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

(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, Article 451 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)”;

(b)

in paragraph 3, for “Part Eight” substitute “Article 451”;

(c)

omit paragraph 4.

(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)—

(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, Three and Seven on the basis of their consolidated situation”;

(b)

omit paragraph 4;

(c)

in paragraph 6, in point (a) of the third subparagraph, for “2, 3, 4, 6, 7, 7A and 8” substitute “Two, Three, and Seven and Article 451”.

(6)

In Article 13^f6 (application of disclosure requirements on a consolidated basis)—

(a)

in paragraph 1—

(i)

in the first subparagraph, for “Part Eight” substitute “Article 451”;

(ii)

in the second subparagraph, for “Articles 437, 438, 440, 442, 450, 451, 451a and 453” substitute “Article 451”;

(b)

omit paragraph 2.

(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

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.
f6: Article 13 was amended by S.I. 2019/1232.