SCHEDULES
SCHEDULE 1

Exclusion of certain investment firms from the Capital Requirements Regulation: consequential amendments
PART 2

Amendments of the Capital Requirements (Country-by-Country Reporting) Regulations 2013
48
The Capital Requirements (Country-by-Country Reporting) Regulations 2013 (S.I. 2013/3118) are amended as follows.
49
1
Regulation 1(2) (interpretation) is amended as follows.
2
For the definition of “capital requirements regulation” substitute—
“the capital requirements regulation” means Regulation (EU) No. 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;
.
3
After that definition insert—
- “FCA investment firm” has the same meaning as in Part 9C of the 2000 Act;
- “financial institution” has the meaning given in Article 4(1)(26) of the capital requirements regulation;
.
4
After the definition of “period of account” insert—
“Regulated Activities Order” means the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 (S.I. 2001/544);
“relevant FCA investment firm” has the meaning given in paragraph (2A);
“small and non-interconnected firm” has the meaning given in rules made by the Financial Conduct Authority for the purposes of Part 9C of the 2000 Act;
.
50
In regulation 1, after paragraph (2) insert—
2A
For the purposes of these Regulations, an FCA investment firm is “relevant” if—
a
it has a branch or subsidiary in a country or territory outside the United Kingdom that is a financial institution, and
b
it is not a small and non-interconnected firm,
subject to paragraphs (2B) and (2C).
2B
Where an FCA investment firm which has not been a small and non-interconnected firm for a period becomes a small and non-interconnected firm, it only ceases to be a relevant FCA investment firm once—
a
it has been a small and non-interconnected firm for a continuous period of six months, and
b
it has notified the Financial Conduct Authority.
2C
Where an FCA investment firm which has been a small and non-interconnected firm for a period determines that it is no longer a small and non-interconnected firm—
a
it must notify the Financial Conduct Authority, and
b
it does not become a relevant FCA investment firm until—
i
the end of the period of 12 months beginning with the day on which it made the determination, or
ii
if the notification specifies an earlier date, that date.
51
In regulation 1(3) (interpretation of references to EU legislation), for “any EU regulation,” substitute “ any EU regulation other than the capital requirements regulation or to any ”.
52
1
Regulation 2 (ongoing reporting obligation) is amended as follows.
2
In paragraph (1), after “Institutions” insert “ and relevant FCA investment firms ”.
3
In paragraph (2), after “institution” insert “ or relevant FCA investment firm ”.
4
In paragraph (3), for “institution's period of account” substitute “ period of account for the institution or relevant FCA investment firm ”.
5
In paragraph (4)—
a
in the opening words, after “institution” insert “ or relevant FCA investment firm ”, and
b
in sub-paragraph (a), after “institution” insert “ or relevant FCA investment firm ”.
6
In paragraph (8), after “institution” insert “ or relevant FCA investment firm ”.
53
In regulation 3(1) (interim reporting obligation), after “Institutions” insert “ and relevant FCA investment firms ”.
54
1
Regulation 4 (group disclosure) is amended as follows.
2
In paragraph (1), after “institution” insert “ or relevant FCA investment firm ”.
3
In paragraph (2), after “institution” insert “ or relevant FCA investment firm ”.
55
1
Regulation 5 (prior disclosure: prevention of duplication) is amended as follows.
2
In paragraph (3)—
a
after “an institution” insert “ or relevant FCA investment firm ”, and
b
after “the institution” (in both places) insert “ or firm ”.
3
In paragraph (4)—
a
after “an institution” insert “ or relevant FCA investment firm ”, and
b
after “the institution” (in both places) insert “ or firm ”.
56
In regulation 6(2) (enforcement)—
a
in sub-paragraph (a) omit “which is a PRA-authorised person within the meaning of section 2B(5) of the 2000 Act”, and
b
in sub-paragraph (b), for “any other institution” substitute “ a relevant FCA investment firm ”.
Sch. 1 para. 48 in force at 1.1.2022 by S.I. 2021/671, reg. 5(1)(b) (with reg. 5(2)) (as amended by S.I. 2021/1163, regs. 1(2), 2)
Sch. 1 para. 49 in force at 1.1.2022 by S.I. 2021/671, reg. 5(1)(b) (with reg. 5(2)) (as amended by S.I. 2021/1163, regs. 1(2), 2)
Sch. 1 para. 50 in force at 1.1.2022 by S.I. 2021/671, reg. 5(1)(b) (with reg. 5(2)) (as amended by S.I. 2021/1163, regs. 1(2), 2)
Sch. 1 para. 51 in force at 1.1.2022 by S.I. 2021/671, reg. 5(1)(b) (with reg. 5(2)) (as amended by S.I. 2021/1163, regs. 1(2), 2)
Sch. 1 para. 52 in force at 1.1.2022 by S.I. 2021/671, reg. 5(1)(b) (with reg. 5(2)) (as amended by S.I. 2021/1163, regs. 1(2), 2)
Sch. 1 para. 53 in force at 1.1.2022 by S.I. 2021/671, reg. 5(1)(b) (with reg. 5(2)) (as amended by S.I. 2021/1163, regs. 1(2), 2)
Sch. 1 para. 54 in force at 1.1.2022 by S.I. 2021/671, reg. 5(1)(b) (with reg. 5(2)) (as amended by S.I. 2021/1163, regs. 1(2), 2)
Sch. 1 para. 55 in force at 1.1.2022 by S.I. 2021/671, reg. 5(1)(b) (with reg. 5(2)) (as amended by S.I. 2021/1163, regs. 1(2), 2)
Sch. 1 para. 56 in force at 1.1.2022 by S.I. 2021/671, reg. 5(1)(b) (with reg. 5(2)) (as amended by S.I. 2021/1163, regs. 1(2), 2)