Financial Services Act 2021

4 CRR Basel standards

(1) For the purposes of section 3, “CRR Basel standard” means—

(a) a standard recommended in a document issued by the Basel Committee on Banking Supervision listed in subsection (2), or

(b) a standard recommended in another document issued by that Committee where the recommended date for implementation of the standard falls on or before the date described in subsection (3),

subject to subsection (4).

(2) The documents referred to in subsection (1)(a) are the documents entitled (and issued) as follows—

(a) Capital requirements for banks’ equity investments in funds (December 2013);

(b) The standardised approach for measuring counterparty credit risk exposures (March 2014);

(c) Capital requirements for bank exposures to central counterparties (April 2014);

(d) Supervisory framework for measuring and controlling large exposures (April 2014);

(e) Basel III: the net stable funding ratio (October 2014);

(f) Revised Pillar 3 disclosure requirements (January 2015);

(g) Pillar 3 disclosure requirements — consolidated and enhanced framework (March 2017);

(h) Implementation of net stable funding ratio and treatment of derivative liabilities (October 2017);

(i) Basel III: Finalising post-crisis reforms (December 2017);

(j) Technical Amendment — Basel III: Treatment of extraordinary monetary policy operations in the Net Stable Funding Ratio (June 2018);

(k) Pillar 3 disclosure requirements — regulatory treatment of accounting provisions (August 2018);

(l) Pillar 3 disclosure requirements — updated framework (December 2018);

(m) Minimum capital requirements for market risk (January 2019);

(n) Targeted revisions to the credit valuation adjustment risk framework (July 2020).

(3) The date referred to in subsection (1)(b) is whichever is the latest of the dates recommended by the Basel Committee on Banking Supervision in a document listed in subsection (2) for the implementation of a standard (or, where implementation is recommended to take place in phases, for the full implementation of a standard).

(4) A recommended standard is not a CRR Basel standard to the extent that, immediately before the day on which this section comes into force, provision giving effect to the recommendation is included in an enactment.

(5) References in this section to a document issued by the Basel Committee on Banking Supervision are to such a document as it has effect from time to time.