Table of Contents
Capital Requirements (Amendment) (EU Exit) Regulations 2018 [SI 2018 No. 1401]Introductory TextPart 1 Introduction (regs. 1-2)Regulation 1 Citation and commencementRegulation 2 InterpretationPart 2 Amendment of secondary legislation: European Communities Act 1972 (regs. 3-6)Regulation 3 2008 RegulationsRegulation 4 2013 RegulationsRegulation 5 2013 Reporting RegulationsRegulation 6 2014 RegulationsPart 3 Amendment of secondary legislation: European Union (Withdrawal) Act 2018 (regs. 7-60)Chapter 1 Amendment of 2008 Regulations (regs. 7-9)Regulation 7 Amendments to the Covered Bonds Regulations 2008Regulation 8 Regulation 2 (eligible property)Regulation 9 Regulation 41 (notification of the Commission)Chapter 2 Amendment of 2013 Regulations (regs. 10-28)Regulation 10 Amendments to the Capital Requirements Regulations 2013Regulation 11 Regulation 2 (interpretation)Regulation 12 Regulation 2A (insertion of new paragraph)Regulation 13 Regulation 4 (main provisions)Regulation 14 Regulation 5 (capital buffers and Article 458 of the capital requirements regulation)Regulation 15 Regulations 6 (co-operation within the European System of Financial Supervision) to 17 (Duties to notify EBA and EIOPA)Regulation 16 Regulations 18 (general disclosures required of PRA and FCA) to 19 (specific disclosures required of the PRA and FCA)Regulation 17 Regulation 20 (determination of the consolidating supervisor)Regulation 18 Regulation 21 (assessment of equivalent of consolidated supervision by supervisory authorities in non-EEA states)Regulation 19 Regulations 22 (co-ordination and co-operation arrangements) to 33 (colleges of supervisors)Regulation 20 Regulation 34 (supervisory powers: own funds)Regulation 21 Regulations 34A and 34B (insertion of new paragraphs)Regulation 22 Regulation 35 (specific liquidity requirements)Regulation 23 Regulation 35A (insertion of new paragraphs)Regulation 24 Regulation 36 (employee remuneration)Regulation 25 Regulation 37 (diversity practices)Regulation 26 Regulation 38 (consultation with the EBA)Regulation 27 Regulation 39 (meaning of "permission" and "protected item" in this part)Regulation 28 Regulation 45 (misleading the PRA or FCA)Chapter 3 Amendment of the 2013 Reporting Regulations (regs. 29-33)Regulation 29 Amendments to the Capital Requirements (Country-by-Country Reporting) Regulations 2013Regulation 30 Regulation 1 (citation, commencement and interpretation)Regulation 31 Regulation 2 (ongoing reporting obligation)Regulation 32 Regulation 3 (interim reporting obligation)Regulation 33 Regulation 5 (prior disclosure: prevention of duplication)Chapter 4 Amendment of the 2014 Regulations (regs. 34-60A)Regulation 34 Amendments to the Capital Requirements (Capital Buffers and Macro-prudential Measures) Regulations 2014Regulation 35 Regulation 2 (interpretation)Regulation 36 Regulation 6 (exemption for small and medium-sized investment firms)Regulation 37 Chapter 1, Part 3 (designated authority and interpretation)Regulation 38 Regulation 7 (designated authority)Regulation 39 Regulation 8 (meaning of "UK institution")Regulation 40 Regulation 9 (the buffer guide)Regulation 41 Regulation 10 (countercyclical buffer rate)Regulation 42 Regulation 12 (announcement of changes to the buffer rate)Regulation 43 Regulation 12A (insertion of new paragraph)Regulation 44 Regulation 14 (buffer rates for EEA exposures)Regulation 45 Regulation 15 (buffer rates for exposures outside the EEA)Regulation 46 Regulation 17 (date of application of buffer rates)Regulation 47 Regulation 18 (announcement of changes to buffer rates)Regulation 47A Regulation 19A (institution-specific countercyclical capital buffer and holding companies)Regulation 48 Regulation 20 (exemption for small and medium-sized investment firms)Regulation 49 Regulation 21 (designated authority)Regulation 50 Regulation 22 (G-SIIs: location and nature)Regulation 51 Regulation 23 (identification methodology)Regulation 52 Regulation 24 (sub-categories of G-SII and corresponding buffer rates)Regulation 52A Regulation 25 (re-allocation in exercise of sound supervisory judgment)Regulation 53 Regulation 26 (notification, publication and review)Regulation 53A Regulation 27 (Appeals)Regulation 54 Regulation 28 (transitional provision: 1st January 2016 to 31st December 2019)Regulation 55 Regulation 29 (designated authority)Regulation 56 Regulation 30 (O-SIIs: location and nature)Regulation 57 Regulation 31 (identification of O-SIIs)Regulation 58 Regulation 32 (notification, publication and review)Regulation 58A Regulation 33 (Appeals)Regulation 59 Regulation 34 (no requirement to maintain an O-SII buffer)Regulation 60 Part 5A (Systemic Risk Buffer)Regulation 60A Combined buffer requirementPart 4 Amendment of retained