The Overseas Prudential Requirements Regime (Credit Institutions and Investment Firms) Regulations 2026
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Change 1
5 Effect of designation: overseas eligible covered bonds
(1) This regulation applies— (a) where a CRR firm or a CRR consolidation entity calculates risk weights for exposures in accordance with the Credit Risk: Standardised Approach (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 paragraph (4), a CRR firm or a CRR consolidation entity may treat an overseas eligible covered bond as an eligible covered bond for the purpose of applying article 129 of the Credit Risk: Standardised Approach (CRR) Part of the PRA Rulebook. (3) Regulations made under regulation 3(1) in relation to this regulation may specify one or more conditions that must be satisfied for the treatment referred to in paragraph (2) to apply to an overseas eligible covered bond. (4) Where Regulations made under regulation 3(1) in relation to this regulation specify a condition in accordance with paragraph (3), paragraph (2) applies as if the treatment of an overseas eligible covered bond were subject to the specified condition. (5) In this regulation— “eligible covered bond” means a bond which meets the requirements specified in paragraph A1 of article 129 of the Credit Risk: Standardised Approach (CRR) Part of the PRA Rulebook; “overseas eligible covered bond” means a bond which meets the requirements specified in paragraph A1 of article 129 of the Credit Risk: Standardised Approach (CRR) Part of the PRA Rulebook (reading the reference in that paragraph to an issuer that has its registered office in the United Kingdom as a reference to an issuer that is a credit institution which satisfies the following conditions— it has its registered office in an overseas jurisdiction designated under regulation 3(1) in relation to this regulation, and is authorised in that overseas jurisdiction); “specified” means specified in Regulations made under regulation 3(1) in relation to this regulation.
5 Effect of designation: overseas eligible covered bonds
(1) This regulation applies— (a) where a CRR firm or a CRR consolidation entity calculates risk weights for exposures in accordance with the Credit Risk: Standardised Approach (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 paragraph (4), a CRR firm or a CRR consolidation entity may treat an overseas eligible covered bond as an eligible covered bond for the purpose of applying article 129 of the Credit Risk: Standardised Approach (CRR) Part of the PRA Rulebook. (3) Regulations made under regulation 3(1) in relation to this regulation may specify one or more conditions that must be satisfied for the treatment referred to in paragraph (2) to apply to an overseas eligible covered bond. (4) Where Regulations made under regulation 3(1) in relation to this regulation specify a condition in accordance with paragraph (3), paragraph (2) applies as if the treatment of an overseas eligible covered bond were subject to the specified condition. (5) In this regulation— “eligible covered bond” means a bond which meets the requirements specified in paragraph A1 of article 129 of the Credit Risk: Standardised Approach (CRR) Part of the PRA Rulebook; “overseas eligible covered bond” means a bond which meets the requirements specified in paragraph A1 of article 129 of the Credit Risk: Standardised Approach (CRR) Part of the PRA Rulebook (reading the reference in that paragraph to an issuer that has its registered office in the United Kingdom as a reference to an issuer that is a credit institution which satisfies the following conditions— it has its registered office in an overseas jurisdiction designated under regulation 3(1) in relation to this regulation, and is authorised in that overseas jurisdiction); “specified” means specified in Regulations made under regulation 3(1) in relation to this regulation.
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