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In force since 2023-12-19, as the publisher states.
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Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.
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4 provisions
Title and introductory text
2023 No. 1409
Financial Services And Markets
The Financial Services and Markets Act 2023 (Benchmarks and Capital Requirements) (Amendment) Regulations 2023
Made
19th December 2023
Coming into force in accordance with regulation 1
The Treasury make the following Regulations in exercise of the powers conferred by sections 3(1) and 84(2) of the Financial Services and Markets Act 2023.
In accordance with section 3(6) of the Financial Services and Markets Act 2023, the Treasury have consulted the Prudential Regulation Authority and the Financial Conduct Authority.
In accordance with sections 3(10) and 84(3) of the Financial Services and Markets Act 2023, a draft of these Regulations has been laid before, and approved by a resolution of, each House of Parliament.
Propose a change1 Citation, commencement and extent
(1) These Regulations may be cited as the Financial Services and Markets Act 2023 (Benchmarks and Capital Requirements) (Amendment) Regulations 2023.
(2) Except as provided for in paragraph (3), these Regulations come into force on the day after the day on which they are made.
(3) Regulation 3 comes into force on 1st January 2024.
(4) These Regulations extend to England and Wales, Scotland and Northern Ireland.
Propose a change2 Amendment of Regulation (EU) No 575/2013
In Article 384(1) (standardised method) of Regulation (EU) No 575/2013 of the European Parliament and of the Council of 26 June 2013 on prudential requirements for credit institutions and investment firms and amending Regulation (EU) No 648/2012, in the definition of “EADitotal”, after “counterparty credit risk for that counterparty.” insert as a new paragraph—
An institution using one of the methods set out in Sections 3 to 5 of Chapter 3 of the Counterparty Credit Risk (CRR) Part of the PRA Rulebook may use, as the fully adjusted exposure value, the value calculated in accordance with Article 223(5) (financial collateral comprehensive method). For an institution not using the method set out in Section 6 of Chapter 6 of Title II, the exposure shall be discounted applying the following factor:
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Propose a change3 Amendment of Regulation (EU) 2016/1011
(1) Article 51(5) (transitional provisions) of Regulation (EU) 2016/1011 of the European Parliament and of the Council of 8 June 2016 on indices used as benchmarks in financial instruments and financial contracts or to measure the performance of investment funds and amending Directives 2008/48/EC and 2014/17/EU and Regulation (EU) No 596/2014 is amended as follows.
(2) In subparagraph (a), for “31 December 2025” substitute “31 December 2030”.
(3) In subparagraph (b)—
(a) for “1 January 2026” substitute “1 January 2031”;
(b) for “31 December 2025” substitute “31 December 2030”.
Propose a change