7. In Part Four (comprising Articles 387 to 403)(1) (large exposures)—
(a)omit Articles 387 to 390 and 392 to 403;
(b)in Article 391 (definition of an institution for large exposures purposes)—
(i)omit the first paragraph;
(ii)in the second paragraph, for “the first paragraph” substitute “provision in CRR rules that governs the calculation of large exposures in respect of institutions authorised in third countries which apply prudential supervisory and regulatory requirements at least equivalent to those applied in the United Kingdom”;
(iii)after the second paragraph, insert—
“A country or territory listed in Annex I, II or III of Commission Implementing Decision 2014/908/EU of 12 December 2014 on the equivalence of the supervisory and regulatory requirements of certain third countries and territories for the purposes of the treatment of exposures according to Regulation (EU) No 575/2013 of the European Parliament and of the Council is to be treated as equivalent for the purposes of the rules mentioned in the preceding paragraph of this Article until regulations made under that paragraph come into force as respects that country.”.
Articles 387 to 403 were amended by S.I. 2018/1401 and 2019/264 and 1232.