Regulation 5 Amendments to Regulation (EU) No 575/2013I1

United Kingdom

(1)

The capital requirements regulation is amended as follows.

(2)

In Article 4.1, for point (21) substitute—

“(21)
“mixed financial holding company” has the meaning given in regulation 1(2) of the Financial Conglomerates and Other Financial Groups Regulations 2004;”.

F1(3)

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(4)

In Article 49—

(a)

in paragraph 1—

(i)

for “method 1, 2 or 3 of Annex I to Directive 2002/87/EC”, substitute “ method 1 or 2 or a combination of these under Annex 2 of the Financial Conglomerates part of the PRA Rulebook and Chapter 3 of the FCA General Prudential sourcebook ”;

(ii)

in point (b), before “Directive 2002/87/EC”, insert “ the United Kingdom enactment and rules which implemented ”;

(b)

in paragraph 5, for “Annex I to Directive 2002/87/EC”, substitute “Annex 2 of the Financial Conglomerates part of the PRA Rulebook and Annex 1 of Chapter 3 of the FCA General Prudential sourcebook;

(c)

for paragraph 6 substitute—

“
6
Where a competent authority applies method 1, 2 or a combination of these under Annex 2 of the Financial Conglomerates part of the PRA Rulebook and Annex 1 of Chapter 3 of the FCA General Prudential sourcebook, the competent authority must disclose the supplementary own funds requirement and capital adequacy ratio of the financial conglomerate.”.

(5)

In Article 400(2)(c), before “Directive 2002/87/EC”, insert “ United Kingdom enactment and rules which implemented ”.

(6)

In Article 493(3)(c), before “Directive 2002/87/EC” insert “ United Kingdom enactment and rules which implemented ”.

Annotations

Textual amendments

F1: Reg. 5(3) omitted (17.8.2022) by virtue of The Financial Services Act 2021 (Prudential Regulation of Credit Institutions and Investment Firms) (Consequential Amendments and Miscellaneous Provisions) Regulations 2022 (S.I. 2022/838), regs. 1(2), 15 (with regs. 24-26)

Commencement

I1: Reg. 5 in force at 31.12.2020 on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1