{
  "url": "https://openlegislation.uk/capital-buffers-and-macro-prudential-measures-regulations-2025/note",
  "json_url": "https://openlegislation.uk/capital-buffers-and-macro-prudential-measures-regulations-2025/note.json",
  "legislation": "uksi/2025/653",
  "legislation_title": "The Capital Buffers and Macro-prudential Measures Regulations 2025",
  "legislation_url": "https://openlegislation.uk/capital-buffers-and-macro-prudential-measures-regulations-2025",
  "path": "note",
  "kind": "note",
  "number": null,
  "heading": "Explanatory note",
  "text": "(This note is not part of the Regulations)\nSection 1 of, and Schedule 1 to, the Financial Services and Markets Act 2023 (c. 29) (“the Act”) revoke the Capital Requirements (Capital Buffers and Macro-prudential Measures) Regulations 2014 (S.I. 2014/894) (“the 2014 Regulations”). The revocation of the 2014 Regulations comes into force on 31st July 2025 by virtue of regulation 3 of the Financial Services and Markets Act 2023 (Commencement No. 9) Regulations 2025 (S.I. 2025/572 (C. 25)).\nThe 2014 Regulations implemented provisions relating to capital buffers in Directive 2013/36/EU of the European Parliament and of the Council of 26 June 2013 on access to the activity of credit institutions and the prudential supervision of credit institutions and investment firms.\nThese Regulations restate certain provisions of the 2014 Regulations. The restatement includes:\nthe duty of the Bank of England’s Financial Policy Committee (“FPC”) to set a countercyclical capital buffer rate for the UK (regulation 5);\nthe power of the FPC to set or recognise buffer rates for exposures held by UK institutions and located outside the UK (regulation 9);\nthe duty of the Prudential Regulation Authority (“PRA”) to identify other systemically important institutions (“O-SIIs”) (regulation 15);\nthe duty of the FPC to establish a framework for O-SII buffer rates in the UK (regulation 17).\nRegulation 23 provides that relevant actions taken by the FPC, Bank of England or PRA under the 2014 Regulations continue, on and after 31st July 2025, to have effect under these Regulations.\nNo impact assessment has been published in respect of these Regulations because no impact, or no significant impact, on the private, voluntary or public sector is foreseen.",
  "extent": null,
  "status": null,
  "version": "current",
  "annotations": [],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/uksi/2025/653/note",
    "retrieved_at": "2026-10-28T21:15:17.287852+00:00"
  },
  "licence": "Open Government Licence v3.0",
  "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
  "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
}