Paragraph 118 The Capital Requirements Regulations 2006I1

United Kingdom

In the Capital Requirements Regulations 2006^f1—

(a)

in regulation 1(2)^f2 (interpretation), after the definition of “application” insert—

““appropriate regulator” means the FCA or, as the case may be, the PRA;”;

(b)

regulation 2 (application for permission) is amended as follows—

(i)

in paragraph (1), for “the Authority” substitute “an appropriate regulator”;

(ii)

in paragraphs (2) and (3), for “the Authority” in each place it appears substitute “that appropriate regulator”;

(c)

regulation 3^f3 (applications to the Authority as EEA consolidated supervisor) is amended as follows—

(i)

in the heading and in paragraph (1), for “the Authority” substitute “an appropriate regulator”;

(ii)

in paragraph (2), for “The Authority” substitute “That appropriate regulator”;

(iii)

in paragraphs (3), (4) and (5), for “the Authority” in each place it appears substitute “that appropriate regulator”;

(d)

regulation 4 (applications forwarded to the Authority as a relevant competent authority) is amended as follows—

(i)

in the heading and in paragraph (1), for “the Authority” substitute “an appropriate regulator”;

(ii)

in paragraph (2), for “The Authority” substitute “That appropriate regulator”;

(e)

regulation 5 (proposals to vary or revoke a decision or joint decision) is amended as follows—

(i)

in paragraph (1), for “the Authority” substitute “an appropriate regulator”;

(ii)

in paragraph (2), for “The Authority” substitute “That appropriate regulator”;

(iii)

in paragraphs (3) to (5), for “the Authority” in each place it appears substitute “that appropriate regulator”;

(f)

in regulation 6, for “The Authority” substitute “An appropriate regulator”;

(g)

in regulation 7 (recognition and application of a decision or joint decision), for “The Authority” substitute “An appropriate regulator”;

(h)

regulation 8 (exercise of functions for the purpose of applying a decision or joint decision) is amended as follows—

(i)

in the heading, for “section 148” substitute “section 138A”;

(ii)

in paragraph (1)—

(aa)

for “The Authority” substitute “An appropriate regulator”;

(bb)

for “section 148” substitute “section 138A”;

(iii)

in paragraph (2)—

(aa)

in sub-paragraph (a), for “subsections (2) and (9)(b) of section 148 for the Authority’s” substitute “subsections (1) and (7)(b) of section 138A for that appropriate regulator’s”;

(bb)

in subparagraph (b), for “section 148(4)” substitute “section 138A(4)”;

(i)

regulation 9 is amended as follows—

(i)

in paragraph (1)—

(aa)

for “the Authority” substitute “an appropriate regulator”;

(bb)

for “section 148” substitute “section 138A”;

(ii)

in paragraph (2)(c), for “the Authority” substitute “that appropriate regulator”;

(j)

in the heading to regulation 10 (the Authority’s duties as an EEA consolidated supervisor)^f4, for “The Authority’s duties” substitute “Duties of an appropriate regulator”;

(k)

in regulation 10 for “the Authority” substitute “an appropriate regulator”;

(l)

in regulation 10A, for “Authority” in each place it appears substitute “appropriate regulator”;

(m)

regulation 10B^f5 is amended as follows—

(i)

in paragraph (1), for “the Authority” substitute “an appropriate regulator”;

(ii)

for “Authority” in each other place it appears substitute “appropriate regulator”;

(n)

in regulations 11^f6, 12 and 12A^f7, for “Authority” in each place it appears substitute “appropriate regulator”;

(o)

in the heading to regulation 13 (the Authority’s duties as EEA consolidated supervisor or national consolidated supervisor), for “The Authority’s duties” substitute “Duties of an appropriate regulator”;

(p)

in regulation 13, for “the Authority” substitute “an appropriate regulator”;

(q)

in regulations 14^f8 and 15^f9, for “Authority” in each place it appears substitute “appropriate regulator”;

(r)

regulation 16 is amended as follows—

(i)

for “Authority” in each place it appears substitute “appropriate regulator”;

