Search Legislation

Advanced Search

The Capital Requirements Regulations 2013

Help about what version

What Version

Help about advanced features

Advanced Features

Changes to legislation:

The Capital Requirements Regulations 2013 is up to date with all changes known to be in force on or before 27 April 2024. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations. Help about Changes to Legislation

Close

Changes to Legislation

Revised legislation carried on this site may not be fully up to date. Changes and effects are recorded by our editorial team in lists which can be found in the ‘Changes to Legislation’ area. Where those effects have yet to be applied to the text of the legislation by the editorial team they are also listed alongside the legislation in the affected provisions. Use the ‘more’ link to open the changes and effects relevant to the provision you are viewing.

View outstanding changes

Changes and effects yet to be applied to :

PART 1U.K.Introductory provisions

Citation, commencement and expiryU.K.

1.—(1) These Regulations may be cited as the Capital Requirements Regulations 2013.

(2) Subject to paragraph (3), these Regulations come into force on 1st January 2014.

(3) The Regulations specified in the first column of Schedule 1 (CRD transitional arrangements) come into force on the dates specified in the second column or cease to have effect on the dates specified in the third column.

InterpretationU.K.

2.—(1) In these Regulations—

F1...

F2...

F3...

“capital requirements regulation” means Regulation (EU) No 575/2013 of the European Parliament and of the Council of 26 June 2013 on prudential requirements for credit institutions and investment firms and amending Regulation (EU) No 648/2012 M1;

[F4“on a consolidated basis” means on the basis of the consolidated situation;

“consolidated situation” means the situation that results from an entity being treated, for the purposes of the capital requirements regulation or CRR rules (as appropriate), as if that entity and one or more other entities formed a single entity;

“CRR rules” has the meaning given in section 144A of FSMA;]

F2...

F2...

F2...

F2...

F2...

F2...

F2...

“FSMA” means the Financial Services and Markets Act 2000;

“group” means a group whose members include one or more institutions;

F2...

F2...

F2...

F2...

F2...

F2...

F2...

[F5“Specified EU Regulations under the Capital Requirements Regulation” means the EU regulations or parts of EU regulations which form part of retained EU law and which are specified in paragraphs 78 to 83 and 126 to 168, in Schedule 1 to the Financial Regulators' Powers (Technical Standards) (Amendment etc.) (EU Exit) Regulations.]

(2) Except as provided by paragraph (1)—

(a)any expression used in these Regulations which is defined in Article 4 (definitions) of the capital requirements regulation F6... has the meaning which it is given in that Article M2;

(b)any other expression used in these Regulations which is defined in section 417 (definitions) of FSMA has the meaning given by that section M3.

[F7(3) Any reference in these Regulations to any EU regulation, EU decision or EU tertiary legislation (within the meaning of section 20 of the European Union (Withdrawal) Act 2018) is, unless the contrary intention appears, to be treated as a reference to that EU regulation, EU decision or EU tertiary legislation as it [F8forms part of retained EU law]. ]

Textual Amendments

Marginal Citations

M1OJ no L176, 27/6/2013, p.1. For corrigenda see OJ no L208, 2/8/2013 p.68 and OJ no L321, 30/11/2013 p. 6.

M2In particular, “branch”, “credit institution”, “institution” and “investment firm” are defined in Article 4(1) of the capital requirements regulation.

M3In particular, “EBA”, “ESMA”, “FCA”, “PRA”, “PRA-authorised person” and “the Tribunal” are defined in section 417 of FSMA.

[F9Interpretation: regulators' rulesU.K.

2A.—(1) In these Regulations—

(a)a reference to the PRA rulebook is to the rulebook published by the PRA containing rules made by that Authority under FSMA as the rulebook has effect on [F101 January 2022];

F11(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(c)“Directive 2013/36/EU UK law” means the law of the United Kingdom which was relied on by the United Kingdom immediately before IP completion day to implement the capital requirements directive and its implementing measures—

(i)as they have effect on [F121 January 2022], in the case of rules made by the FCA or by the PRA under FSMA; and

(ii)as amended from time to time, in all other cases.

(2) By way of an exception to paragraph 1(c), for the purposes of regulations 21, 34, 34A, 35 and 35B, and the references to the capital requirements directive therein, “Directive 2013/36/EU UK law” shall mean the law of the United Kingdom or any part of it, which was relied on by the United Kingdom immediately before IP completion day to implement Directive 2013/36/EU and its implementing measures as amended from time to time.]

