PART 3 Amendments of Secondary Legislation

12 The Bank of England Act 1998 (Macro-prudential Measures) (No 2) Order 2015
1 The Bank of England Act 1998 (Macro-prudential Measures) (No 2) Order 2015 is amended as follows.
S.I. 2015/905.
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;”

;
S.I. 2014/894.
(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”.