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These Regulations amend retained EU law governing the amount of capital that banks and other financial institutions are required to hold. In addition, these Regulations make consequential amendments to the Capital Requirements (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1401). The amendments made by these Regulations address changes made to EU law between 29 March 2019 and 31 October 2019.
Save for Chapter 2 in Part 2, these Regulations are made in exercise of the powers in section 8(1) of and paragraph 21 of Schedule 7 to the European Union (Withdrawal) Act 2018 (c. 16) in order to address failures of retained EU law to operate effectively and other deficiencies arising from the withdrawal of the United Kingdom from the European Union (and in particular, the deficiencies under paragraphs (b), (c), (e), (f) and (g) of section 8(2) of that Act). Chapter 2 in Part 2 is made in exercise of the powers in section 2(2) of the European Communities Act 1972 (c. 68).
These Regulations refer to the Rulebook made by the Prudential Regulation Authority under the Financial Services and Markets Act 2000 (c.8), and sourcebooks made by the Financial Conduct Authority under that Act. The Rulebook is available on http://www.prarulebook.co.uk and copies of the rules referred to can be obtained from the Prudential Regulation Authority, 20 Moorgate, London EC2R 6DA, where the Rulebook is also available for inspection. Sourcebooks made by the Financial Conduct Authority are available on https://www.handbook.fca.org.uk/handbook and copies of the rules referred to can be obtained from the Financial Conduct Authority, 12 Endeavour Square, London E20 1JN, where they are also available for inspection.
A full impact assessment has not been produced for this instrument as no, or no significant, impact on the private, voluntary or public sector is foreseen.
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