(ii)

in paragraph (4)—

(aa)

in sub-paragraph (i) for “Part IV” substitute “Part 4A”;

(bb)

in sub-paragraph (ii) for “section 148” substitute “section 138A”;

(s)

regulation 16A (significant branches)^f10 is amended as follows—

(i)

for “Authority” in each place it appears substitute “relevant regulator”;

(ii)

after paragraph (7) insert—

“(8)
In this regulation, “the relevant regulator” in relation to a branch established in the United Kingdom means—

(a)
if the branch is a PRA-authorised person, the PRA;

(b)
in any other case, the FCA.”;

(t)

regulations 16B, 16C and 16D^f11 are amended as follows—

(i)

in paragraph (1) of each regulation, for “the Authority” substitute “an appropriate regulator”;

(ii)

for “Authority” in each other place it appears substitute “appropriate regulator”;

(u)

regulation 16E (the Authority’s general duties)^f12 is amended as follows—

(i)

for the heading, substitute “General duties of FCA and PRA”;

(ii)

for “The Authority” substitute “An appropriate regulator”;

(iii)

for “the competent authority” substitute “a competent authority”;

(v)

regulation 16G^f13 is amended as follows—

(i)

in the heading, for “The Authority’s” substitute “The relevant regulator’s”;

(ii)

the existing text is renumbered as paragraph (1);

(iii)

in that paragraph (1), for “The Authority” substitute “The relevant regulator”;

(iv)

after paragraph (1) insert—

“(2)
In this regulation, the “relevant regulator” in relation to an authorised person means—

(a)
if the authorised person is a PRA-authorised person, the PRA;

(b)
in any other case, the FCA.”;

(w)

regulation 17 (disclosed information) is amended as follows—

(i)

in paragraph (1)—

(aa)

for “the Authority” in the first place it appears substitute “an appropriate regulator”;

(bb)

for the “Authority” in the second place it appears substitute “that appropriate regulator”;

(ii)

in paragraph (2)—

(aa)

for “the Authority” in the first place it appears substitute “an appropriate regulator”;

(bb)

for the “Authority” in the second place it appears substitute “that appropriate regulator”;

(x)

in regulations 22 to 25^f14 (external credit assessment institutions), for “Authority” in each place it appears substitute “PRA”;

(y)

regulation 26^f15 (restriction on disclosure) is amended as follows—

(i)

in paragraph (1)(b) for “the Authority” substitute “an appropriate regulator”;

(ii)

in paragraph (3)(b) for “the Authority” substitute “that appropriate regulator”;

(z)

regulation 27 (functions of the Authority) is amended as follows—

(i)

in the heading, for “the Authority” substitute “the FCA and PRA”;

(ii)

for “the Authority” in the first place it appears substitute “an appropriate regulator”;

(iii)

for “the Authority” in the second place it appears substitute “that appropriate regulator”;

(aa)

in Schedules 1^f16 and 2 (recognition of ECAIs and mapping), for “Authority” in each place it appears substitute “PRA”.

Annotations

Commencement

I1: Sch. 2 para. 118 in force at 1.4.2013, see art. 1(1)

Footnotes

f1: S.I. 2006/3221.
f2: There are amending instruments but none is relevant.
f3: Paragraphs (4) and (5) were inserted by S.I. 2012/917.
f4: Regulations 10 to 10B were substituted by S.I. 2010/2628.
f5: Amended by S.I. 2012/917.
f6: Substituted by S.I. 2010/2628 and amended by 2012/917.
f7: Inserted by S.I. 2010/2628 and amended by 2012/917.
f8: Substituted by S.I. 2010/2628 and amended by 2012/917.
f9: Amended by S.I. 2010/2628.
f10: Inserted by S.I. 2010/2628 and amended by S.I. 2012/917.
f11: Regulations 16B, 16C and 16D were inserted by S.I. 2010/2628.
f12: Inserted by S.I. 2010/2628.
f13: Inserted by S.I. 2012/917.
f14: Amended by S.I. 2010/906 and 2628.
f15: Amended by S.I. 2012/917.
f16: Amended by S.I. 2010/2628.