On 4 March 2026, there was published a draft of the Credit Institutions and Investment Firms (Miscellaneous Definitions) (Amendment) Regulations 2026.
Background
The Financial Services and Markets Act 2023 (FSMA 2023) repeals assimilated EU law relating to financial services, subject to commencement, to be replaced with rules set by regulators. In particular, the UK Capital Requirements Regulation (UK CRR) will be revoked by the FSMA 2023.
Summary
The Government is using this instrument to restate in legislation certain definitions that are currently defined in the UK CRR, which it considers need to be maintained in legislation to ensure that the overall framework and wider legislation for banking prudential regulation continues to operate as intended.
The instrument does this by restating the relevant definitions in legislation whilst maintaining their effect. In addition, the aim of this legislation is also to improve the clarity of certain definitions and makes them consistent with the approach adopted in UK law, but the Government does not intend to change the substance of the definitions.