The Capital Requirements (Capital Buffers and Macro-prudential Measures) Regulations 2014

[F1InterpretationU.K.

This section has no associated Explanatory Memorandum

34.—(1) For the purposes of this Part, a relevant O-SII is an O-SII, or part of an O-SII, which is—

(a)a ring-fenced body within the meaning of section 142A of FSMA;

(b)a large building society; or

(c)a financial holding company or a mixed financial holding company which—

(i)has a ring-fenced body or a large building society as a subsidiary; and

(ii)is required, whether by the PRA by a direction under section 192C of FSMA or otherwise, to comply with the requirements of the capital requirements regulation [F2, CRR rules] and Directive 2013/36/EU UK law on a sub-consolidated basis.

(2) In paragraph (1)(b) “large building society” means a building society where the sum total of the following two values exceeds £25 billion—

(a)the value of shares issued by the building society that are not deferred shares; and

(b)the value of deposits held in accounts with the building society where one or more of the account holders is a small business.

(3) In paragraph (1)(c), “Directive 2013/36/EU UK law”, “financial holding company” and “mixed financial holding company” have the meanings given in section 192O of FSMA [F3and “CRR rules” has the meaning given in section 144A of that Act].

(4) In paragraph (2)—

(a)“building society”, “deferred shares”, “deposit” and “share” have the meaning given by section 119 (interpretation) of the Building Societies Act 1986;

(b)a person is a small business only if the person is a small business for the purposes of section 7(10) (the funding limit) of the Building Societies Act 1986.

(5) For the purposes of this Part—

“buffer rate” has the meaning given in regulation 34ZA(2);

“FPC framework” has the meaning given in regulation 34ZB(1);

“O-SII buffer” has the meaning given in regulation 34ZA(1).]

Textual Amendments