The Overseas Prudential Requirements Regime (Credit Institutions and Investment Firms) Regulations 2026
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Change 1
7 Effect of designation: issuance of capital by overseas intermediate financial holding companies
(1) Where— (a) Regulations are in force under regulation 3(1) in respect of an overseas jurisdiction in relation to this regulation, and (b) a CRR firm or a CRR consolidation entity calculates own funds on a consolidated basis in accordance with the Own Funds (CRR) Part of the PRA Rulebook (including those of a subsidiary undertaking where applicable), the CRR firm or CRR consolidation entity may treat the capital instruments of an overseas intermediate financial holding company in the same manner as the capital instruments of a subsidiary undertaking which is subject to articles 81 and 82 of that Part of the PRA Rulebook. (2) For the purposes of this regulation— “Additional Tier 1 instruments”, “Common Equity Tier 1 instruments”, “Tier 1 capital”, “Tier 2 capital” and “Tier 2 instruments” each has the meaning given in the glossary of the PRA Rulebook; “capital instruments” includes Additional Tier 1 instruments, Common Equity Tier 1 instruments and Tier 2 instruments; “on a consolidated basis” has the meaning given in section 192O(1) of FSMA 2000 (interpretation); “overseas intermediate financial holding company” means an intermediate financial holding company which— is the subsidiary undertaking of a CRR firm or a CRR consolidation entity, is incorporated in, or formed under the law of, an overseas jurisdiction designated under regulation 3(1) in relation to this regulation, and is subject to prudential requirements which are at least as stringent as those applicable to credit institutions in the overseas jurisdiction where the intermediate financial holding company is incorporated; “own funds” means the sum of Tier 1 capital and Tier 2 capital.
7 Effect of designation: issuance of capital by overseas intermediate financial holding companies
(1) Where— (a) Regulations are in force under regulation 3(1) in respect of an overseas jurisdiction in relation to this regulation, and (b) a CRR firm or a CRR consolidation entity calculates own funds on a consolidated basis in accordance with the Own Funds (CRR) Part of the PRA Rulebook (including those of a subsidiary undertaking where applicable), the CRR firm or CRR consolidation entity may treat the capital instruments of an overseas intermediate financial holding company in the same manner as the capital instruments of a subsidiary undertaking which is subject to articles 81 and 82 of that Part of the PRA Rulebook. (2) For the purposes of this regulation— “Additional Tier 1 instruments”, “Common Equity Tier 1 instruments”, “Tier 1 capital”, “Tier 2 capital” and “Tier 2 instruments” each has the meaning given in the glossary of the PRA Rulebook; “capital instruments” includes Additional Tier 1 instruments, Common Equity Tier 1 instruments and Tier 2 instruments; “on a consolidated basis” has the meaning given in section 192O(1) of FSMA 2000 (interpretation); “overseas intermediate financial holding company” means an intermediate financial holding company which— is the subsidiary undertaking of a CRR firm or a CRR consolidation entity, is incorporated in, or formed under the law of, an overseas jurisdiction designated under regulation 3(1) in relation to this regulation, and is subject to prudential requirements which are at least as stringent as those applicable to credit institutions in the overseas jurisdiction where the intermediate financial holding company is incorporated; “own funds” means the sum of Tier 1 capital and Tier 2 capital.
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