The Overseas Prudential Requirements Regime (Credit Institutions and Investment Firms) Regulations 2026
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Change 1
4 Effect of designation: exposures to overseas credit institutions, investment firms and exchanges
(1) This regulation applies where— (a) a CRR firm or a CRR consolidation entity calculates risk weights for exposures for the purpose of satisfying the own funds requirements specified in article 92 of the Required Level of Own Funds (CRR) Part of the PRA Rulebook, and (b) Regulations are in force under regulation 3(1) in respect of an overseas jurisdiction in relation to this regulation. (2) Subject to paragraphs (3) and (5), a CRR firm or a CRR consolidation entity may treat an exposure to an overseas person as an exposure to an institution for the purpose of applying articles 119 to 121 of the Credit Risk: Standardised Approach (CRR) Part of the PRA Rulebook. (3) Paragraph (2) only applies to exposures to an overseas exchange if the competent authority which is responsible for the prudential regulation of credit institutions in the overseas jurisdiction in which the exchange is incorporated or formed treats the exposure to the exchange in the same manner as an exposure to a credit institution. (4) Regulations made under regulation 3(1) in relation to this regulation— (a) must specify whether an overseas jurisdiction is designated in respect of exposures to overseas credit institutions, overseas investment firms or overseas exchanges (or any combination of them), and— (b) may specify— (i) the type of exposures in respect of which an overseas jurisdiction is designated, or (ii) one or more conditions that must be satisfied for the treatment referred to in paragraph (2) to apply to an exposure to an overseas person. (5) Where Regulations made under regulation 3(1) in relation to this regulation specify one or more of the following— (a) the type of exposures (see paragraph (4)(b)(i)); (b) a condition that must be satisfied for the treatment referred to in paragraph (2) to apply to an exposure to an overseas person (see paragraph (4)(b)(ii)), paragraph (2) applies as if the reference in that paragraph to— (i) an exposure to an overseas person were a reference to an exposure, of the specified type, to that person, and (ii) the treatment of exposures to an overseas person were a reference to that treatment subject to the specified condition. (6) In this regulation— “overseas credit institution” means a credit institution which— has its registered office, or, if it has no registered office, its head office in an overseas jurisdiction designated under regulation 3(1) in relation to this regulation, and is authorised in that overseas jurisdiction; “overseas exchange” means an exchange incorporated in, or formed under the law of an overseas jurisdiction designated under regulation 3(1) in relation to this regulation; “overseas investment firm” means an investment firm which— has its registered office, or, if it has no registered office, its head office in an overseas jurisdiction designated under regulation 3(1) in relation to this regulation, and is authorised in that overseas jurisdiction; “overseas person” means— an overseas credit institution, an overseas investment firm, or an overseas exchange; “specified” means specified in Regulations made under regulation 3(1) in relation to this regulation.
4 Effect of designation: exposures to overseas credit institutions, investment firms and exchanges
(1) This regulation applies where— (a) a CRR firm or a CRR consolidation entity calculates risk weights for exposures for the purpose of satisfying the own funds requirements specified in article 92 of the Required Level of Own Funds (CRR) Part of the PRA Rulebook, and (b) Regulations are in force under regulation 3(1) in respect of an overseas jurisdiction in relation to this regulation. (2) Subject to paragraphs (3) and (5), a CRR firm or a CRR consolidation entity may treat an exposure to an overseas person as an exposure to an institution for the purpose of applying articles 119 to 121 of the Credit Risk: Standardised Approach (CRR) Part of the PRA Rulebook. (3) Paragraph (2) only applies to exposures to an overseas exchange if the competent authority which is responsible for the prudential regulation of credit institutions in the overseas jurisdiction in which the exchange is incorporated or formed treats the exposure to the exchange in the same manner as an exposure to a credit institution. (4) Regulations made under regulation 3(1) in relation to this regulation— (a) must specify whether an overseas jurisdiction is designated in respect of exposures to overseas credit institutions, overseas investment firms or overseas exchanges (or any combination of them), and— (b) may specify— (i) the type of exposures in respect of which an overseas jurisdiction is designated, or (ii) one or more conditions that must be satisfied for the treatment referred to in paragraph (2) to apply to an exposure to an overseas person. (5) Where Regulations made under regulation 3(1) in relation to this regulation specify one or more of the following— (a) the type of exposures (see paragraph (4)(b)(i)); (b) a condition that must be satisfied for the treatment referred to in paragraph (2) to apply to an exposure to an overseas person (see paragraph (4)(b)(ii)), paragraph (2) applies as if the reference in that paragraph to— (i) an exposure to an overseas person were a reference to an exposure, of the specified type, to that person, and (ii) the treatment of exposures to an overseas person were a reference to that treatment subject to the specified condition. (6) In this regulation— “overseas credit institution” means a credit institution which— has its registered office, or, if it has no registered office, its head office in an overseas jurisdiction designated under regulation 3(1) in relation to this regulation, and is authorised in that overseas jurisdiction; “overseas exchange” means an exchange incorporated in, or formed under the law of an overseas jurisdiction designated under regulation 3(1) in relation to this regulation; “overseas investment firm” means an investment firm which— has its registered office, or, if it has no registered office, its head office in an overseas jurisdiction designated under regulation 3(1) in relation to this regulation, and is authorised in that overseas jurisdiction; “overseas person” means— an overseas credit institution, an overseas investment firm, or an overseas exchange; “specified” means specified in Regulations made under regulation 3(1) in relation to this regulation.
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