The Overseas Prudential Requirements Regime (Credit Institutions and Investment Firms) Regulations 2026
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3 Designation of overseas jurisdiction
(1) The Treasury may by regulations designate an overseas jurisdiction in relation to one or more of regulations 4, 5, 6(1), (3) or (4), or 7 (effects of designation). (2) The Treasury may make regulations under this regulation only if they consider that those regulations are compatible with— (a) protecting the stability of the financial system of the United Kingdom, (b) the safety and soundness of CRR firms, and (c) one or both of— (i) promoting effective competition in the interests of consumers in financial services and markets; (ii) facilitating the international competitiveness of the economy of the United Kingdom and its growth in the medium to long term. (3) When considering whether to designate an overseas jurisdiction, the Treasury may, in addition to any other matter they consider relevant, have regard to— (a) the law and practice of that overseas jurisdiction in relation to the following— (i) the authorisation of credit institutions and investment firms; (ii) the prudential regulation of credit institutions, investment firms and exchanges, including the treatment of exposures to these persons; (iii) the supervision of, and the enforcement of prudential requirements applying to, credit institutions, investment firms and exchanges; (iv) the regulation and supervision of bonds (including supervisory arrangements designed to protect bondholders); (v) the handling and sharing of confidential information by public authorities (including any person currently or previously employed or instructed by them) supervising credit institutions and investment firms, including the sharing of information by such public authorities with other public authorities; (b) the alignment of the overseas jurisdiction with relevant international standards; (c) whether the PRA and the FCA have established effective cooperation arrangements with the competent authorities of the overseas jurisdiction. (4) In this regulation, “consumer” has the meaning given in section 1G of FSMA 2000 (meaning of “consumer”).
3 Designation of overseas jurisdiction
(1) The Treasury may by regulations designate an overseas jurisdiction in relation to one or more of regulations 4, 5, 6(1), (3) or (4), or 7 (effects of designation). (2) The Treasury may make regulations under this regulation only if they consider that those regulations are compatible with— (a) protecting the stability of the financial system of the United Kingdom, (b) the safety and soundness of CRR firms, and (c) one or both of— (i) promoting effective competition in the interests of consumers in financial services and markets; (ii) facilitating the international competitiveness of the economy of the United Kingdom and its growth in the medium to long term. (3) When considering whether to designate an overseas jurisdiction, the Treasury may, in addition to any other matter they consider relevant, have regard to— (a) the law and practice of that overseas jurisdiction in relation to the following— (i) the authorisation of credit institutions and investment firms; (ii) the prudential regulation of credit institutions, investment firms and exchanges, including the treatment of exposures to these persons; (iii) the supervision of, and the enforcement of prudential requirements applying to, credit institutions, investment firms and exchanges; (iv) the regulation and supervision of bonds (including supervisory arrangements designed to protect bondholders); (v) the handling and sharing of confidential information by public authorities (including any person currently or previously employed or instructed by them) supervising credit institutions and investment firms, including the sharing of information by such public authorities with other public authorities; (b) the alignment of the overseas jurisdiction with relevant international standards; (c) whether the PRA and the FCA have established effective cooperation arrangements with the competent authorities of the overseas jurisdiction. (4) In this regulation, “consumer” has the meaning given in section 1G of FSMA 2000 (meaning of “consumer”).
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