PART 3Amendments of Secondary Legislation

The Bank of England Act 1998 (Macro-prudential Measures) (No 2) Order 201512

1

The Bank of England Act 1998 (Macro-prudential Measures) (No 2) Order 201522 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 201423;

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”.