- Latest available (Revised)
- Point in Time (01/01/2022)
- Original (As made)
Point in time view as at 01/01/2022.
The Financial Services Act 2021 (Prudential Regulation of Credit Institutions and Investment Firms) (Consequential Amendments and Miscellaneous Provisions) Regulations 2021, PART 6 is up to date with all changes known to be in force on or before 27 August 2024. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
Changes and effects yet to be applied by the editorial team are only applicable when viewing the latest version or prospective version of legislation. They are therefore not accessible when viewing legislation as at a specific point in time. To view the ‘Changes to Legislation’ information for this provision return to the latest version view using the options provided in the ‘What Version’ box above.
32.—(1) The Capital Requirements Regulation (Amendment) Regulations 2021(1) are amended as follows.
(2) In regulation 4 (Title II of Part One: level of application of requirements)—
(a)in paragraph (2)—
(i)in sub-paragraph (a), in the text to be substituted into Article 6(1) of the capital requirements regulation, omit “, Article 451”;
(ii)for sub-paragraphs (b) and (c) substitute—
“(b)omit paragraphs 3 to 5.”;
(b)in paragraph (5)—
(i)for sub-paragraph (a) substitute—
“(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 and Three on the basis of their consolidated situation””;
(ii)for sub-paragraph (c) substitute—
“(c)in paragraph 6, in point (a) of the third subparagraph, for “2, 3, 4, 6, 7, 7A and 8” substitute “Two and Three”.”;
(c)for paragraph (6) substitute—
“(6) Omit Article 13(2) (application of disclosure requirements on a consolidated basis).”.
(3) After regulation 8 (Part Six: liquidity) insert—
8A. Omit Articles 429, 429a, 429b and 430(1)(3).”.
(4) For regulation 10 (Part Eight: disclosure by institutions) substitute—
“10. Omit Part Eight (disclosure by institutions: comprising Articles 431 to 455)(4).”.
(5) In regulation 11 (Part Nine: regulations, enhanced prudential measures and technical standards)—
(a)for paragraph (2)(a)(iv) substitute—
“(iv)omit points (i) and (j);”;
(b)for paragraph (4)(a) substitute—
“(a)in the definition of “relevant prudential area”, omit points (ii) to (iv);”;
(c)for paragraph (5) substitute—
“(5) In Article 459 (Treasury power to make regulations: prudential requirements)(5), omit points (b) and (c).”.
(6) In regulation 12 (Part Ten: transitional provisions, reports, reviews and amendments), after paragraph (5) insert—
“(5A) Omit Articles 499 (leverage), 500b (temporary exclusion of certain exposures to central banks from the total exposure measure in view of the COVID-19 pandemic) and 500d (temporary calculation of the exposure value of regular-way purchases and sales awaiting settlement in view of the COVID-19 pandemic)(6).”.
(7) In regulation 13 (revocation and amendment of other retained direct EU legislation)—
(a)in paragraph (2)—
(i)after sub-paragraph (a) insert—
“(aa)Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council(7);”;
(ii)after sub-paragraph (f) insert—
“(fa)Commission Implementing Regulation (EU) 2016/200 of 15 February 2016 laying down implementing technical standards with regard to disclosure of the leverage ratio for institutions, according to Regulation (EU) No 575/2013 of the European Parliament and of the Council(8);”;
(b)omit paragraph (4).
(8) After regulation 13 insert—
14. Notwithstanding the revocation of Articles 390(8), 394(4), 415(3a) and 419(5) of the Capital Requirements Regulation(9) made by regulations 7(a) and 8 of these Regulations, the Financial Conduct Authority (“FCA”) retains the power to modify, revoke or amend any technical standards in force immediately before 1 January 2022 which were—
(a)adopted by the European Commission before IP completion day; or
(b)made by the FCA after IP completion day;
under those Articles.
15.—(1) Where the effect of these Regulations is to revoke Articles of the Capital Requirements Regulation listed in column 1 of Table 1, any permission granted under an Article listed in column 1 of that Table has effect as if granted under the rule of the PRA Rulebook listed in column 2 of the same row of that Table.
Capital Requirements Regulation | PRA Rulebook |
---|---|
Article 385 | Article 385 of Chapter 3 of the Credit Valuation Adjustment Risk (CRR) Part |
Article 422(8) | Article 422(8) of Chapter 4 of the Liquidity (CRR) Part |
Article 425(1) | Article 425(1) of Chapter 4 of the Liquidity (CRR) Part |
Article 425(4) | Article 425(4) of Chapter 4 of the Liquidity (CRR) Part |
Article 396(1), paragraph 1 | Article 396(1), paragraph 1 of Chapter 4 of the Large Exposures (CRR) Part |
Article 396(1), paragraph 2 | Article 396(1), paragraph 2 of Chapter 4 of the Large Exposures (CRR) Part |
Article 400(2)(c) | Article 400(2)(c) of Chapter 4 of the Large Exposures (CRR) Part |
Article 400(2)(g) | Article 400(2)(g) of Chapter 4 of the Large Exposures (CRR) Part |
Article 400(2)(h) | Article 400(2)(h) of Chapter 4 of the Large Exposures (CRR) Part |
Article 429(7) | Article 429a(1)(c) of Chapter 3 of the Leverage Ratio (CRR) Part |
Article 429(14) | Article 429a(1)(j) of Chapter 3 of the Leverage Ratio (CRR) Part |
(2) Where the effect of these Regulations is to revoke Articles of Commission Delegated Regulation (EU) 2015/61(10) listed in column 1 of Table 2, any permission granted under an Article listed in column 1 of that Table has effect as if granted under the rule of the PRA Rulebook listed in column 2 of the same row of that Table.
