(1) In regulation 60, for the new Part 5A, substitute -

"Part 5A Systemic Risk Buffer

34A. Interpretation

In this Part -

"institution" means -

(a) a credit institution, or

(b) an investment firm which is for the time being designated by the PRA under article 3 of the Financial Services and Markets Act 2000 (PRA-regulated Activities) Order 2013 [S.I. 2013/556. Article 3 was amended by S.I. 2013/3115; 2017/701 and 2019/632.];

"recognition decision" means a decision by the PRA to recognise a third country buffer rate;

"relevant entity" has the meaning given in regulation 34C(1);

"systemic risk buffer" has the meaning given in regulation 34C(1);

"third country buffer rate" has the meaning given in regulation 34B.

34B. Third country buffer rates: recognition

(1) In this Part, a "third country buffer rate" means -

(a) in relation to an EEA state, a buffer rate set in accordance with Article 133 of the capital requirements directive as it has effect in EU law as amended from time to time, or if revoked, by its successor; or