Title II of Part One: level of application of requirementsU.K.

4.—(1) Title II of Part One (comprising Articles 6 to 24) (level of application requirements) is amended as follows.

(2) In Article 6(1) (application of requirements on an individual basis: general principles)—

(a)in paragraph 1, for “Parts Two to Five and Eight” substitute “Part Two, Part Three F1... and Chapter 2 of Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation(2) (provisions applicable to all securitisations)”;

[F2(b)omit paragraphs 3 to 5.]

(3) In Article 7(3) (derogation from the application of prudential requirements on an individual basis), in paragraph 3(a) and (b), for “parent institution in a Member State” substitute “UK parent institution”.

(4) Omit Article 8(4) (derogation from the application of liquidity requirements on an individual basis).

(5) In Article 11(5) (application of prudential requirements on a consolidated basis: general treatment)—

[F3(a)in paragraph 1, for “Parts Two, Three, Four, Seven and Seven A on the basis of their consolidated situation, with the exception of point (d) of Article 430(1)” substitute “Parts Two and Three on the basis of their consolidated situation”]

(b)omit paragraph 4;

[F4(c)in paragraph 6, in point (a) of the third subparagraph, for “2, 3, 4, 6, 7, 7A and 8” substitute “Two and Three”.]

[F5(6) Omit Article 13 (application of disclosure requirements on a consolidated basis).]

(7) In Article 18(1) (methods of prudential consolidation), omit the second sentence.

(8) Omit Article 22 (sub-consolidation in cases of entities in third countries).

Textual Amendments

Commencement Information

I1Reg. 4 in force at 1.1.2022, see reg. 1(1)

(1)

Article 6 was amended by S.I. 2018/1401 and 2019/1232.

(2)

EUR 2017/2402 as amended by S.I. 2019/660 and 2019/876.

(3)

Article 7 was amended by S.I. 2018/1401.

(4)

Article 8 was amended by S.I. 2018/1401.

(5)

Article 11 was amended by S.I. 2020/1385; there is another amending instrument but it is not relevant.