17.1 The TTP enables the UK's financial services regulators to delay the application of firms' regulatory obligations where they have been subject to an onshoring change under the European Union (Withdrawal) Act 2018 [The UK's withdrawal from the EU required changes to be made to UK legislation, including the body of EU law that was retained in the UK, to ensure that it remained functional after the end of the transition period. These changes are referred to as 'onshoring changes'.]. The PRA is using the TTP to provide broad transitional relief to firms until Thursday 31 March 2022, with key exceptions expressly provided for in the PRA's transitional direction [December 2020, Appendix 2: Direction made by the PRA under Part 7 of the Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019 ].

17.2 In order to preserve the effect of the TTP for provisions in the CRR, and CRR Level 2 Regulations, that are to be transferred into PRA rules on Saturday 1 January 2022 ('CRR restatement provisions'), the PRA proposed to include a mirror provision in the Interpretation Part of the PRA Rulebook. This would replicate the effect of the PRA's transitional direction for CRR restatement provisions until Thursday 31 March 2022, when the direction is due to expire. The mirror provision would only apply to CRR restatement provisions. It could not apply to new PRA rules, or PRA rules which are materially changing, such as the NSFR.