The Capital Requirements Regulations 2013

Financial Conglomerates and Other Financial Groups Regulations 2004 U.K.

64.—(1) The Financial Conglomerates and Other Financial Groups Regulations 2004 M1 are amended as follows.

(2) In regulation 1(2) (interpretation) M2 —

(a) omit the definition of “the capital adequacy directive”;

(b) at the appropriate place insert—

““the capital requirements directive” means Directive 2013/36/EU of the European Parliament and of the Council of 26 June 2013 relating to the activity of credit institutions and the prudential supervision of credit institutions and investment firms, amending Directive 2002/87/EC and repealing Directives 2006/48/EC and 2006/49/EC;

“the capital requirements regulation” means Regulation (EU) 575/2013 of the European Parliament and of the Council of 26 June 2013 on prudential requirements for credit institutions and investment firms and amending Regulation (EU) No 648/2012;”;

(c) for paragraph (b) of the definition of “directive requirement” substitute—

“(b) Article 127 of the capital requirements directive;”;

(d) in paragraph (a) of the definition of “regulated entity” for “Article 4(1) of the banking consolidation directive” substitute “ Article 4(1)(1) of the capital requirements regulation ”;

(e) in paragraph (d) of the definition of “regulated entity” for “Article 3(1)(b) of the capital adequacy directive” substitute “ Article 4(1)(2) of the capital requirements regulation ”.

(3) In regulation 7(1) (supervision of third-country financial conglomerates and third-country groups – interpretation) M3 in the definition of “credit institution” for “the banking consolidation directive” substitute “ capital requirements directive ”.

(4) In regulation 9 (supervision of third-country banking groups) M4 —

(a) in paragraph (1)—

(i) for “Article 143 of the banking consolidated directive (third-country parent undertakings)” substitute “Article 127 of the capital requirements directive (assessment of equivalence of third countries' consolidated supervision)”;

(ii) for “Articles 71, 72 and 73(1) and (3) of that directive (supervision on a consolidated basis of credit institutions)” substitute “ the capital requirements directive and Chapter 2 of Title II of Part 1of the capital requirements regulation ”; and

(iii) in sub-paragraph (b) for “the first sub-paragraph of Article 143(2) of that Directive” substitute “ the first sub-paragraph of Article 127(2) of the capital requirements directive ”;

(b) in paragraph (2) for “Article 143(3) of the banking consolidation directive” substitute “ Article 127(3) of the capital requirements directive ”;

(c) in paragraph (3)(a) and (b) for “Articles 125 or 126 of the banking consolidation directive” substitute “ Article 111 of the capital requirements directive ”.

(5) In regulation 10 (supervision of third-country groups subject to the capital adequacy directive) M5 —

(a) for the title substitute—

“Supervision of third-country groups subject to the capital requirements regulation and capital requirement directive”;

(b) for paragraph (1) substitute—

“(1) Paragraph (2) applies if a regulator is, for the purposes of Article 127 of the capital requirements directive, verifying whether an institution is subject to supervision by a third-country competent authority which is equivalent to that governed by the principles laid down in the capital requirements directive and Chapter 2 of Title II of Part 1 of the capital requirements regulation.”;

(c) in paragraph (2)(b) for “Article 143(2) of that directive” substitute “ Article 127(2) of the capital requirements directive ”;

(d) in paragraph (3) for “Article 143(3) of the banking consolidation directive as applied by Articles 2 and 37(1) of the capital adequacy directive” substitute “ Article 127(3) of the capital requirements directive ”;

(e) in paragraph (4)(a) and (b) for “Articles 125 or 126 of the banking consolidation directive, as applied by Articles 2 and 37(1) of the capital adequacy directive” substitute “ Article 111 of the capital requirements directive ”.

(6) For regulation 15(1)(b) M6 (extension of power to vary Part 4A permission) substitute—

“(b) acting in accordance with any of Articles 65(2), 104, 118, 123, 126 or 127 of the capital requirements directive or Article 18 of the capital requirements regulation;”.

Marginal Citations

M1 S.I. 2004/1862.

M2 Regulation 1(2) was amended byS.I 2006/3221, S.I. 2007/126, S.I. 2010/2628, S.I. 2012/917, S.I. 2013/472 and S.I. 2013/1773. There are other amendments not relevant to these Regulations.

M3 Regulation 7(1) was amended by S.I. 2007/126. There are other amendments not relevant to these Regulations.

M4 Regulation 9 was amended by S.I. 2006/3221 and S.I. 2013/472.

M5 Regulation 10 was amended by S.I. 2006/3221 and S.I.2013/472. There are other amendments not relevant to these Regulations.

M6 Regulation 15(1)(b) was amended byS.I. 2006/3221 and S.I. 2013/472.