PART 2Directors and Financial Holding Companies

Amendment of the Capital Requirements Regulations 20134.

(1)

The Capital Requirements Regulations 201317 are amended as follows.

(2)

In regulation 2, in the definition of “capital requirements directive”, at the end insert “as that directive is amended by Directive (EU) 2019/878 of the European Parliament and of the Council of 20 May 2019 amending Directive 2013/36/EU as regards exempted entities, financial holding companies, mixed financial holding companies, remuneration, supervisory measures and powers and capital conservation measures18”;

(3)

In regulation 4, for paragraph (a), substitute—

“(a)

the PRA is responsible for—

(i)

all the functions of a competent authority in respect of PRA-authorised persons and financial holding companies and mixed financial holding companies approved or designated by the PRA under—

(aa)

Part 12B of FSMA, or

(bb)

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

(ii)

the application of Article 124(2) and Article 164(6) of the capital requirements regulation;”.