The Capital Requirements Regulations 2013

PART 1 U.K. Introductory provisions

Citation, commencement and expiry U.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.

Interpretation U.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;

“Bank” means the Bank of England;

“capital requirements directive” means 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 ;

“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 ;

“EBA Regulation” means Regulation (EU) No 1093/2010 of the European Parliament and of the Council of 24 November 2010 establishing a European Supervisory Authority (European Banking Authority), amending Decision No 716/2009/EC and repealing Commission Decision 2009/78/EC M3 ;

“EEA consolidating supervisor” means the competent authority responsible under the capital requirements directive for the exercise of supervision on a consolidated basis of—

(a)

an EEA parent institution; or

(b)

institutions controlled by an EEA parent financial holding company or EEA parent mixed financial holding company;

“EEA parent institution” means a parent institution in an EEA State which is not a subsidiary of another institution authorised in any EEA State or of a financial holding company or mixed financial holding company set up in any EEA State;

“EIOPA” means the European Insurance and Occupational Pensions Authority established under the EIOPA Regulation;

“EIOPA Regulation” means Regulation (EU) 1094/2010 of 24 November 2010 of the European Parliament and of the Council establishing a European Supervisory Authority (European Insurance and Occupational Pensions Authority), amending Decision No 716/2009/EC and repealing Commission Decision 2009/79/EC M4 ;

“ESRB” means the European Systemic Risk Board established under the ESRB Regulation;

“ESRB Regulation” means Regulation (EU) No 1092/2010 of 24 November 2013 on European Union macro-prudential oversight of the financial system and establishing a European Systemic Risk Board M5 ;

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

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

“home EEA State” means the EEA State in which an institution has been granted authorisation;

“host EEA State” means an EEA State in which an institution has a branch or in which it provides services;

“national consolidating supervisor” means the competent authority responsible under the capital requirements directive for the exercise of supervision on a consolidated basis of—

(a)

a parent institution in an EEA State; or

(b)

institutions controlled by a parent financial holding company in an EEA State or a parent mixed financial holding company in an EEA State;

“parent institution in an EEA State” means an institution which has an institution or financial institution as a subsidiary or which holds a participation (within the meaning of Article 4(1)(35) of the capital requirements regulation) in an institution or financial institution, and which is not itself a subsidiary of another institution authorised in the same EEA State, or of a financial holding company or mixed financial holding company set up in the same EEA State;

“parent financial holding company in an EEA State” means a financial holding company which is not itself a subsidiary of an institution authorised in the same EEA State, or of another financial holding company or mixed financial holding company set up in the same EEA State;

“parent mixed financial holding company in an EEA State” means a mixed financial holding company which is not itself a subsidiary of an institution authorised in the same EEA State, or of another mixed financial holding company or financial holding company set up in the same EEA State;

“relevant competent authority” means a competent authority which is not the EEA consolidating supervisor and which has authorised a subsidiary of an EEA parent institution, a subsidiary of an EEA parent financial holding company or a subsidiary of a EEA parent mixed financial holding company.

(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 or Article 3 (definitions) of the capital requirements directive has the meaning which it is given in that Article M6 ;

(b) any other expression used in these Regulations which is defined in section 417 (definitions) of FSMA has the meaning given by that section M7 .

[F1 (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 has effect on the day on which the Capital Requirements (Amendment) (EU Exit) Regulations 2018 were made.]

Textual Amendments

F1 Reg. 2(3) inserted (20.12.2018) by The Capital Requirements (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1401), regs. 1(2), 4

Marginal Citations

M1 OJ no L176, 27/6/2013, p. 338. For corrigenda see OJ no L208, 2/8/2013, p.73.

M2 OJ 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.

M3 OJ no L331, 15/12/2010, p.12.

M4 OJ no L331, 15/12/2010, p 48.

M5 OJ no L331, 15/12/2010, p1.

M6 In particular, “branch”, “credit institution”, “institution” and “investment firm” are defined in Article 4(1) of the capital requirements regulation.

M7 In particular, “EBA”, “ESMA”, “FCA”, “PRA”, “PRA-authorised person” and “the Tribunal” are defined in section 417 of FSMA.