Textual Amendments

PART 2 U.K.Capital Requirements Regulations 2006: revocation

Capital Requirements Regulations 2006: revocationU.K.

3.  The Capital Requirements Regulations 2006 M4 are revoked.

Marginal Citations

M4S.I. 2006/3221; the S.I. has been amended by S.I. 2010/906, S.I. 2010/2628, S.I. 2011/1435, 2012/917 and S.I. 2013/472.

PART 3 U.K.Designation of competent authorities

[F13Main provisions of the capital requirements regulation and Directive 2013/36/EU UK law]U.K.

4.  For the purposes of [F14every provision of Directive 2013/36/EU UK law and the] capital requirements regulation—

[F15(a)the PRA is responsible for—

(i)all the functions of a competent authority in respect of PRA-authorised persons and financial holding companies and mixed financial holding companies approved or designated by the PRA under—

(aa)Part 12B of FSMA, or

(bb)regulation 5 of the Financial Holding Companies (Approval etc.) and Capital Requirements (Capital Buffers and Macro-prudential Measures) (Amendment) (EU Exit) Regulations 2020;

(ii)the application of Article 124(2) and Article 164(6) of the capital requirements regulation;]

F16(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

Capital buffers and Article 458 of the capital requirements regulationU.K.

F175.  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F18PART 4U.K.PRA and FCA: cooperation and co-ordination

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

Textual Amendments

F19PART 5U.K.Publication of information by PRA and FCA

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

Textual Amendments

PART 6 U.K.Consolidated supervision

Determination of the consolidating supervisorU.K.

F2020.  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

Assessment of equivalence of consolidated supervision by supervisory authorities in [F21third countries] U.K.

21.—(1) In this regulation, a “relevant institution” is an institution which satisfies the following conditions—

(a)the institution is authorised by the PRA F22...

(b)the parent undertaking of the institution is an institution, financial holding company or mixed financial holding company whose head office is not located in [F23the United Kingdom];

(c)the institution is not subject to supervision on a consolidated basis [F24by the F25... PRA];

(d)the PRA F26... would (but for paragraph (4)) be responsible for supervision of the institution on a consolidated basis; and

(e)either—

(i)the parent undertaking of the institution, or any regulated entity established in the [F27United Kingdom] which is a member of the same group as the institution, has requested the assessment referred to in paragraph (2) be carried out; or

(ii)the PRA F28... has decided on its own initiative to carry out that assessment.

[F29(2) The PRA must assess whether a relevant institution is subject to supervision on a consolidated basis by a supervisory authority of a country outside the United Kingdom which is equivalent to the standard of supervision on a consolidated basis applied by the PRA in accordance with Directive 2013/36/EU UK law, the capital requirements regulation and CRR rules.]

F30(3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(4) Where the [F31PRA] concludes that a relevant institution is not subject to equivalent supervision in accordance with paragraph (2), the [F31PRA] may apply—

(a)the requirements of [F32Directive 2013/36/EU UK law][F33, the capital requirements regulation and CRR rules] to the institution, amended as necessary; or

(b)other appropriate supervisory techniques, which must be designed to achieve the objectives of supervision on a consolidated basis F34...

(5) The other appropriate supervisory techniques referred to in paragraph (4) may include a requirement on the institution to establish a financial holding company or mixed financial holding company with its head office in [F35the United Kingdom], so that supervision on a consolidated basis may be applied in relation to the consolidated situation of that holding company.

F36(6) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

Co-ordination and co-operation arrangementsU.K.

F3722.  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

Co-ordination of supervisory activities by the EEA consolidating supervisorU.K.

F3723.  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

The Bank's general dutiesU.K.

F3724.  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

Exchange of informationU.K.

F3725.  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

Obtaining information already disclosedU.K.

F3726.  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

Verification of information by a competent authority in another EEA StateU.K.

F3727.  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

Requirement to establish list of holding companiesU.K.

F3728.  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

Joint decisions on own funds: PRA or FCA is the EEA consolidating supervisorU.K.

F3729.  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

Joint decisions on own funds: PRA or FCA is not the EEA consolidating supervisorU.K.

F3730.  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

Joint decision on liquidity: PRA or FCA is the EEA consolidating supervisorU.K.

F3731.  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

Joint decision on liquidity: PRA or FCA is not the EEA consolidating supervisorU.K.

F3732.  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

Colleges of supervisorsU.K.

F3733.  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

PART 7U.K.Exercise of supervision by the PRA F38...

