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Financial Services Act 2021

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Explanatory Notes

Explanatory Notes

Text created by the government department responsible for the subject matter of the Act to explain what the Act sets out to achieve and to make the Act accessible to readers who are not legally qualified. Explanatory Notes were introduced in 1999 and accompany all Public Acts except Appropriation, Consolidated Fund, Finance and Consolidation Acts.
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Schedule 1, Part 1 sets out the consequential amendments necessary to remove FCA investment firms from the scope of the CRR and include them within the scope of the IFPR.

Schedule 1, Part 2 makes consequential amendments to the Capital Requirements (Country-by-Country Reporting) Regulations 2013 (SI 2013/3118) which are necessary for the purpose of ensuring FCA investment firms adhere to specific country-by-country reporting requirements related to the provision of tax information as part of IFPR, rather than subject to the reporting requirements under CRD IV and CRD V.