# The Capital Buffers and Macro-prudential Measures Regulations 2025, Regulation 3: Interpretation of Part 2


(1) In this Part—
“institution-specific countercyclical capital buffer” means—
(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;
(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;
“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.
(2) 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;
“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.

---
Source: https://www.legislation.gov.uk/uksi/2025/653/regulation/3 (the official version)
Page: https://openlegislation.uk/capital-buffers-and-macro-prudential-measures-regulations-2025/regulation-3
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.