Regulation 224 Other functions transferred

(1)

The Capital Requirements Regulation is also amended in accordance with the following provisions of this regulation.

(2)

In Article 27 (capital instruments of mutuals, cooperative societies, savings institutions or similar institutions in Common Equity Tier 1 items), in paragraph 2—

(a)

in the first sub-paragraph—

(i)

for “EBA shall develop draft regulatory technical standards” substitute “The FCA and the PRA may each make technical standards”;

(ii)

for “applicable national law” substitute “the applicable law of the United Kingdom, or any part of it,”;

(b)

omit the second and third sub-paragraphs.

(3)

In Article 49 (requirement for deduction), in paragraph 6—

(a)

in the first sub-paragraph for the words “EBA, EIOPA and” to “regulatory technical standards” substitute “The FCA and the PRA may each make technical standards”;

(b)

omit the second and third sub-paragraphs.

(4)

In Article 97 (own funds based on Fixed Overheads), in paragraph 4—

(a)

in the first sub-paragraph for “EBA in consultation with ESMA shall develop draft regulatory technical standards” substitute “The FCA and the PRA may each make technical standards”;

(b)

omit the second and third sub-paragraphs.

(5)

Article 136 (mapping of ECAI’s credit assessments) is amended as follows.

(a)

in paragraph 1—

(i)

in the first sub-paragraph, for “EBA, EIOPA and ESMA shall, through the Joint Committee, develop draft implementing technical standards” substitute “The FCA and the PRA may each make technical standards”;

(ii)

omit the second and third sub-paragraphs;

(b)

in paragraph 2, for “EBA, EIOPA and ESMA”, in each place it occurs, substitute “the FCA and the PRA”;

(c)

in paragraph 3—

(i)

in the first sub-paragraph, for “EBA, EIOPA and ESMA shall develop draft implementing technical standards” substitute “The FCA and the PRA may each make technical standards”;

(ii)

omit the second and third sub-paragraphs.

(6)

In Article 197 (eligibility of collateral under all approaches and methods), in paragraph 8—

(a)

in the first sub-paragraph for “ESMA shall develop draft implementing technical standards” substitute “The FCA and the PRA may each make technical standards”;

(b)

omit the second and third sub-paragraphs.

(7)

In Article 304 (treatment of clearing members’ exposures to clients), in paragraph 5, in the second sub-paragraph for “EBA shall” substitute “the FCA or the PRA (as the case may be) must”.

(8)

In Article 382 (scope), in paragraph 5—

(a)

in the second sub-paragraph, for “EBA in cooperation with ESMA shall develop draft regulatory technical standards” substitute “The FCA and the PRA may each make technical standards”;

(b)

omit the third and fourth sub-paragraphs.

(9)

In Article 426 (updating future liquidity requirements)—

(a)

in the first sub-paragraph, for the words from the beginning to “technical standards” substitute “The PRA may make technical standards”;

(b)

omit the second sub-paragraph.