Textual Amendments

Supervisory powers: own fundsU.K.

34.—(1) The PRA F39... must require an institution to hold own funds in excess of—

(a)the requirements of [F40Directive 2013/36/EU UK law which implemented] Chapter 4 of Title 7 of the capital requirements directive; and

[F41(b)the requirements of the capital requirements regulation and CRR rules relating to risks or elements of risks not covered by Article 1 of the capital requirements regulation or CRR rules;]

in the circumstances mentioned in paragraph (2).

(2) The circumstances referred to in paragraph (1) are—

(a)an institution does not meet the requirements set out in [F42Directive 2013/36/EU UK law which implemented] Articles 73 and 74 of the capital requirements directive or in Article 393 of the capital requirements regulation;

(b)risks or elements of risks are not covered by the own funds requirements set out in [F42Directive 2013/36/EU UK law which implemented] Chapter 4 of Title 7 of the capital requirements directive [F43, the capital requirements regulation or CRR rules];

(c)the sole application of other administrative measures is unlikely to improve the institution's arrangements, processes, mechanisms and strategies sufficiently within an appropriate timeframe;

(d)[F44either a SREP or an internal model review] reveals that non-compliance with the requirements for the [F45applicable internal approaches] will likely lead to inadequate own funds requirements;

(e)the risks are likely to be underestimated despite compliance with the applicable requirements of [F46Directive 2013/36/EU UK law [F47, the capital requirements regulation or CRR rules]] ; or

(f)an institution reports to the competent authority in accordance with Article 377(5) of the capital requirements regulation that the stress test results referred to in that Article materially exceed its own funds requirement for the correlation trading portfolio.

(3) For the purposes of determining the appropriate level of own funds on the basis of [F48a SREP], the PRA F49... must assess whether any imposition of an additional own funds requirement in excess of the own funds requirement is necessary to capture risks to which an institution is or might be exposed, taking into account the following:

(a)the quantitative and qualitative aspects of the institution's assessment process referred to in [F50Directive 2013/36/EU UK law which implemented] Article 73 of the capital requirements directive;

(b)the institution's arrangements, processes and mechanisms referred to in [F50Directive 2013/36/EU UK law which implemented] Article 74 of the capital requirements directive; [F51and]

(c)the outcome of [F52the SREP or internal model review]; F53...

F54(d). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F55(3A) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

[F56(4) In this Part—

“internal model review” means a review carried out under regulation 34B;

“SREP” means the supervisory review and evaluation process detailed in regulation 34A.]

Textual Amendments

[F57Supervisory review and evaluation processU.K.

34A.—(1) The competent authority must review the arrangements, strategies, processes and mechanisms implemented by an institution to comply with Directive 2013/36/EU UK law[F58, the capital requirements regulation and CRR rules] and evaluate—

(a) in the case of the PRA—

(i)risks to which that institution is or might be exposed, and

(ii)risks revealed by stress testing, taking account of the nature, scale and complexity of that institution’s activities;

F59(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(2) On the basis of the review and evaluation referred to in paragraph (1), the competent authority must determine whether the arrangements, strategies, processes and mechanisms implemented by an institution and the own funds and liquidity held by it ensures a sound management and coverage of its risks.

(3) The competent authority must establish the frequency and intensity of the review and evaluation referred to in paragraph (1) having regard to the size, systemic importance, nature, scale and complexity of the activities of the institution concerned.

Textual Amendments

Ongoing review of the permission to use internal approachesU.K.

34B.—(1) The competent authority must review on a regular basis, and at least every 3 years, an institution's compliance with the requirements regarding internal approaches that require permission by the competent authorities before using such internal approaches for the calculation of own funds requirements in accordance with Part 3 of the capital requirements regulation [F60and CRR rules].

(2) In its review the competent authority must have particular regard to changes in an institution's business and to the implementation of those approaches to new products.

(3) Where material deficiencies are identified in risk capture by an institution's internal approaches, the competent authority must ensure these are rectified, or take appropriate steps to mitigate their consequences, including by imposing higher multiplication factors, or imposing capital add-ons, or taking other appropriate and effective measures.

(4) The competent authority must in particular review and assess whether the institution uses well developed and up-to-date techniques and practices for its internal approaches.

(5) If for an internal market risk model numerous overshootings referred to in Article 366 of the capital requirements regulation indicate that the model is not or is no longer sufficiently accurate, the competent authority must revoke the permission for using the internal model or impose appropriate measures to ensure that the model is improved promptly.

