Regulation 4 Title II of Part One: level of application of requirementsI1

United Kingdom

(1)

Title II of Part One (comprising Articles 6 to 24) (level of application requirements) is amended as follows.

(2)

In Article 6^f1 (application of requirements on an individual basis: general principles)—

(a)

in paragraph 1, for “Parts Two to Five and Eight” substitute “Part Two, Part Three F1... and Chapter 2 of Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation^f2 (provisions applicable to all securitisations)”;

F2(b)

omit paragraphs 3 to 5.

(3)

In Article 7^f3 (derogation from the application of prudential requirements on an individual basis), in paragraph 3(a) and (b), for “parent institution in a Member State” substitute “UK parent institution”.

(4)

Omit Article 8^f4 (derogation from the application of liquidity requirements on an individual basis).

(5)

In Article 11^f5 (application of prudential requirements on a consolidated basis: general treatment)—

F3(a)

in paragraph 1, for “Parts Two, Three, Four, Seven and Seven A on the basis of their consolidated situation, with the exception of point (d) of Article 430(1)” substitute “Parts Two and Three on the basis of their consolidated situation”

(b)

omit paragraph 4;

F4(c)

in paragraph 6, in point (a) of the third subparagraph, for “2, 3, 4, 6, 7, 7A and 8” substitute “Two and Three”.

F5(6)

Omit Article 13 (application of disclosure requirements on a consolidated basis).

(7)

In Article 18(1) (methods of prudential consolidation), omit the second sentence.

(8)

Omit Article 22 (sub-consolidation in cases of entities in third countries).

Annotations

Textual amendments

F1: Words in reg. 4(2)(a) omitted (8.12.2021) by virtue of The Financial Services Act 2021 (Prudential Regulation of Credit Institutions and Investment Firms) (Consequential Amendments and Miscellaneous Provisions) Regulations 2021 (S.I. 2021/1376), regs. 1(2), 32(2)(a)(i)
F2: Reg. 4(2)(b) substituted for reg. 4(2)(b)(c) (8.12.2021) by The Financial Services Act 2021 (Prudential Regulation of Credit Institutions and Investment Firms) (Consequential Amendments and Miscellaneous Provisions) Regulations 2021 (S.I. 2021/1376), regs. 1(2), 32(2)(a)(ii)
F3: Reg. 4(5)(a) substituted (8.12.2021) by The Financial Services Act 2021 (Prudential Regulation of Credit Institutions and Investment Firms) (Consequential Amendments and Miscellaneous Provisions) Regulations 2021 (S.I. 2021/1376), regs. 1(2), 32(2)(b)(i)
F4: Reg. 4(5)(c) substituted (8.12.2021) by The Financial Services Act 2021 (Prudential Regulation of Credit Institutions and Investment Firms) (Consequential Amendments and Miscellaneous Provisions) Regulations 2021 (S.I. 2021/1376), regs. 1(2), 32(2)(b)(ii)
F5: Reg. 4(6) substituted (8.12.2021) by The Financial Services Act 2021 (Prudential Regulation of Credit Institutions and Investment Firms) (Consequential Amendments and Miscellaneous Provisions) Regulations 2021 (S.I. 2021/1376), regs. 1(2), 32(2)(c)

Commencement

I1: Reg. 4 in force at 1.1.2022, see reg. 1(1)

Footnotes

f1: Article 6 was amended by S.I. 2018/1401 and 2019/1232.
f2: EUR 2017/2402 as amended by S.I. 2019/660 and 2019/876.
f3: Article 7 was amended by S.I. 2018/1401.
f4: Article 8 was amended by S.I. 2018/1401.
f5: Article 11 was amended by S.I. 2020/1385; there is another amending instrument but it is not relevant.