Regulation 223 European Supervisory Authorities’ functions in the Capital Requirements Regulation transferred to only the PRA
(1)
The paragraphs of the Articles of the Capital Requirements Regulation specified in the first column of Table 2 are amended as follows—
(a)
the amendment specified in paragraph (2) is made to the provision specified in the second column, and
(b)
the provisions specified in the third column are omitted (they concern the procedure for the proposal and adoption of technical standards by EU entities).
(2)
The amendment specified is, as the context requires—
(a)
for “EBA shall develop draft regulatory technical standards” substitute “The PRA may make technical standards”, or
(b)
for “EBA shall develop draft implementing technical standards” substitute “The PRA may make technical standards”.
Table 2
| Article & paragraph | Provision to be amended (to transfer power to make technical standards to the PRA) | Provisions to be omitted |
|---|---|---|
| Article 415(3). | First sub-paragraph. | Second to fourth sub-paragraphs. |
| Article 416(5). | First sub-paragraph. | Second to fourth sub-paragraphs. |
| Article 419(4). | First sub-paragraph. | Second and third sub-paragraphs. |
| Article 419(5). | First sub-paragraph. | Second and third sub-paragraphs. |
| Article 423(3). | Second sub-paragraph. | Third and fourth sub-paragraphs. |