Commission Delegated Regulation (EU) 2015/61 | PRA Rulebook |
---|---|
Article 8(3) | Article 8(3) of Chapter 2 of the Liquidity Coverage Ratio (CRR) Part |
Article 12(3) | Article 12(3) of Chapter 2 of the Liquidity Coverage Ratio (CRR) Part |
Article 17 | Article 17 of Chapter 2 of the Liquidity Coverage Ratio (CRR) Part |
Article 26 | Article 26 of Chapter 2 of the Liquidity Coverage Ratio (CRR) Part |
Article 29 | Article 29 of Chapter 2 of the Liquidity Coverage Ratio (CRR) Part |
Article 33(2) | Article 33(2) of Chapter 2 of the Liquidity Coverage Ratio (CRR) Part |
Article 33(3) | Article 33(3) of Chapter 2 of the Liquidity Coverage Ratio (CRR) Part |
Article 33(4) | Article 33(4) of Chapter 2 of the Liquidity Coverage Ratio (CRR) Part |
Article 34(1) | Article 34(1) of Chapter 2 of the Liquidity Coverage Ratio (CRR) Part |
(3) In this regulation, “PRA Rulebook” means the rulebook published by the Prudential Regulation Authority containing rules made by that Authority under the Financial Services and Markets Act 2000(11) as that rulebook has effect on 1 January 2022.”.
Commencement Information
I1Reg. 32 in force at 8.12.2021, see reg. 1(2)
Article 13 was amended by S.I. 2019/1232.
Article 429 was amended by S.I. 2018/1401 and 2019/710; Article 430(1) was amended by S.I. 2018/1401.
Part Eight was amended by S.I. 2018/1401 and 2019/1232 and is prospectively amended by paragraphs 40, 41 and 47 of Schedule 1 to the Financial Services Act 2021 (c. 22).
Article 459 was amended by S.I. 2018/1401.
Article 500d was amended by paragraph 12 of Schedule 4 to the Financial Services Act 2021 (c. 22).
EUR 2014/680; this instrument was amended by the Technical Standards (Capital Requirements) (EU Exit) (No. 3) Instrument 2019 made by the Prudential Regulation Authority under S.I. 2018/1115 on 9th April 2019.
EUR 2016/200; this instrument was amended by the Technical Standards (Capital Requirements) (EU Exit) (No. 3) Instrument 2019 made by the Prudential Regulation Authority under S.I. 2018/1115 on 9th April 2019.
“the Capital Requirements Regulation” is defined in section 47 of the Financial Services Act 2021 (c. 22).
Commission Delegated Regulation (EU) 2015/61 of 10 October 2014 to supplement Regulation (EU) No 575/2013 of the European Parliament and the Council with regard to liquidity coverage requirement for Credit Institutions.
Latest Available (revised):The latest available updated version of the legislation incorporating changes made by subsequent legislation and applied by our editorial team. Changes we have not yet applied to the text, can be found in the ‘Changes to Legislation’ area.
Original (As Enacted or Made): The original version of the legislation as it stood when it was enacted or made. No changes have been applied to the text.
Point in Time: This becomes available after navigating to view revised legislation as it stood at a certain point in time via Advanced Features > Show Timeline of Changes or via a point in time advanced search.
Geographical Extent: Indicates the geographical area that this provision applies to. For further information see ‘Frequently Asked Questions’.
Show Timeline of Changes: See how this legislation has or could change over time. Turning this feature on will show extra navigation options to go to these specific points in time. Return to the latest available version by using the controls above in the What Version box.
Explanatory Memorandum sets out a brief statement of the purpose of a Statutory Instrument and provides information about its policy objective and policy implications. They aim to make the Statutory Instrument accessible to readers who are not legally qualified and accompany any Statutory Instrument or Draft Statutory Instrument laid before Parliament from June 2004 onwards.
Access essential accompanying documents and information for this legislation item from this tab. Dependent on the legislation item being viewed this may include:
This timeline shows the different points in time where a change occurred. The dates will coincide with the earliest date on which the change (e.g an insertion, a repeal or a substitution) that was applied came into force. The first date in the timeline will usually be the earliest date when the provision came into force. In some cases the first date is 01/02/1991 (or for Northern Ireland legislation 01/01/2006). This date is our basedate. No versions before this date are available. For further information see the Editorial Practice Guide and Glossary under Help.
Use this menu to access essential accompanying documents and information for this legislation item. Dependent on the legislation item being viewed this may include:
Click 'View More' or select 'More Resources' tab for additional information including: