On 7 December 2021, there was published on the legislation.gov.uk website The Financial Services Act 2021 (Prudential Regulation of Credit Institutions and Investment Firms) (Consequential Amendments and Miscellaneous Provisions) Regulations 2021 together with an explanatory memorandum.
The amendments that the statutory instrument makes fall into three categories:
- Further revocations of provisions in the Capital Requirements Regulation (CRR) which will be either be replaced with rules made by the PRA or which do not need to be replaced.
- Definitional changes and consequential amendments to legislation resulting from the introduction of the Investment Firms Prudential Regime.
- Consequential amendments made to the CRR and elsewhere as a result of the revocation of provisions in the CRR contained in the Capital Requirements Regulation (Amendment) Regulations 2021/1078 and their replacement with PRA rules.