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The Capital Requirements Regulations 2013
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The Capital Requirements Regulations 2013, PART 1 is up to date with all changes known to be in force on or before 22 November 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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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...
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“FSMA” means the Financial Services and Markets Act 2000;
“group” means a group whose members include one or more institutions;
F2...
F2...
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[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
F1Words in reg. 2(1) inserted (9.6.2021) by Financial Services Act 2021 (c. 22), s. 49(5), Sch. 3 para. 21 (with Sch. 3 Pt. 4); S.I. 2021/671, reg. 2(d)
F2Words in reg. 2(1) omitted (31.12.2020) by virtue of The Capital Requirements (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1401), regs. 1(3), 11(2)(a) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)
F3Words in reg. 2(1) inserted (31.12.2020) by The Financial Conglomerates and Other Financial Groups (Amendment etc.) (EU Exit) Regulations 2019 (S.I. 2019/264), regs. 1, 4 (with reg. 6) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)
F4Words in reg. 2 inserted (27.11.2020) by The Financial Holding Companies (Approval etc.) and Capital Requirements (Capital Buffers and Macro-prudential Measures) (Amendment) (EU Exit) Regulations 2020 (S.I. 2020/1406), regs. 1(2), 4(2) (with reg. 5)
F5Words in reg. 2(1) inserted (31.12.2020) by The Capital Requirements (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1401), regs. 1(3), 11(2)(b) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)
F6Words in reg. 2(2)(a) omitted (31.12.2020) by virtue of The Capital Requirements (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1401), regs. 1(3), 11(3) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)
F7Reg. 2(3) inserted (20.12.2018) by The Capital Requirements (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1401), regs. 1(2), 4
F8Words in reg. 2(3) substituted (31.12.2020 immediately before IP completiton day) by The Securities Financing Transactions, Securitisation and Miscellaneous Amendments (EU Exit) Regulations 2020 (S.I. 2020/1385), reg. 1(4), Sch. para. 1(1), (2)(d)
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
F9Reg. 2A inserted (31.12.2020) by The Capital Requirements (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1401), regs. 1(3), 12 (with savings in S.I. 2019/680, reg. 11) (as amended by S.I. 2020/1301, regs. 1, 3, Sch. para. 11(a)); 2020 c. 1, Sch. 5 para. 1(1)
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