On 21 November 2024, the Prudential Regulation of Credit Institutions (Meaning of CRR Rules and Recognised Exchange) (Amendment) Regulations 2024 were made and published on legislation.gov.uk, along with an explanatory memorandum.
The Regulations will do two things:
- Regulations 2 and 3 make amendments to primary legislation in connection with the revocation by the Financial Services and Markets Act 2023 of the UK Capital Requirements Regulation (CRR), which currently forms part of assimilated law on financial services.
- Regulation 4 amends the definition of “recognised exchange” as contained in the CRR, to support an expansion of investment exchanges that fall within the definition of a “recognised exchange”.
The Regulations come into force on the day after the day on which they are made (22 November 2024).