The Financial Services Act 2021 (Prudential Regulation of Credit Institutions and Investment Firms) (Consequential Amendments and Miscellaneous Provisions) Regulations 2021

Payment Services Regulations 2017 U.K.

23.—(1) The Payment Services Regulations 2017(1) are amended as follows.

(2) In regulation 2(1) (interpretation)—

(a) for the definition of “the capital requirements regulation” substitute—

““the capital requirements regulation” means Regulation (EU) No. 575/2013 of the European Parliament and of the Council of 26 June 2013 on prudential requirements for credit institutions and investment firms;”;

(b) in the definition of “group”, in paragraph (b), omit “or (7)”.

(3) In regulation 22(2)(b)(i) (capital requirements), for “under Part 6 of the Capital Requirements Regulations 2013” substitute “in accordance with the capital requirements regulation and CRR rules (as defined in section 144A of the 2000 Act)”.

Commencement Information

I1 Reg. 23 in force at 1.1.2022, see reg. 1(3)

(1)

S.I. 2017/752, as amended by S.I. 2018/1201; there are other amending instruments but none are relevant.