The Financial Services Act 2021 (Prudential Regulation of Credit Institutions and Investment Firms) (Consequential Amendments and Miscellaneous Provisions) Regulations 2021

Banking Act 2009 U.K.

9.—(1) The Banking Act 2009(1) is amended as follows.

(2) In section 3 (interpretation: other expressions)—

(a) in subsection (1)—

(i) after the definition of “the capital requirements regulation”(2) insert—

““CRR rules” has the meaning given in section 144A of the Financial Services and Markets Act 2000(3),”;

(ii) in the definition of “own funds requirements”, for “Articles 92 to 98 of the capital requirements regulation” substitute “Articles 92 to 93 of the capital requirements regulation and Article 94 of Chapter 3 of the Trading Book (CRR) Part of the PRA Rulebook”;

(b) in subsection (4), for “IP completion day” substitute “1 January 2022”.

(3) In section 6A (cases where mandatory write-down, conversion, etc applies)(4)—

(a) in subsection (8)(a), after “capital requirements regulation” insert “or CRR rules”;

(b) in subsection (9), for the definitions of “consolidated basis” and “consolidating supervisor” substitute—

““on a consolidated basis” means on the basis of the consolidated situation,

“consolidated situation” means the situation that results from an entity being treated, for the purposes of the capital requirements regulation or CRR rules (as appropriate), as if that entity and one or more other entities formed a single entity,

“consolidating supervisor” means supervisor responsible for the exercise of supervision of an entity on a consolidated basis,”.

Commencement Information

I1 Reg. 9 in force at 1.1.2022, see reg. 1(3)

(1)

2009 c. 1.

(2)

The definition of “the capital requirements regulation” in section 3(1) was inserted by S.I. 2014/3329 and amended by S.I. 2018/1394 and 2020/1385.

(3)

2000 c. 8; section 144A was inserted by paragraph 1 of Schedule 3 to the Financial Services Act 2021.

(4)

Section 6A was inserted by S.I. 2014/3329 and amended by S.I. 2016/1239 and 2018/1394.