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Version Superseded: 31/12/2020
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There are currently no known outstanding effects for the The Capital Requirements (Amendment) (EU Exit) Regulations 2018, Section 35.
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35.—(1) Regulation 2 (interpretation) is amended as follows.
(2) In paragraph (1)—
[F1(za)for the definition of “appropriate regulator”, substitute—
““appropriate regulator” means—
the PRA, in relation to PRA-authorised persons and financial holding companies and mixed financial holding companies approved or designated by the PRA under—
Part 12B of FSMA, or
regulation 5 of the Financial Holding Companies (Approval etc.) and Capital Requirements (Capital Buffers and Macro-prudential Measures) (Amendment) (EU Exit) Regulations 2020;
the FCA in relation to any other person;”]
(a)for the definition of “capital conservation buffer” substitute—
““capital conservation buffer” means—
(a)in relation to a PRA-authorised person, the capital conservation buffer that the person must calculate in accordance with Chapter 2 of the Capital Buffers Part of the PRA rulebook;
[F2(aa)in relation to a parent financial holding company and a parent mixed financial holding company, a capital conservation buffer the holding company is required to calculate under rules made by the PRA under section 192V of FSMA;]
(b)in relation to a person to whom chapter 10 of the FCA's Prudential sourcebook for Investment Firms applies, the capital conservation buffer that the person must calculate in accordance with section 10.2 of the sourcebook;”;
(b)after the definition of “capital conservation buffer” insert—
““the 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, as it forms part of domestic law by virtue of section 3 of the European Union (Withdrawal) Act 2018, and as amended from time to time thereafter;”
(c)for the definition of “combined buffer requirement” substitute—
““combined buffer requirement” means the total Common Equity Tier 1 capital required to meet the requirements for the capital conservation buffer extended by the following, as applicable—
(a)an institution-specific countercyclical capital buffer;
(b)a G-SII buffer;
[F3(ba)an O-SII buffer;]
(c)a systemic risk buffer;”;
(d)for the definition of “G-SII buffer” substitute—
““G-SII buffer” means the own funds that a G-SII is required to maintain in accordance with Part 4 of these Regulations, corresponding to the sub-category to which the G-SII is allocated and consisting of and supplementary to the Common Equity Tier 1 capital;”;
(e)for the definition of “institution-specific countercyclical capital buffer” substitute—
““institution-specific countercyclical capital buffer” means—
(a)in relation to a PRA-authorised person, the countercyclical capital buffer that the person must calculate in accordance with Chapter 3 of the Capital Buffers Part of the PRA rulebook;
[F4(aa)in relation to a parent financial holding company or a parent mixed financial holding company, a countercyclical capital buffer which the holding company is required to calculate under rules made by the PRA under section 192V of FSMA;]
(b)in relation to a person to whom chapter 10 of the FCA's Prudential sourcebook for Investment Firms applies, the countercyclical capital buffer that the person must calculate in accordance with section 10.3 of the sourcebook;”;
[F5(ea)before the definition of “systemic risk buffer”, insert—
““parent financial holding company” and “parent mixed financial holding company” have the meanings given in section 192O(2) of FSMA;”;]
(f)for the definition of “systemic risk buffer” substitute—
““systemic risk buffer” has the meaning set out in regulation [F634C(1)] of these Regulations;”;
(g)omit the following definitions—
““EEA parent financial holding company”;”
““EEA parent institutiony”;”
““EEA parent mixed financial holding company”;”
““ESRB”;”
F7...
[F8(2A) For the definition of “O-SII buffer” substitute—
““O-SII buffer” has the meaning given in regulation 34ZA.”]
(3) After paragraph (2) insert—
“(2A) In these Regulations—
(a)a reference to the PRA rulebook is to the rulebook published by the Prudential Regulation Authority containing rules made by that Authority under FSMA as the rulebook has effect on [F9IP completion day] ;
(b)any reference to a sourcebook is to a sourcebook in the Handbook of Rules and Guidance published by the Financial Conduct Authority containing rules made by that Authority under FSMA as the sourcebook has effect on [F9IP completion day] .”.
(4) Omit paragraph (3).
(5) Omit paragraph (4).
Textual Amendments
F1Reg. 35(2)(za) 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), 13(a)(i)
F2Words in reg. 35(2)(a) 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), 13(a)(ii)
F3Words in reg. 35(2)(c) 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), 13(a)(iii)
F4Words in reg. 35(2)(e) 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), 13(a)(iv)
F5Reg. 35(2)(ea) 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), 13(a)(v)
F6Word in reg. 35(2)(f) substituted (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), 13(a)(vi)
F7Words in reg. 35(2)(g) omitted (27.11.2020) 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(2), 13(a)(vii)
F8Reg. 35(2A) 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), 13(b)
F9Words in reg. 35(3) substituted (30.12.2020) by The Financial Services and Economic and Monetary Policy (Consequential Amendments) (EU Exit) Regulations 2020 (S.I. 2020/1301), regs. 1, 3, Sch. para. 11(b)
Commencement Information
I1Reg. 35(1) in force at 31.12.2020 on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(3)
I2Reg. 35(2)(a)(b)(d)(e)(ea)(g)(za) in force at 31.12.2020 on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(3)
I3Reg. 35(2)(c)(f) in force at 29.12.2020, see reg 1(2A)
I4Reg. 35(2A) in force at 29.12.2020, see reg 1(2A)
I5Reg. 35(3)-(5) in force at 31.12.2020 on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(3)
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