Regulation 3 Interpretation of Part 2

In this Part—

• “institution-specific countercyclical capital buffer” means—

  1. (a)

     in relation to a PRA-authorised person, the countercyclical capital buffer that the person must calculate (if any) in accordance with the Capital Buffers Part of the PRA Rulebook;

  2. (b)

     in relation to a parent financial holding company or a parent mixed financial holding company, the countercyclical capital buffer which the holding company must calculate (if any) in accordance with the Capital Buffers Part of the PRA Rulebook;

• “overseas regulator” means an authority in a country or territory outside the United Kingdom which has functions corresponding to those of the FPC under this Part;

• “parent financial holding company” has the meaning given in section 192O(2) (interpretation) of FSMA 2000^f1;

• “parent mixed financial holding company” has the meaning given in section 192O(2) (interpretation) of FSMA 2000;

• “UK institution” means an institution with permission to carry on a regulated activity under Part 4A (permission to carry on regulated activities) of FSMA 2000.

For the purposes of the definition of “institution-specific countercyclical capital buffer” in paragraph (1)—

• “PRA-authorised person” has the meaning given in section 2B(5) (the PRA’s general objective) of FSMA 2000^f2;

• “PRA Rulebook” means the Rulebook published by the PRA containing rules made by that Authority under FSMA 2000 as those rules have effect from time to time^f3.