(6) If an institution has received permission to apply an approach that requires permission by the competent authority before using such an approach for the calculation of own funds requirements in accordance with Part 3 of the capital requirements regulation but no longer meets the requirements F61... for applying that F62... approach, the competent authority must require the institution either to satisfy the competent authority that the effect of non-compliance is immaterial where applicable in accordance with the capital requirements regulation or to present a plan for the timely restoration of compliance with the requirements and set a deadline for its implementation.

(7) The competent authority must require improvements to that plan if it is unlikely to result in full compliance or if the deadline is inappropriate.

(8) If the institution is unlikely to be able to restore compliance within an appropriate deadline and, where applicable, has not satisfactorily demonstrated that the effect of non-compliance is immaterial, the permission to use the internal approach must be revoked or limited to compliant areas or those where compliance can be achieved within an appropriate deadline.]

Textual Amendments

Specific liquidity requirementsU.K.

35.  For the purposes of determining the appropriate level of liquidity requirements on the basis of [F63a SREP], the [F64PRA] must assess whether the imposition of a specific liquidity requirement is necessary to capture liquidity risks to which an institution is or might be exposed, taking into account the following—

(a)the particular business model of the institution;

(b)the institution's arrangements, processes and mechanisms (as referred to in [F65Directive 2013/36/EU UK law which implemented] Section 2 of Chapter 2 of Title 7 to the capital requirements directive, in particular in Article 86);

(c)the outcome of [F66the SREP]; and

(d)any systemic liquidity risk that threatens the integrity of the financial markets of the United Kingdom.

Textual Amendments

[F67Application of supervisory measures to institutions with similar risk profilesU.K.

F6835A.  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

Supervisory powersU.K.

35B.  For the purposes of a SREP, an internal model review, and in order to address a situation where an institution does not meet the requirements of the Capital Requirements Regulation [F69, CRR rules] or Directive 2013/36/EU UK law, or where the competent authority has evidence that an institution is likely to breach such requirements within the following twelve months, the [F70competent authority] may at least—

(a)require the reinforcement of the arrangements, processes, mechanisms and strategies implemented in accordance with Directive 2013/36/EU UK law which implemented Articles 73 and 74;

(b)require institutions to present a plan to restore compliance with supervisory requirements and set a deadline for its implementation, including improvements to that plan regarding scope and deadline;

(c)require institutions to apply a specific provisioning policy or treatment of assets in terms of own funds requirements;

(d)to restrict or limit the business, operations or network of institutions or to request the divestment of activities that pose excessive risks to the soundness of an institution;

(e)require the reduction of the risk inherent in the activities, products and systems of institutions;

(f)require institutions to limit variable remuneration as a percentage of net revenues where it is inconsistent with the maintenance of a sound capital base;

(g)require institutions to use net profits to strengthen own funds;

(h)restrict or prohibit distributions or interest payments by an institution to shareholders, members or holders of Additional Tier 1 instruments (which meets the requirements of Article 52 of the capital requirements regulation) where the prohibition does not constitute an event of default of the institution;

(i)impose additional or more frequent reporting requirements, including reporting on capital and liquidity positions;

(j)impose specific liquidity requirements, including restrictions on maturity mismatches between assets and liabilities;

(k)require additional disclosures.

Textual Amendments

Specific publication requirementsU.K.

35C.—(1) The competent authorities may require institutions to—

(a)publish information referred to in [F71the Disclosure (CRR) Part of the PRA Rulebook] more than once per year, and to set deadlines for publication

(b)use specific media and locations for publications other than the financial statements and

(2) The competent authorities may require parent undertakings to publish annually, either in full or by way of references to equivalent information, a description of their legal structure and governance and organisational structure of the group of institutions.]

Textual Amendments

Employee remunerationU.K.

36.—[F72(1)]  The [F73PRA] must—

(a)collect the information disclosed by institutions in accordance with the criteria for disclosure set out at points (g), (h) and (i) of Article 450(1) of the capital requirements regulation and use it to benchmark remuneration trends and practices;

[F74(b)collect information on the number of employees in each institution that are remunerated 1 million euros or more per financial year, in pay brackets of 1 million euros, including their job responsibilities, the business area involved and the main elements of salary, bonus, long-term award and pension contribution;]

(c)collect the information disclosed by institutions about any decisions taken by their shareholders, owners or members to approve a higher ratio between the fixed and variable components of remuneration approved in accordance with [F75applicable remuneration rules] and use it to benchmark practices in relation to the level of such ratios; F76...

