The Overseas Prudential Requirements Regime (Credit Institutions and Investment Firms) Regulations 2026
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Change 1
6 Effect of designation: exposures to overseas central governments, central banks, regional governments, local authorities and public sector entities
(1) Where— (a) Regulations are in force under regulation 3(1) in respect of an overseas jurisdiction in relation to this paragraph, and (b) the competent authority of that overseas jurisdiction assigns a risk weight to a relevant exposure to the central government or the central bank of that jurisdiction, a CRR firm or a CRR consolidation entity may assign that risk weight to that relevant exposure for the purpose of applying article 114 of the Credit Risk: Standardised Approach (CRR) Part of the PRA Rulebook. (2) For the purposes of paragraph (1), an exposure to the central government or the central bank of an overseas jurisdiction is relevant if the exposure is denominated and funded in the currency of that jurisdiction. (3) A CRR firm or a CRR consolidation entity may treat an exposure to a regional government or a local authority of an overseas jurisdiction in the same manner as an exposure to the central government of that jurisdiction for the purpose of applying article 114 or 115 of the Credit Risk: Standardised Approach (CRR) Part of the PRA Rulebook (as appropriate) if— (a) Regulations are in force under regulation 3(1) in respect of the overseas jurisdiction in relation to this paragraph, and (b) the following conditions are satisfied— (i) the competent authority of that overseas jurisdiction treats the exposure to the regional government or the local authority in the same manner as the exposure to the central government, and (ii) the exposure to the regional government or the local authority does not pose a higher risk than the exposure to the central government because— (aa) the regional government or the local authority has adequate powers to raise revenue, and (bb) institutional arrangements are in place to reduce the risk of default of the regional government or the local authority. (4) Where— (a) Regulations are in force under regulation 3(1) in respect of an overseas jurisdiction in relation to this paragraph, and (b) the competent authority of that overseas jurisdiction assigns a risk weight to an exposure to a public sector entity established in that jurisdiction which corresponds to the treatment specified in article 116(1) or (2) of the Credit Risk: Standardised Approach (CRR) Part of the PRA Rulebook (“corresponding risk weight”), a CRR firm or a CRR consolidation entity may assign the corresponding risk weight to that exposure for the purpose of applying article 116 of the Credit Risk: Standardised Approach (CRR) Part of the PRA Rulebook. (5) In this regulation, “competent authority” means the financial services regulator of an overseas jurisdiction, designated under regulation 3(1) in relation to paragraph (1), (3) or (4) (as appropriate), which is responsible for the prudential regulation of credit institutions authorised to provide services in the same jurisdiction.
6 Effect of designation: exposures to overseas central governments, central banks, regional governments, local authorities and public sector entities
(1) Where— (a) Regulations are in force under regulation 3(1) in respect of an overseas jurisdiction in relation to this paragraph, and (b) the competent authority of that overseas jurisdiction assigns a risk weight to a relevant exposure to the central government or the central bank of that jurisdiction, a CRR firm or a CRR consolidation entity may assign that risk weight to that relevant exposure for the purpose of applying article 114 of the Credit Risk: Standardised Approach (CRR) Part of the PRA Rulebook. (2) For the purposes of paragraph (1), an exposure to the central government or the central bank of an overseas jurisdiction is relevant if the exposure is denominated and funded in the currency of that jurisdiction. (3) A CRR firm or a CRR consolidation entity may treat an exposure to a regional government or a local authority of an overseas jurisdiction in the same manner as an exposure to the central government of that jurisdiction for the purpose of applying article 114 or 115 of the Credit Risk: Standardised Approach (CRR) Part of the PRA Rulebook (as appropriate) if— (a) Regulations are in force under regulation 3(1) in respect of the overseas jurisdiction in relation to this paragraph, and (b) the following conditions are satisfied— (i) the competent authority of that overseas jurisdiction treats the exposure to the regional government or the local authority in the same manner as the exposure to the central government, and (ii) the exposure to the regional government or the local authority does not pose a higher risk than the exposure to the central government because— (aa) the regional government or the local authority has adequate powers to raise revenue, and (bb) institutional arrangements are in place to reduce the risk of default of the regional government or the local authority. (4) Where— (a) Regulations are in force under regulation 3(1) in respect of an overseas jurisdiction in relation to this paragraph, and (b) the competent authority of that overseas jurisdiction assigns a risk weight to an exposure to a public sector entity established in that jurisdiction which corresponds to the treatment specified in article 116(1) or (2) of the Credit Risk: Standardised Approach (CRR) Part of the PRA Rulebook (“corresponding risk weight”), a CRR firm or a CRR consolidation entity may assign the corresponding risk weight to that exposure for the purpose of applying article 116 of the Credit Risk: Standardised Approach (CRR) Part of the PRA Rulebook. (5) In this regulation, “competent authority” means the financial services regulator of an overseas jurisdiction, designated under regulation 3(1) in relation to paragraph (1), (3) or (4) (as appropriate), which is responsible for the prudential regulation of credit institutions authorised to provide services in the same jurisdiction.
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