OpenLegislation

Explanatory note

Original text. Later amendments are not shown.

(This note is not part of the Regulations)

These Regulations are made in exercise of the powers in section 8(1) of the European Union (Withdrawal) Act 2018 (c. 16) and section 2(2) of the European Communities Act 1972 to address the deficiencies in retained EU law, to operate effectively and other deficiencies arising from the withdrawal of the United Kingdom from the European Union.

Part 2 of these Regulations make amendments to UK legislation, specifically the Financial Conglomerates and Other Financial Groups Regulations 2004 and the Capital Requirements Regulations 2013 to ensure that references in UK legislation to EU bodies and legal requirements which would cause deficiencies in UK legislation once the United Kingdom withdraws from the European Union are amended.

Part 3 amends references to financial conglomerates in Regulation (EU) No 575/2013.

Part 4 saves decisions made by EU authorities in relation to financial conglomerates, to ensure their continued effect post exit day, granting the PRA and the FCA power to review, vary, modify and revoke the decisions.

These Regulations refer to the Rulebook made by the Prudential Regulation Authority under the Financial Services and Markets Act 2000 (c.8), and sourcebooks made by the Financial Conduct Authority under that Act.

The Rulebook is available on http://www.prarulebook.co.uk and copies of the rules referred to can be obtained from the Prudential Regulation Authority, 20 Moorgate, London EC2R 6DA, where it is also available for inspection.

Sourcebooks made by the Financial Conduct Authority are available on https://www.handbook.fca.org.uk/handbook and copies of the rules referred to can be obtained from the Financial Conduct Authority, 12 Endeavour Square, London E20 1JN, where they are also available for inspection.

An impact assessment of the effect that this instrument, and other instruments made by the Treasury under the European Union (Withdrawal) Act 2018 at or about the same time, will have on the costs of business, the voluntary sector and the public sector is available from the Treasury, 1 Horse Guards Road, London SW1A 2HQ and is published alongside this instrument at www.legislation.gov.uk.