F76(d). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

[F77(2) In paragraph (1)(c) “applicable remuneration rules” [F78means rule 15.10 of the Remuneration Part of the PRA Rulebook]]

Textual Amendments

Diversity practicesU.K.

37.  The [F79PRA] must—

(a)collect the information disclosed by institutions in accordance with Article 435(2)(c) of the capital requirements regulation and use it to benchmark diversity practices; F80...

F80(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

Consultation with EBA: supervisory benchmarking of internal approaches for calculation own funds requirementsU.K.

F8138.  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

PART 8 U.K.Permissions under the CRR

Meaning of “permission” and “protected item” in this PartU.K.

39.—[F82(1)]  In this Part—

“permission” means a decision made by [F83the PRA] in relation to an institution under a power conferred on [F84the PRA] by—

(a)

the capital requirements regulation; F85...

(aa)

[F86section 144G of FSMA and CRR rules (as defined in Part 9D of FSMA);

(ab)

section 192XC of FSMA and section 192XA rules (as defined in Part 12B of FSMA);]

(b)

[F87any of the Specified EU Regulations under the Capital Requirements Regulation, as amended from time to time; or]

(c)

[F88a technical standard made by the PRA F89... under the functions conferred on them by the Capital Requirements Regulation as amended by Part 4, Chapter 3 of the Capital Requirements (Amendment) (EU Exit) Regulations 2018.]

“protected item” has the same meaning as in section 413 of FSMA.

F90(2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

Applications for permissions: process, information and documentsU.K.

40.—(1) This regulation applies to an application to the [F91PRA] for—

(a)the grant of a permission;

(b)an amendment to an existing permission;

(c)an amendment to a condition to which an existing permission is subject.

(2) An application must—

(a)be made in such manner as the [F91PRA] may direct; and

(b)contain, or be accompanied by, such other information or documents as the [F91PRA] may reasonably require.

(3) At any time after receiving the application and before determining it, the [F91PRA] may require the applicant to provide it with such further information or documents as it may reasonably require.

(4) The [F91PRA] may require any information provided under this regulation to be provided in such form and verified in such manner as it may reasonably require.

(5) The [F91PRA] may require any documents provided under this regulation to be produced at such place and authenticated in such manner as it may reasonably require.

(6) Different directions may be given, and different requirements imposed, in relation to different applications or categories of application.

(7) The powers conferred on the [F91PRA] by this regulation may not be used to require the production of a protected item.

Textual Amendments

Decisions: written noticesU.K.

41.—(1) On determining an application for the grant of a permission, the [F92PRA] must give the applicant a written notice stating—

(a)its decision; and

(b)if the permission is granted, any conditions to which the permission is subject and the date on which the permission takes effect.

(2) Where the [F92PRA] varies or revokes a permission, it must give the institution concerned a written notice stating—

(a)that the permission is varied or revoked; and

(b)the date on which the variation or revocation takes effect.

(3) Where the [F92PRA] amends a condition to which a permission is subject, it must give the institution concerned a written notice stating—

(a)the amended condition; and

(b)the date on which the amendment takes effect.

Textual Amendments

AppealsU.K.

42.—(1) Where an applicant is aggrieved at the determination of an application for the grant of a permission, it may refer the matter to the Tribunal.

(2) Where an institution has been granted a permission and is aggrieved at the variation or revocation of the permission or the amendment of a condition to which the permission is subject, it may refer the matter to the Tribunal.

(3) Part 9 of FSMA (hearings and appeals) applies to a reference to the Tribunal under this regulation as it applies to a reference to the Tribunal under an Act.

Publication of written noticesU.K.

43.—(1) Subject to paragraph (2), the [F93PRA] must publish a relevant notice in the way appearing to [F94the PRA] to be best calculated for bringing it to the attention of—

(a)persons likely to be affected by it; and

(b)persons who are, in the opinion of [F94the PRA] , likely to make an application for a similar permission.

(2) Paragraph (1) does not apply if—

(a)the relevant notice relates to an application for a permission which has been refused; or

(b)[F94the PRA] is satisfied that it is inappropriate or unnecessary to publish the relevant notice.

(3) In deciding whether it is satisfied of the matters mentioned in paragraph (2)(b), [F94the PRA] must consider whether—

(a)publication would prejudice, to an unreasonable degree, the commercial interests of the person concerned or any other member of the person's immediate group;

(b)publication of the relevant notice without mentioning the identity of the person concerned might avoid any adverse consequence of publication.

