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There are currently no known outstanding effects for the The Bank of England Act 1998 (Macro-prudential Measures) (No.2) Order 2015, Section 2.
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2.—(1) In this Order—
F1...
“Common Equity Tier 1 capital” has the meaning given by Article 50 of the capital requirements regulation;
“consolidated basis” has the meaning given by Article 4(1)(48) of the capital requirements regulation;
“cost benefit analysis” means—
an analysis of the costs and benefits of any change in rules made pursuant to Part 9A of the Financial Services and Markets Act 2000 M1 to give effect to a subsequent direction; and
where the costs and benefits can reasonably be estimated and it is reasonably practicable to produce an estimate, an estimate of those costs and of those benefits;
[F2“countercyclical capital buffer rate” means any of the rates that UK banks and investment firms must apply to calculate their institution-specific countercyclical capital buffer;]
“Financial Policy Committee” has the meaning given by section 9B of the Bank of England Act 1998 M2;
“G-SII” means a global systemically important institution, as identified by the PRA pursuant to Part 4 of the Capital Requirements (Capital Buffers and Macro-prudential Measures) Regulations 2014 M3;
“G-SII additional leverage ratio” means a leverage ratio calculated by reference to the rate of the G-SII buffer which the PRA requires a G-SII to maintain;
[F3“G-SII buffer” has the meaning given in regulation 2 of the Capital Requirements (Capital Buffers and Macro-prudential Measures) Regulations 2014;]
“individual basis” in relation to a macro-prudential measure applicable to an institution, means the application of that measure in respect of that institution only;
[F4“institution-specific countercyclical capital buffer” has the meaning given in regulation 2 of the Capital Requirements (Capital Buffers and Macro-prudential Measures) Regulations 2014;]
“investment firm” has the meaning given by section 424A of the Financial Services and Markets Act 2000;
“leverage ratio” means an institution's Tier 1 capital divided by its total exposure measure, with this ratio expressed as a percentage;
[F5“O-SII additional leverage ratio” means a leverage ratio calculated by reference to the rate of the O-SII buffers which the PRA requires a relevant O-SII to maintain pursuant to Part 5ZA of the Capital Requirements (Capital Buffers and Macro-prudential Measures) Regulations 2014;]
[F6“O-SII buffer” has the meaning given by regulation 34 of the Capital Requirements (Capital Buffers and Macro-prudential Measure) Regulations 2014;]
“PRA” means the Prudential Regulation Authority;
“PRA-authorised person” has the meaning given by section 2B of the Financial Services and Markets Act 2000 M4;
[F7“relevant O-SII has the meaning given in regulation 34 of the Capital Requirements (Capital Buffers and Macro-prudential Measures) Regulations 2014;]
F8...
F9...
F10...
“Tier 1 capital” has the meaning given by Article 25 of the capital requirements regulation;
“total exposure measure” has the meaning given by Article 429 (4) of the Capital Requirements Regulation;
“UK bank” means a UK institution which has permission under Part 4A of the Financial Services and Markets Act 2000 to carry on the regulated activity of accepting deposits, but excludes—
“UK institution” means an institution which is established in the United Kingdom and is incorporated, or formed under the law of any part of the United Kingdom; and
“UK investment firm” means a UK institution which—
has permission under Part 4A of the Financial Services and Markets Act 2000;
is a PRA-authorised person by virtue of a designation under article 3 of the Financial Services and Markets Act 2000 (PRA-regulated Activities) Order 2013 M7; and
is an investment firm.
Textual Amendments
F1Words in art. 2(1) omitted (31.12.2020) by virtue of The Bank of England (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1297), regs. 1(2), 12(2)(a); 2020 c. 1, Sch. 5 para. 1(1)
F2Words in art. 2(1) substituted (31.12.2020) by The Bank of England (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1297), regs. 1(2), 12(2)(b); 2020 c. 1, Sch. 5 para. 1(1)
F3Words in art. 2(1) substituted (31.12.2020) by The Bank of England (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1297), regs. 1(2), 12(2)(c); 2020 c. 1, Sch. 5 para. 1(1)
F4Words in art. 2(1) inserted (31.12.2020) by The Bank of England (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1297), regs. 1(2), 12(2)(d); 2020 c. 1, Sch. 5 para. 1(1)
F5Words in art. 2(1) inserted (29.12.2020) 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(4), 8(2)(d)
F6Words in art. 2(1) inserted (29.12.2020) 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(4), 8(2)(f)
F7Words in art. 2(1) inserted (29.12.2020) 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(4), 8(2)(a)
F8Words in art. 2(1) omitted (29.12.2020) by virtue of 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(4), 8(2)(b)
F9Words in art. 2(1) omitted (29.12.2020) by virtue of 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(4), 8(2)(c)
F10Words in art. 2(1) omitted (29.12.2020) by virtue of 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(4), 8(2)(e)
Marginal Citations
M1Inserted by section 24 of the Financial Services Act 2012.
M2Inserted by section 4 of the Financial Services Act 2012.
M3SI 2014/894, amended by SI 2015/19.
M4Inserted by section 6(1) of the Financial Services Act 2012.
M6Inserted by section 11(2) of the Financial Services Act 2012 (c.21).
M7SI 2013/556.
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