting on capital and liquidity positions;

(j)impose specific liquidity requirements, including restrictions on maturity mismatches between assets and liabilities;

(k)require additional disclosures.

Textual Amendments

Specific publication requirementsU.K.

35C.—(1) The competent authorities may require institutions to—

(a)publish information referred to in Part 8 of the capital requirements regulation more than once per year, and to set deadlines for publication

(b)use specific media and locations for publications other than the financial statements and

(2) The competent authorities may require parent undertakings to publish annually, either in full or by way of references to equivalent information, a description of their legal structure and governance and organisational structure of the group of institutions.]

Textual Amendments

Employee remunerationU.K.

36.—[F47(1)]  The appropriate regulator must—

(a)collect the information disclosed by institutions in accordance with the criteria for disclosure set out at points (g), (h) and (i) of Article 450(1) of the capital requirements regulation and use it to benchmark remuneration trends and practices;

[F48(b)collect information on the number of employees in each institution that are remunerated 1 million euros or more per financial year, in pay brackets of 1 million euros, including their job responsibilities, the business area involved and the main elements of salary, bonus, long-term award and pension contribution;]

(c)collect the information disclosed by institutions about any decisions taken by their shareholders, owners or members to approve a higher ratio between the fixed and variable components of remuneration approved in accordance with [F49applicable remuneration rules] and use it to benchmark practices in relation to the level of such ratios; F50...

F50(d). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

[F51(2) In paragraph (1)(c) “applicable remuneration rules” means—

(a)in the case of PRA-authorised persons, rule 15.10 of the Remuneration Part of the PRA's Rulebook and rule 19D.3.49 of the FCA's Senior management arrangements, Systems and Controls sourcebook;

(b)in the case of FCA-authorised persons, rule 19A.3.44A of the FCA's Senior management arrangements, Systems and Controls sourcebook.]

Textual Amendments

Diversity practicesU.K.

37.  The appropriate regulator must—

(a)collect the information disclosed by institutions in accordance with Article 435(2)(c) of the capital requirements regulation and use it to benchmark diversity practices; F52...

F52(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

Consultation with EBA: supervisory benchmarking of internal approaches for calculation own funds requirementsU.K.

F5338.  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

PART 8 U.K.Permissions under the CRR

Meaning of “permission” and “protected item” in this PartU.K.

39.—[F54(1)]  In this Part—

“permission” means a decision made by an appropriate regulator in relation to an institution under a power conferred on the appropriate regulator by—

(a)

the capital requirements regulation; F55...

(aa)

[F56section 144G of FSMA and CRR rules (as defined in Part 9D of FSMA);

(ab)

section 192XC of FSMA and section 192XA rules (as defined in Part 12B of FSMA);]

(b)

[F57any of the Specified EU Regulations under the Capital Requirements Regulation, as amended from time to time; or]

(c)

[F58a technical standard made by the PRA or FCA under the functions conferred on them by the Capital Requirements Regulation as amended by Part 4, Chapter 3 of the Capital Requirements (Amendment) (EU Exit) Regulations 2018.]

“protected item” has the same meaning as in section 413 of FSMA.

[F59(2) In this Part, in relation to—

(a)a decision made under a power conferred by section 144G of FSMA and CRR rules (as defined in Part 9D of FSMA) that are section 192XA rules (as defined in Part 12B of FSMA), or

(b)a decision made under a power conferred by section 192XC of FSMA and section 192XA rules (as defined in Part 12B of FSMA),

“appropriate regulator” means the PRA.]

Textual Amendments

Applications for permissions: process, information and documentsU.K.

40.—(1) This regulation applies to an application to the appropriate regulator for—

(a)the grant of a permission;

(b)an amendment to an existing permission;

(c)an amendment to a condition to which an existing permission is subject.

(2) An application must—

(a)be made in such manner as the appropriate regulator may direct; and

(b)contain, or be accompanied by, such other information or documents as the appropriate regulator may reasonably require.

(3) At any time after receiving the application and before determining it, the appropriate regulator may require the applicant to provide it with such further information or documents as it may reasonably require.

(4) The appropriate regulator may require any information provided under this regulation to be provided in such form and verified in such manner as it may reasonably require.

(5) The appropriate regulator may require any documents provided under this regulation to be produced at such place and authenticated in such manner as it may reasonably require.

