The State Aid (Revocations and Amendments) (EU Exit) Regulations 2020 No. 1470

SCHEDULE 1 U.K. Amendments to retained EU law

PART 1 U.K. Amendments to EU regulations

Amendments to Regulation (EU) No 575/2013 U.K.

3.—(1) 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(1) is amended as follows.

(2) In Article 31—

(a) in paragraph 1(b), for “are considered State aid by the Commission”, substitute “amount to financial support provided by the state”;

(b) in paragraph 1(c), for “pursuant to State aid- rules existing at the time”, substitute “amounting to financial support provided by the state in the United Kingdom, or pursuant to state aid rules in a third country, at the time”.

(3) In Article 242(19), omit “subject to any applicable rules relating to State aid (as defined in the law of the United Kingdom after exit day)”.

Commencement Information

I1 Sch. 1 para. 3(1)(2) in force at 31.12.2020 on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(2)

I2 Sch. 1 para. 3(3) in force at 31.12.2020 immediately after IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(3)

(1)

EUR 575/2013, as amended by S.I. 2018/1401, S.I. 2019/264, S.I. 2019/710 and S.I. 2019/1232.