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Financial Services Act 2021
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- UK Public General Acts
- 2021 c. 22
- SCHEDULE 1
- PART 1
- Paragraph 15
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15(1)Article 87 (qualifying own funds included in consolidated own funds) is amended as follows.
(2)In paragraph 1(a), for point (i) substitute—
“(i)the amount of own funds of the subsidiary required to meet the following—
(A)the sum of the requirement laid down in point (c) of Article 92(1), the requirements referred to in Articles 458, 459 and 500, the specific own funds requirements referred to in regulation 34 of the Capital Requirements Regulations 2013, the combined buffer requirement defined in regulation 2 of the Capital Requirements (Capital Buffers and Macro-prudential Measures) Regulations 2014, and any additional local supervisory regulations in third countries, or
(B)where the subsidiary is an FCA investment firm, the sum of the own funds requirements set out in Part 9C rules which apply to the subsidiary and any requirements set out in additional local supervisory regulations in third countries;”.
(3)In paragraph 3, for “a competent authority” substitute “the PRA”.
(4)After paragraph 3 insert—
“3A.Where Part 9C rules provide that, in relation to any subsidiaries which are FCA investment firms, the calculation referred to in paragraph 1 is to be undertaken on a consolidated basis so as to include those subsidiaries, own funds instruments within those subsidiaries shall not be recognised in own funds at the sub-consolidated or consolidated level, as applicable.”
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