SCHEDULE 2Amendments to primary and secondary legislation

PART 3Amendments to secondary legislation

Payment Services Regulations 200970

1

The Payment Services Regulations 2009146 are amended as follows.

2

In regulation 2(1) (interpretation)147—

a

omit the definition of “the banking consolidated directive”;

b

in 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

in the definition of “credit institution” for “Article 4(1) of the banking consolidation directive” substitute “ Article 4(1)(1) of the capital requirements regulation”;

d

in the definition of “qualifying holding” for “article 4(11) of the banking consolidation directive” substitute “Article 4(1)(36) of the capital requirements regulation”.

3

In regulation 18(2) (capital requirements)—

a

in paragraph (a) for “banking consolidation directive” substitute “capital requirements directive”;

b

in paragraph (b) for “Article 69(1) of the banking consolidation directive” substitute “Article 7(1) of the capital requirements regulation”.

4

In regulation 19(15) (safeguarding requirements) in the definition of “authorised credit institution” for “Article 6 of the banking consolidation directive” substitute “Article 8 of the capital requirements directive”.

5

In regulation 121(1) (transitional provisions: deemed authorisation)148 for “banking consolidation directive” substitute “Directive 2006/48/EC of the European Parliament and of the Council” in both places where it appears.

6

In paragraph 5 of Schedule 3 (capital requirements) for “banking consolidation directive” substitute “capital requirements regulation”.