Regulation 3 Loss absorbing instruments issued by overseas subsidiariesI1

United Kingdom

(1)

Equities and liabilities that meet the description set out in paragraph (2) are specified for the purposes of paragraph 15V(3)(b) of Schedule 19.

(2)

So much of the equities and liabilities that—

(a)

would have fallen within the definition of Tier one capital equities and liabilities within the meaning of paragraph 30 of Schedule 19, but

(b)

do not fall within that definition because an amount in respect of those equities and liabilities was deducted—

(i)

under F1Article 36 of Chapter 3 of the Own Funds and Eligible Liabilities (CRR) Part of the PRA Rulebook or Article 56(d) of the Capital Requirements Regulation, and

(ii)

in respect of a loss absorbing instrument^f1 issued by a non-UK resident entity which is a subsidiary of a UK resident entity within paragraph 15W(5) of Schedule 19.

Annotations

Textual amendments

F1: Words in reg. 3(2)(b)(i) substituted (17.8.2022) by The Financial Services Act 2021 (Prudential Regulation of Credit Institutions and Investment Firms) (Consequential Amendments and Miscellaneous Provisions) Regulations 2022 (S.I. 2022/838), regs. 1(2), 17(3) (with regs. 24-26)

Commencement

I1: Reg. 3 in force at 22.11.2020, see reg. 1(1)

Footnotes

f1: “Loss absorbing instrument” is defined in paragraph 15V(2) of Schedule 19.