Title II of Part One: level of application of requirements
4.—(1) Title II of Part One (comprising Articles 6 to 24) (level of application requirements) is amended as follows.
(2) In Article 6(1) (application of requirements on an individual basis: general principles)—
(a)in paragraph 1, for “Parts Two to Five and Eight” substitute “Part Two, Part Three, Article 451 and Chapter 2 of Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation(2) (provisions applicable to all securitisations)”;
(b)in paragraph 3, for “Part Eight” substitute “Article 451”;
(c)omit paragraph 4.
(3) In Article 7(3) (derogation from the application of prudential requirements on an individual basis), in paragraph 3(a) and (b), for “parent institution in a Member State” substitute “UK parent institution”.
(4) Omit Article 8(4) (derogation from the application of liquidity requirements on an individual basis).
(5) In Article 11(5) (application of prudential requirements on a consolidated basis: general treatment)—
(a)in paragraph 1, for “Parts Two, Three, Four, Seven and Seven A on the basis of their consolidated situation, with the exception of point (d) of Article 430(1)” substitute “Parts Two, Three and Seven on the basis of their consolidated situation”;
(b)omit paragraph 4;
(c)in paragraph 6, in point (a) of the third subparagraph, for “2, 3, 4, 6, 7, 7A and 8” substitute “Two, Three, and Seven and Article 451”.
(6) In Article 13(6) (application of disclosure requirements on a consolidated basis)—
(a)in paragraph 1—
(i)in the first subparagraph, for “Part Eight” substitute “Article 451”;
(ii)in the second subparagraph, for “Articles 437, 438, 440, 442, 450, 451, 451a and 453” substitute “Article 451”;
(b)omit paragraph 2.
(7) In Article 18(1) (methods of prudential consolidation), omit the second sentence.
(8) Omit Article 22 (sub-consolidation in cases of entities in third countries).
Article 6 was amended by S.I. 2018/1401 and 2019/1232.
EUR 2017/2402 as amended by S.I. 2019/660 and 2019/876.
Article 7 was amended by S.I. 2018/1401.
Article 8 was amended by S.I. 2018/1401.
Article 11 was amended by S.I. 2020/1385; there is another amending instrument but it is not relevant.
Article 13 was amended by S.I. 2019/1232.