(6) Different directions may be given, and different requirements imposed, in relation to different applications or categories of application.

(7) The powers conferred on the appropriate regulator by this regulation may not be used to require the production of a protected item.

Decisions: written noticesU.K.

41.—(1) On determining an application for the grant of a permission, the appropriate regulator must give the applicant a written notice stating—

(a)its decision; and

(b)if the permission is granted, any conditions to which the permission is subject and the date on which the permission takes effect.

(2) Where the appropriate regulator varies or revokes a permission, it must give the institution concerned a written notice stating—

(a)that the permission is varied or revoked; and

(b)the date on which the variation or revocation takes effect.

(3) Where the appropriate regulator amends a condition to which a permission is subject, it must give the institution concerned a written notice stating—

(a)the amended condition; and

(b)the date on which the amendment takes effect.

AppealsU.K.

42.—(1) Where an applicant is aggrieved at the determination of an application for the grant of a permission, it may refer the matter to the Tribunal.

(2) Where an institution has been granted a permission and is aggrieved at the variation or revocation of the permission or the amendment of a condition to which the permission is subject, it may refer the matter to the Tribunal.

(3) Part 9 of FSMA (hearings and appeals) applies to a reference to the Tribunal under this regulation as it applies to a reference to the Tribunal under an Act.

Publication of written noticesU.K.

43.—(1) Subject to paragraph (2), the appropriate regulator must publish a relevant notice in the way appearing to the regulator to be best calculated for bringing it to the attention of—

(a)persons likely to be affected by it; and

(b)persons who are, in the opinion of the regulator, likely to make an application for a similar permission.

(2) Paragraph (1) does not apply if—

(a)the relevant notice relates to an application for a permission which has been refused; or

(b)the regulator is satisfied that it is inappropriate or unnecessary to publish the relevant notice.

(3) In deciding whether it is satisfied of the matters mentioned in paragraph (2)(b), the regulator must consider whether—

(a)publication would prejudice, to an unreasonable degree, the commercial interests of the person concerned or any other member of the person's immediate group;

(b)publication of the relevant notice without mentioning the identity of the person concerned might avoid any adverse consequence of publication.

(4) In this regulation, “relevant notice” means a written notice—

(a)given under regulation 41 in relation to a decision of a regulator; or

(b)stating that an event referred to in paragraph (5) has occurred in relation to that decision.

(5) The events mentioned in paragraph (4)(b) are—

(a)the decision has been referred to the Tribunal;

(b)the decision has been suspended by the Tribunal;

(c)any suspension of the decision has been revoked by the Tribunal;

(d)the reference has been dismissed by the Tribunal.

Transitional provision for matters done before commencementU.K.

44.—(1) This regulation applies to a decision made before 1st January 2014 to—

(a)refuse an application for the grant of a permission;

(b)vary or revoke a permission; or

(c)amend a condition to which a permission is subject.

(2) Regulations 40 to 43 apply to such a decision with the following modifications—

(a)omit regulation 40;

(b)the appropriate regulator must comply with the requirements of regulations 41 and 43 in relation to the decision no later than 1st January 2014; and

(c)regulation 42 applies to the decision, but with the period of time within which a reference may be made to the Tribunal commencing on 1st January 2014.

PART 9 U.K.Misleading the PRA or FCA

Misleading the PRA or FCAU.K.

45.  Section 398 of FSMA (misleading FCA or PRA: residual cases) applies to a requirement imposed by or under—

(a)the capital requirements regulation;

[F60(b)any of the Specified EU Regulations under the Capital Requirements Regulation, as amended from time to time;]

[F61(ba)a technical standard made by the PRA or FCA under the functions conferred on them by the Capital Requirements Regulation as amended by Part 4, Chapter 3 of the Capital Requirements (Amendment) (EU Exit) Regulations 2018; or]

(c)these Regulations;

as it applies to a requirement imposed by or under FSMA.

Textual Amendments

PART 10 U.K.Amendments and revocations

Amendments and revocationsU.K.

46.—(1) Schedule 2, which contains amendments to primary and secondary legislation, has effect.

(2) Schedule 3, which contains revocations of secondary legislation, has effect.

David Evennett

Mark Lancaster

Two of the Lords Commissioners of Her Majesty's Treasury

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