direct EU legislation (regs. 61-254)Chapter 1 Amendment of the Capital Requirements Regulation (regs. 61-219)Regulation 61 Amendments to the Capital Requirements RegulationRegulation 62 Article 1 (scope)Regulation 63 Article 2 (supervisory powers)Regulation 64 Article 4(1) (definitions)Regulation 65 Article 4(2) (definitions)Regulation 66 Article 4A and 4B (insertion of new paragraphs)Regulation 67 Article 6 (general principles)Regulation 68 Article 7 (derogation from the application of prudential requirements on an individual basis)Regulation 69 Article 8 (derogation from the application of liquidity requirements on an individual basis)Regulation 70 Article 9 (individual consolidation method)Regulation 71 Article 10 (waiver for credit institutions permanently affiliated to a central body)Regulation 72 Article 11 (general treatment)Regulation 73 Article 13 (application of disclosure requirements on a consolidated basis)Regulation 74 Article 14 (application of requirements of Part Five on a consolidated basis)Regulation 75 Article 15 (derogation from the application of own funds requirements on a consolidated basis for groups of investment firms)Regulation 76 Article 17 (supervision of investment firms waived from the application of own funds requirements on a consolidated basis)Regulation 77 Article 18 (methods for prudential consolidation)Regulation 78 Article 19 (entities excluded from the scope of prudential consolidation)Regulation 79 Article 20 (joint decisions on prudential requirements)Regulation 80 Article 21 (joint decisions on the level of application of liquidity requirements)Regulation 81 Article 23 (undertakings in third countries)Regulation 82 Article 26 (Common Equity Tier 1 items)Regulation 83 Article 27 (capital instruments of mutual, cooperative societies, savings institutions or similar institutions in Common Equity Tier 1 items)Regulation 84 Article 28 (Common Equity Tier 1 instruments)Regulation 85 Article 29 (capital instruments issued by mutuals, cooperative societies, savings institutions and similar institutions)Regulation 86 Article 31 (capital instruments subscribed by public authorities in emergency situations)Regulation 87 Article 33 (cash flow hedges and changes in the value of own liabilities)Regulation 88 Article 36 (deductions from Common Equity Tier 1 items)Regulation 89 Article 38 (deduction of deferred tax assets that rely on future profitability)Regulation 90 Article 39 (tax overpayments, tax loss carry backs and deferred tax assets that do not rely on future profitability)Regulation 91 Article 49 (requirement for deduction where consolidation, supplementary supervision or institutional protection schemes are applied)Regulation 92 Article 52 (additional Tier 1 instruments)Regulation 93 Article 77 (conditions for reducing own funds)Regulation 94 (supervisory permission for reducing own funds)Regulation 95 Article 80 (continuing review of quality of own funds)Regulation 96 Article 81 (minority interests that qualify for inclusion in consolidated Common Equity Tier 1 capital)Regulation 97 Article 82 (qualifying Additional Tier 1, Tier 1, Tier 2 capital and qualifying own funds)Regulation 98 Article 84 (minority interests included in consolidated Common Equity Tier 1 capital)Regulation 99 Article 85 (qualifying Tier 1 instruments included in consolidated Tier 1 capital)Regulation 100 Article 87 (qualifying own funds included in consolidated own funds)Regulation 101 Article 89 (risk weighting and prohibition of qualifying holdings outside the financial sector)Regulation 102 Article 91 (exceptions)Regulation 103 Article 95 (own funds requirements for investment first with limited authorisation to provide investment services)Regulation 104 Article 96 (own funds requirements for investment firms which hold initial capital)Regulation 105 Article 97 (own funds based on fixed overheads)Regulation 106 Article 98 (own funds for investment firms on a consolidated basis)Regulation 107 Article 99 (reporting on own funds requirements and financial information)Regulation 108 Article 100 (additional reporting requirements)Regulation 109 Article 101 (specific reporting requirements)Regulation 110 Article 107 (approaches to credit risk)Regulation 111 Article 113 (calculation of risk weighted exposure amounts)Regulation 112 Article 114 (exposures to central governments or central banks)Regulation 113 Article 115 (exposures to regional governments or local authorities)Regulation 114 Article 116 (exposures to public sector entities)Regulation 115 Article 117 (exposures to multilateral development banks)Regulation 116 Article 118 (exposures to international organisations)Regulation 117 Article 119 (exposures to institutions)Regulation 118 Article 123 (retain