The Financial Holding Companies (Approval etc.) and Capital Requirements (Capital Buffers and Macro-prudential Measures) (Amendment) (EU Exit) Regulations 2020

Interpretation

13.  In regulation 35—

(a) in paragraph (2)—

(i) before sub-paragraph (a), insert—

“(za) for the definition of “appropriate regulator”, substitute—

““appropriate regulator” means—

(a)

the PRA, in relation to PRA-authorised persons and financial holding companies and mixed financial holding companies approved or designated by the PRA under—

(i)

Part 12B of FSMA, or

(ii)

regulation 5 of the Financial Holding Companies (Approval etc.) and Capital Requirements (Capital Buffers and Macro-prudential Measures) (Amendment) (EU Exit) Regulations 2020;

(b)

the FCA in relation to any other person;””;

(ii) in sub-paragraph (a), in the new definition of “capital conservation buffer”, after paragraph (a), insert—

“(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;”;

(iii) in sub-paragraph (c), in the new definition of “combined buffer requirement”, after paragraph (b), insert—

“(ba) an O-SII buffer;”;

(iv) in sub-paragraph (e), in the new definition of “institution-specific countercyclical capital buffer”, after paragraph (a), insert—

“(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;”;

(v) after sub-paragraph (e), insert—

“(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;”;”

(vi) in sub-paragraph (f), in the new definition of “systemic risk buffer”, for “34A(1)” substitute “34C(1)”;

(vii) in sub-paragraph (g), omit ““O-SII buffer””;

(b) after paragraph (2), insert—

“(2A) For the definition of “O-SII buffer” substitute—

““O-SII buffer” has the meaning given in regulation 34ZA.””.