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12.—(1) The Bank of England Act 1998 (Macro-prudential Measures) (No 2) Order 2015(1) is amended as follows.
(2) In article 2(1)—
(a)omit the definition of “capital requirements directive”;
(b)for the definition of “countercyclical capital buffer rate” substitute—
““countercyclical capital buffer rate” means any of the rates that UK banks and investment firms must apply to calculate their institution-specific countercyclical capital buffer;”;
(c)for the definition of “G-SII buffer” substitute—
““G-SII buffer” has the meaning given in regulation 2 of the Capital Requirements (Capital Buffers and Macro-prudential Measures) Regulations 2014(2);”;
(d)at the appropriate place, insert—
““institution-specific countercyclical capital buffer” has the meaning given in regulation 2 of the Capital Requirements (Capital Buffers and Macro-prudential Measures) Regulations 2014;”;
(e)in the definition of “SRB institution”, for “34D” substitute “34C”;
(f)in the definition of “systemic risk buffer”, for “regulation 2”, substitute “regulation 34A”.
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