exposures)Regulation 119 Article 124 (exposures secured by mortgages on immovable property)Regulation 120 Article 125 (exposures fully and completely secured by mortgages on residential property)Regulation 121 Article 126 (exposures fully and completely secured by mortgages on commercial immovable property)Regulation 122 Article 128 (items associated with particular high risk)Regulation 123 Article 129 (exposures in the form of covered bonds)Regulation 124 Article 132 (exposures in the form of units or shares in CIUs)Regulation 125 Article 134 (other items)Regulation 126 Article 135 (use of credit assessments by ECAIs)Regulation 127 Article 138 (general requirements)Regulation 128 Article 142 (definitions)Regulation 129 Article 150 (conditions for permanent partial use)Regulation 130 Article 154 (risk weighted exposure amounts for retail exposures)Regulation 131 Article 160 (probability of default)Regulation 132 Article 162 (maturity)Regulation 133 Article 164 (loss given default)Regulation 134 Article 178 (default of an obligor)Regulation 135 Article 192 (definitions)Regulation 136 Article 197 (eligibility of collateral under all approaches and methods)Regulation 137 Article 199 (additional eligibility for collateral under the IRB Approach)Regulation 138 Article 201 (eligibility of protection providers under all approaches)Regulation 139 Article 202 (eligibility of protection providers under the IRB Approach which qualify for the treatment set out in Article 153(3))Regulation 140 Article 212 (requirements for other funded credit protection)Regulation 141 Article 224 (supervisory volatility adjustment under the Financial Collateral Comprehensive Method)Regulation 142 Article 227 (conditions for applying a 0% volatility adjustment under the Financial Collateral Comprehensive Method)Regulation 143 Article 229 (valuation principles for other eligible collateral under the IRB approach)Regulation 144 Article 230 (calculating risk-weighted exposures amounts and expected loss amounts for other eligible collateral under the IRB Approach)Regulation 145 Article 277 (transactions with a linear risk profile)Regulation 146 Article 290 (stress testing)Regulation 147 Article 292 (integrity of the modelling process)Regulation 148 Article 295 (recognition of contractual netting as risk-reducing)Regulation 149 Article 296 (recognition of contractual netting agreements)Regulation 150 Article 299 (items in the trading book)Regulation 151 Article 311 (own funds requirements for exposures to CCPs that cease to meet certain conditions)Regulation 152 Article 312 (permission and notification)Regulation 153 Article 315 (own funds requirement)Regulation 154 Article 316 (relevant indicator)Regulation 155 Article 317 (own funds requirement)Regulation 156 Article 323 (impact of insurance and other risk transfer mechanisms)Regulation 157 Article 325 (allowances for consolidated requirements)Regulation 158 Article 327 (netting)Regulation 159 Article 329 (options and warrants)Regulation 160 Article 336 (own funds requirements for non-securitisation debt instruments)Regulation 161 Article 340 (duration-based calculation of general risk)Regulation 162 Article 344 (stock indices)Regulation 163 Article 349 (general criteria for CIUs)Regulation 164 Article 354 (closely correlated currencies)Regulation 165 Article 365 (VaR and stressed VaR calculation)Regulation 166 Article 372 (requirement to have an internal IRC model)Regulation 167 Article 377 (requirements for an internal model for correlation trading)Regulation 168 Article 382 (scope)Regulation 169 Article 383 (advanced method)Regulation 170 Article 391 (definition of an institution for large exposures purposes)Regulation 171 Article 395 (limits to large exposures)Regulation 172 Article 396 (compliance with large exposures requirements)Regulation 173 Article 400 (exemptions)Regulation 174 Article 402 (exposures arising from mortgage lending)Regulation 175 Article 411 (definitions)Regulation 176 Article 412 (liquidity coverage requirements)Regulation 177 Article 413 (stable funding)Regulation 178 Article 415 (reporting obligation and reporting format)Regulation 179 Article 416 (reporting on liquid assets)Regulation 180 Article 419 (currencies with constraints on the availability of liquid assets)Regulation 181 Article 420 (liquidity outflows)Regulation 182 Article 421 (outflows on retail deposits)Regulation 183 Article 422 (outflows on other liabilities)Regulation 184 Article 424 (outflows from credit and liquidity facilities)Regulation 185 Article 425 (inflows)Regulation 186 Article 427 (items providing stable funding)Regulation 187 Article 428 (items requiring stable funding)Regulation 188 Article 429 (calculation of the leverage ratio)Regulation 189 Article 430 (reporting