Impact of Brexit: CRR and prudential regulation—quick guide [Archived]

Published by a UUÂãÁÄÖ±²¥ Financial Services expert
Practice notes

Impact of Brexit: CRR and prudential regulation—quick guide [Archived]

Published by a UUÂãÁÄÖ±²¥ Financial Services expert

Practice notes
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This Brexit Capital Requirements Regulation (EU) 575/2013 (EU CRR) quick guide details UK legislation and retained EU legislation that was amended and/or revoked by the Capital Requirements (Amendment) (EU Exit) Regulations 2018, SI 2018/1401 (the CRR SI), the Capital Requirements (Amendment) (EU Exit) Regulations 2019, SI 2019/1232 (the CRRII SI), the Financial Holding Companies (Approval etc.) and Capital Requirements (Capital Buffers and Macro-prudential Measures) (Amendment) (EU Exit) Regulations 2020, SI 2020/1406 (the CRDV SI), and other instruments with effect from the end of the Implementation period following the UK’s withdrawal from the EU, as well as corresponding changes to Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA) regulatory rules and guidance. It also highlights key areas in which the UK has opted to diverge from the EU prudential regime following the end of the implementation period.

For a high-level overview of the status of the EU CRR and EU CRR II under UK law with effect from 1 January 2021, see Practice Note: Quick Look Brexit Financial Services Legislation

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Jurisdiction(s):
United Kingdom
Key definition:
Brexit definition
What does Brexit mean?

means: (a) the United Kingdom (UK) ceasing to be a member state of the European Union (EU) and/or the European Economic Area (EEA) on exit day; and/or (b) the commencement, end of[ or variation in] any transitional, trading or other arrangements from time to time between: (i) the UK and the EU and/or EEA (including during any implementation period and IP Completion Day); and/or (ii) the UK and any other country, group of countries, international organisation, bloc or body (including the World Trade Organization) in contemplation of or (directly or indirectly) in connection with the UK’s said cessation of membership;

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