On 12 July 2021, there was published on the legislation.gov.uk website a draft of The Capital Requirements Regulation (Amendment) Regulations 2021.

The Financial Services Act 2021 (FS Act) empowers HM Treasury to revoke provisions in the onshored Capital Requirements Regulation (CRR) in order to allow the PRA to introduce updated prudential rules for credit institutions and PRA-designated investment firms. The primary purpose of the draft statutory instrument is the exercise of this revocation power, contained in section 3(1) of the FS Act. The draft statutory instrument also contains additional EU-exit related amendments to the CRR which are required to ensure that the legislation operates effectively now that the UK has left the EU.