(4) In this regulation, “relevant notice” means a written notice—

(a)given under regulation 41 in relation to a decision of [F95the PRA]; or

(b)stating that an event referred to in paragraph (5) has occurred in relation to that decision.

(5) The events mentioned in paragraph (4)(b) are—

(a)the decision has been referred to the Tribunal;

(b)the decision has been suspended by the Tribunal;

(c)any suspension of the decision has been revoked by the Tribunal;

(d)the reference has been dismissed by the Tribunal.

Textual Amendments

Transitional provision for matters done before commencementU.K.

44.—(1) This regulation applies to a decision made before 1st January 2014 to—

(a)refuse an application for the grant of a permission;

(b)vary or revoke a permission; or

(c)amend a condition to which a permission is subject.

(2) Regulations 40 to 43 apply to such a decision with the following modifications—

(a)omit regulation 40;

(b)the appropriate regulator must comply with the requirements of regulations 41 and 43 in relation to the decision no later than 1st January 2014; and

(c)regulation 42 applies to the decision, but with the period of time within which a reference may be made to the Tribunal commencing on 1st January 2014.

PART 9 U.K.Misleading the PRA or FCA

Misleading the PRA or FCAU.K.

45.  Section 398 of FSMA (misleading FCA or PRA: residual cases) applies to a requirement imposed by or under—

(a)the capital requirements regulation;

[F96(b)any of the Specified EU Regulations under the Capital Requirements Regulation, as amended from time to time;]

[F97(ba)a technical standard made by the PRA or FCA under the functions conferred on them by the Capital Requirements Regulation as amended by Part 4, Chapter 3 of the Capital Requirements (Amendment) (EU Exit) Regulations 2018; or]

(c)these Regulations;

as it applies to a requirement imposed by or under FSMA.

Textual Amendments

PART 10 U.K.Amendments and revocations

Amendments and revocationsU.K.

46.—(1) Schedule 2, which contains amendments to primary and secondary legislation, has effect.

(2) Schedule 3, which contains revocations of secondary legislation, has effect.

David Evennett

Mark Lancaster

Two of the Lords Commissioners of Her Majesty's Treasury

Back to top

Options/Help

Print Options

Close

Legislation is available in different versions:

Latest Available (revised):The latest available updated version of the legislation incorporating changes made by subsequent legislation and applied by our editorial team. Changes we have not yet applied to the text, can be found in the ‘Changes to Legislation’ area.

Original (As Enacted or Made): The original version of the legislation as it stood when it was enacted or made. No changes have been applied to the text.

Close

See additional information alongside the content

Geographical Extent: Indicates the geographical area that this provision applies to. For further information see ‘Frequently Asked Questions’.

Show Timeline of Changes: See how this legislation has or could change over time. Turning this feature on will show extra navigation options to go to these specific points in time. Return to the latest available version by using the controls above in the What Version box.

Close

Opening Options

Different options to open legislation in order to view more content on screen at once

Close

Explanatory Memorandum

Explanatory Memorandum sets out a brief statement of the purpose of a Statutory Instrument and provides information about its policy objective and policy implications. They aim to make the Statutory Instrument accessible to readers who are not legally qualified and accompany any Statutory Instrument or Draft Statutory Instrument laid before Parliament from June 2004 onwards.

Close

More Resources

Access essential accompanying documents and information for this legislation item from this tab. Dependent on the legislation item being viewed this may include:

  • the original print PDF of the as enacted version that was used for the print copy
  • lists of changes made by and/or affecting this legislation item
  • confers power and blanket amendment details
  • all formats of all associated documents
  • correction slips
  • links to related legislation and further information resources
Close

Timeline of Changes

This timeline shows the different points in time where a change occurred. The dates will coincide with the earliest date on which the change (e.g an insertion, a repeal or a substitution) that was applied came into force. The first date in the timeline will usually be the earliest date when the provision came into force. In some cases the first date is 01/02/1991 (or for Northern Ireland legislation 01/01/2006). This date is our basedate. No versions before this date are available. For further information see the Editorial Practice Guide and Glossary under Help.

Close

More Resources

Use this menu to access essential accompanying documents and information for this legislation item. Dependent on the legislation item being viewed this may include:

  • the original print PDF of the as made version that was used for the print copy
  • correction slips

Click 'View More' or select 'More Resources' tab for additional information including:

  • lists of changes made by and/or affecting this legislation item
  • confers power and blanket amendment details
  • all formats of all associated documents
  • links to related legislation and further information resources