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These Regulations implement, in part, Directive (EU) 2019/878 of the European Parliament and of the Council of 20 May 2019 (“CRDV”), 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 (O.J. L150, 7.6.2019, p.253). Part 2 provides power for the PRA to remove a person from the board of directors of an institution or financial holding company or mixed financial holding company where the person concerned no longer satisfies the requirements for such directors, and inserts a new Part 12B into the Financial Services and Markets Act 2000 (c. 8) introducing a requirement for certain financial holding companies and mixed financial holding companies to be approved.
Part 3 amends the Financial Services and Markets Act 2000 (Disclosure of Confidential Information) Regulations 2001 (S.I. 2001/2188) to permit the PRA to disclose information to certain international bodies as required by Article 1(14) of CRDV, which introduced a new Article 58a into Directive 2013/36/EU.
Part 4 amends the Capital Requirements (Amendment) (EU Exit) Regulations 2018, exercising powers in section 8(1) of the European Union (Withdrawal) Act 2018 (c. 16) (“the 2018 Act”) as well as section 2(2) of the European Communities Act 1972 (c. 68). They ensure that the amendments made by those Regulations to the Capital Requirements (Capital Buffers and Macro-prudential Measures) Regulations 2014 (S.I. 2014/894) properly reflect the amendments required to implement CRDV, providing for a new capital buffer for certain other systemically important institutions (O-SIIs), and amending the provisions relating to the capital conservation buffer, institution-specific countercyclical capital buffer, and the systemic risk buffer. They also address failures of retained EU law to operate effectively and other deficiencies arising from the withdrawal of the United Kingdom from the European Union (and in particular the deficiencies under paragraphs (b), (c), (e), (f) and (g) of section 8(2) of the 2018 Act).
An impact assessment has not been produced, as no, or no significant, impact on the private, voluntary or public sector is foreseen.
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