requirement)Regulation 190 Article 432 (non-material, proprietary or confidential information)Regulation 191 Article 433 (frequency of disclosure)Regulation 192 Article 436 (scope of application)Regulation 193 Article 438 (capital requirements)Regulation 194 Article 440 (capital buffers)Regulation 195 Article 441 (indicators of global systemic importance)Regulation 196 Article 443 (unencumbered assets)Regulation 197 Article 444 (use of ECAIs)Regulation 198 Article 450 (remuneration policy)Regulation 199 Article 452 (use of the IRB Approach to credit risk)Regulation 200 Heading of Part 9Regulation 201 Article 458 (macroprudential or systemic risk identified at the level of a Member State)Regulation 202 Article 462 (exercise of the delegation)Regulation 203 Article 463 (objections to regulatory technical standards)Regulation 204 Article 464 (European Banking Committee)Regulation 205 Article 464A and 464B (insertion of new paragraphs)Regulation 206 Article 473a (introduction of IFRS 9)Regulation 207 Article 483 (grandfathering of State aid instruments)Regulation 208 Article 484 (eligibility for grandfathering of items)Regulation 209 Article 485 (eligibility for inclusion in Common Equity Tier 1)Regulation 210 Article 493 (transitional provisions for large exposures)Regulation 211 Article 497 (own funds requirements for exposures to CCPs)Regulation 212 Article 498 (exemption for Commodities dealers)Regulation 213 Article 501 (capital requirements deduction for credit risk on exposures to SMEs)Regulation 214 Article 501c to 519b (reports and reviews)Regulation 215 Article 521 (entry into force and date of application)Regulation 216 Article 522 (insertion of new paragraph)Regulation 217 Annex I (classification of off-balance sheet items)Regulation 218 Annex II (types of derivative)Regulation 219 Annex III (items subject to supplementary reporting of liquid assets)Chapter 2 Amendment of Capital Requirements Regulation to transfer powers to the Treasury (regs. 220-221)Regulation 220 General transfer of powers to the TreasuryRegulation 221 Specific transfer of powers to the TreasuryChapter 3 Amendment of Capital Requirements Regulation to transfer powers to the FCA and PRA (regs. 222-225)Regulation 222 European Supervisory Authorities' functions in the Capital Requirements Regulation transferred to both the FCA and PRARegulation 223 European Supervisory Authorities' functions in the Capital Requirements Regulation transferred to only the PRARegulation 224 Other functions transferredRegulation 225 Amendment to use of term "competent authorities"Chapter 4 Amendment of Liquidity Commission Delegated Regulation (regs. 226-251)Regulation 226 Amendments to the Liquidity Commission Delegated RegulationRegulation 227 Article 2 (scope and application)Regulation 228 Article 3 (definitions)Regulation 229 Article 4 (the liquidity coverage ratio)Regulation 230 Article 7 (general requirements for liquid assets)Regulation 231 Article 8 (operational requirements)Regulation 232 Article 10 (level 1 assets)Regulation 233 Article 11 (level 2A assets)Regulation 234 Article 12 (level 2B assets)Regulation 235 Article 16 (deposits and other funding in cooperative networks and institutional protection schemes)Regulation 236 Article 19 (alternative liquidity approaches)Regulation 237 Article 23 (additional liquidity outflows for other products and services)Regulation 238 Article 24 (outflows from stable retail deposits)Regulation 239 Article 25 (outflows from other retail deposits)Regulation 240 Article 26 (outflows with inter-dependent inflows)Regulation 241 Article 27 (outflows from operational deposits)Regulation 242 Article 28 (outflows from other liabilities)Regulation 243 Article 29 (outflows within a group or an institutional protection scheme)Regulation 244 Article 30 (additional outflows)Regulation 245 Article 31 (outflows from credit and liquidity facilities)Regulation 246 Article 32 (inflows)Regulation 247 Article 33 (cap on inflows)Regulation 248 Article 34 (inflows within a group or an institutional protection scheme)Regulation 249 Article 35 (grandfathering of Member State-guaranteed bank assets)Regulation 250 Article 36 (transitional provision for Member State-sponsored impaired asset management agencies)Regulation 251 Final provisionChapter 5 Amendment of G-SII Commission Delegated Regulation (regs. 252-254)Regulation 252 Amendments to the G-SII Commission Delegated RegulationRegulation 253 Article 3 (common parameters for the methodology)Regulation 254 Final provisionSignatureExplanatory NoteExplanatory Memorandum
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Regulation 99 Article 85 (qualifying Tier 1 instruments included in consolidated Tier 1 capital)
Revoked from 29 August 2023
[deleted]