2021 No. 1376
The Financial Services Act 2021 (Prudential Regulation of Credit Institutions and Investment Firms) (Consequential Amendments and Miscellaneous Provisions) Regulations 2021
Made
Coming into force in accordance with regulation 1(2) and (3)
The Treasury, in exercise of the powers conferred by sections 9I(2) and 9L(1) and (4)(a) of the Bank of England Act 19981, sections 22A, 144F(1) and 428(3) of the Financial Services and Markets Act 20002, section 258A(2)(b) of the Banking Act 20093, section 8(1) of, and paragraph 21 of Schedule 7 to, the European Union (Withdrawal) Act 20184, and sections 3(1), (5) and (6) and 45(1) and (3) of the Financial Services Act 20215 make the following Regulations.
In accordance with section 3(4) of the Financial Services Act 2021, the Treasury consider that the provisions of the Capital Requirements Regulation6 revoked by these Regulations have been adequately replaced by general rules made by the Prudential Regulation Authority.
In accordance with section 9L(2)(a) of the Bank of England Act 1998, the Treasury have consulted the Financial Policy Committee.
In the opinion of the Treasury, one of the effects of these Regulations is that an activity will become a PRA-regulated activity within the meaning of the Financial Services and Markets Act 20007.C1
A draft of these Regulations has been laid before and approved by a resolution of each House of Parliament, in accordance with section 9N(1) of the Bank of England Act 19988, sections 22B (3)(a) and 429(2) of the Financial Services and Markets Act 20009, section 258A(3)(b) of the Banking Act 2009 and sections 3(7), 45(4) and 46(3) of the Financial Services Act 2021.C1
Regulations: power to modify conferred (11.7.2023) by Financial Services and Markets Act 2023 (c. 29), ss. 3, 86(3), Sch. 1 Pt. 2; S.I. 2023/779, reg. 2(d)