Financial Services and Markets Act 2000

[F1 Content of CRR rules U.K.

Textual Amendments

F1 Pt. 9D inserted (9.6.2021) by Financial Services Act 2021 (c. 22), s. 49(5), Sch. 3 para. 1 (with Sch. 3 Pt. 4); S.I. 2021/671, reg. 2(d)

144G Disapplication or modification of CRR rules in individual cases U.K.

(1) This section applies to a CRR rule if, or to the extent that, CRR rules provide for it to apply to the rule.

(2) The PRA may, on the application of or with the consent of a person who is subject to CRR rules, give the person a permission that enables the person—

(a) not to apply the CRR rule, or

(b) to apply the CRR rule with the modifications specified in the permission.

(3) The PRA may—

(a) give permission under this section subject to conditions, and

(b) revoke or vary permission under this section.

144H Relationship with the capital requirements regulation U.K.

(1) CRR rules may make provision by reference to the capital requirements regulation, to an instrument made under the capital requirements regulation or to Directive 2013/36/EU UK law, as amended from time to time.

(2) CRR rules may, despite section 137G(6), include provision that modifies the capital requirements regulation or an instrument made under that regulation (but may not amend or revoke a provision of that regulation or such an instrument).

(3) In this section, “Directive 2013/36/EU UK law” means the law of the United Kingdom which was relied on immediately before [F2 1 January 2022] to implement the capital requirements directive and its implementing measures as it has effect—

(a) on IP completion day, in the case of rules made by the PRA or the FCA under this Act, and

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

Textual Amendments

F2 Words in s. 144H(3) substituted (1.1.2022) by The Financial Services and Markets Act 2000 (Consequential Amendments of References to Rules) Regulations 2021 (S.I. 2021/1388), regs. 1(2), 2(3)