(This note is not part of the Regulations)

These Regulations implement, in part, Directive (EU) 2019/878 of the European Parliament and of the Council of 20 May 2019 ("CRDV"), amending Directive 2013/36/EU as regards exempted entities, financial holding companies, mixed financial holding companies, remuneration, supervisory measures and powers and capital conservation measures (O.J. L150, 7.6.2019, p.253). Part 2 provides power for the PRA to remove a person from the board of directors of an institution or financial holding company or mixed financial holding company where the person concerned no longer satisfies the requirements for such directors, and inserts a new Part 12B into the Financial Services and Markets Act 2000 (c. 8) introducing a requirement for certain financial holding companies and mixed financial holding companies to be approved.

Part 3 amends the Financial Services and Markets Act 2000 (Disclosure of Confidential Information) Regulations 2001 (S.I. 2001/2188) to permit the PRA to disclose information to certain international bodies as required by Article 1(14) of CRDV, which introduced a new Article 58a into Directive 2013/36/EU.