(This note is not part of the Regulations)

These Regulations are made in exercise of the powers in section 8(1) of the European Union (Withdrawal) Act 2018 (c. 16) and section 2(2) of the European Communities Act 1972 to address the deficiencies in retained EU law, to operate effectively and other deficiencies arising from the withdrawal of the United Kingdom from the European Union.

Part 2 of these Regulations make amendments to UK legislation, specifically the Financial Conglomerates and Other Financial Groups Regulations 2004 and the Capital Requirements Regulations 2013 to ensure that references in UK legislation to EU bodies and legal requirements which would cause deficiencies in UK legislation once the United Kingdom withdraws from the European Union are amended.

Part 3 amends references to financial conglomerates in Regulation (EU) No 575/2013.

Part 4 saves decisions made by EU authorities in relation to financial conglomerates, to ensure their continued effect post exit day, granting the PRA and the FCA power to review, vary, modify and revoke the decisions.

These Regulations refer to the Rulebook made by the Prudential Regulation Authority under the Financial Services and Markets Act 2000 (c.8), and sourcebooks made by the Financial Conduct Authority under that Act.