PART 1 Introduction

Citation, commencement and extent

1.—(1) These Regulations may be cited as the Financial Services and Markets Act 2023 (Capital Buffers and Macro-prudential Measures) (Consequential Amendments) Regulations 2025.

(2) These Regulations come into force on 30th November 2025(2).

(3) These Regulations extend to England and Wales, Scotland and Northern Ireland.

PART 2 Amendment of primary legislation

Bank of England Act 1998

2. In section 9U(3) of the Bank of England Act 1998 (publication of record of meetings)(3), in paragraph (d), for “Capital Requirements (Capital Buffers and Macro-prudential Measures) Regulations 2014” substitute “Capital Buffers and Macro-prudential Measures Regulations 2025 (S.I. 2025/653)”.

PART 3 Amendment of secondary legislation

Bank of England Act 1998 (Macro-prudential Measures) (No. 2) Order 2015

3. In article 2(1) of the Bank of England Act 1998 (Macro-prudential Measures) (No. 2) Order 2015 (interpretation)(4)—

(a)in the definition of “G-SII”, omit “pursuant to Part 4 of the Capital Requirements (Capital Buffers and Macro-prudential Measures) Regulations 2014”;

(b)in the definition of “G-SII additional leverage ratio”, for “G-SII buffer” substitute “buffer”;

(c)omit the definition of “G-SII buffer”;

(d)in the definition of “institution-specific countercyclical capital buffer”, for “Capital Requirements (Capital Buffers and Macro-prudential Measures) Regulations 2014” substitute “Capital Buffers and Macro-prudential Measures Regulations 2025”;

(e)in the definition of “O-SII additional leverage ratio”, for “Part 5ZA of the Capital Requirements (Capital Buffers and Macro-prudential Measures) Regulations 2014” substitute “Part 3 of the Capital Buffers and Macro-prudential Measures Regulations 2025”;

(f)in the definition of “O-SII buffer”, for “regulation 34 of the Capital Requirements (Capital Buffers and Macro-prudential Measure) Regulations 2014” substitute “regulation 16 of the Capital Buffers and Macro-prudential Measures Regulations 2025”;

(g)in the definition of “relevant O-SII”, for “regulation 34 of the Capital Requirements (Capital Buffers and Macro-prudential Measures) Regulations 2014” substitute “regulation 14 of the Capital Buffers and Macro-prudential Measures Regulations 2025”.

PART 4 Amendment of assimilated law

Regulation (EU) No 648/2012

4. In Article 25 (recognition of a third-country CCP) of of the European Parliament and of the Council of 4 July 2012 Regulation (EU) No 648/2012on OTC derivatives, central counterparties and trade repositories(5), in paragraph 2a(a)(i), for “regulation 29 of the Capital Requirements (Capital Buffers and Macro-prudential Measures) Regulations 2014” substitute “regulation 15 of the Capital Buffers and Macro-prudential Measures Regulations 2025”.

Regulation (EU) No 575/2013

5.—(1) 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 575/2013(Regulation (EU) No 648/20126) is amended as follows.

(2) In Article 4(1) (definitions)—

(a)in point (133) (definition of “global systemically important institution”), for the words from “in accordance with” to the end of that point substitute “as such by the PRA”;

(b)in point (146)(b) (definition of “large institution”), for “Part 6 of the Capital Requirements (Capital Buffers and Macro-prudential Measures) Regulations 2014” substitute “Part 3 of the Capital Buffers and Macro-prudential Measures Regulations 2025”.

(3) In the following provisions, for “combined buffer requirement defined in regulation 2 of the Capital Requirements (Capital Buffers and Macro-prudential Measures) Regulations 2014”, wherever it occurs, substitute “combined buffer defined in the Capital Buffers Part of the PRA rulebook(7)”—

(a)Article 84(1)(a) (minority interests included in consolidated Common Equity Tier 1 capital);

(b)Article 85(1)(a) (Qualifying Tier 1 instruments included in consolidated Tier 1 capital);

(c)Article 87(1)(a) (Qualifying own funds included in consolidated own funds).

Commission Delegated Regulation (EU) 241/2014

6.—(1) Commission Delegated of 7 January 2014 supplementing Regulation (EU) No 241/2014 of the European Parliament and of the Council with regard to regulatory technical standards for own funds requirements for institutions(Regulation (EU) No 575/20138) is amended as follows.

(2) In Article 10(3)(b) (limitations on redemption of capital instruments issued by mutuals, savings institutions, cooperative societies and similar institutions etc), for “combined buffer requirement as defined in regulation 2(1) of the Capital Requirements (Capital Buffers and Macroprudential Measures) Regulations 2014” substitute “combined buffer defined in the Capital Buffers Part of the PRA rulebook”(9).

(3) In Article 29(3)(a)(2) (submission of application by the institution to carry out redemptions, reductions and repurchases for the purposes etc), for “combined buffer requirement as defined in regulation 2(1) of the Capital Requirements (Capital Buffers and Macro-prudential Measures) Regulations 2014” substitute “combined buffer defined in the Capital Buffers Part of the PRA rulebook”.

Commission Delegated Regulation (EU) 342/2014

7.—(1) Commission Delegated of 21 January 2014 supplementing Regulation (EU) No 342/2014 of the European Parliament and of the Council and Directive 2002/87/EC of the European Parliament and of the Council with regard to regulatory technical standards for the application of the calculation methods of capital adequacy requirements for financial conglomerates(Regulation (EU) No 575/201310) is amended as follows.

(2) In Article 2(6) (definitions: reference to the PRA rulebook), at the end insert “, except in Article 9(2)(b)(iii)”.

(3) In Article 9(2)(b) (solvency requirement)(11), for paragraph (iii) (but not the “and” after it), substitute—

“(iii)the combined buffer defined in the Capital Buffers Part of the PRA rulebook (which means the rulebook published by the PRA containing rules made by that Authority under FSMA as amended from time to time)”.

Commission Delegated Regulation (EU) 2015/1555

8. In Article 1 (subject-matter) of Commission Delegated of 28 May 2015 supplementing Regulation (EU) 2015/1555 of the European Parliament and of the Council with regard to regulatory technical standards for the disclosure of information in relation to the compliance of institutions with the requirement for a countercyclical capital buffer in accordance with Article 440(Regulation (EU) No. 575/201312) , for “Part 3 of the Capital Requirements (Capital Buffers and Macro-prudential Measures) Regulations 2014” substitute “Part 2 of the Capital Buffers and Macro-prudential Measures Regulations 2025”.

Commission Delegated Regulation (EU) 2016/1450

9.—(1) Commission Delegated of 23 May 2016 supplementing Regulation (EU) 2016/1450 of the European Parliament and of the Council with regard to regulatory technical standards specifying the criteria relating to the methodology for setting the minimum requirement for own funds and eligible liabilities(Directive 2014/59/EU13) is amended as follows.

(2) In Article 1 (determining the amount necessary to ensure loss absorption)—

(a)in paragraph 2, for point (c), substitute—

“(c)the combined buffer defined in the Capital Buffers Part of the PRA rulebook ”.

(b)after paragraph 6, insert—

“7. In paragraph 2(c) and Article 2, “PRA rulebook” means the rulebook published by the Prudential Regulation Authority containing rules made by that Authority under the Financial Services and Markets Act 2000, as amended from time to time.”.

(3) In Article 2 (determination of the amount necessary to continue to comply with conditions for authorisation and to carry out activities and sustain market confidence in the institution), in paragraph 8, for “combined buffer requirement, as defined in regulation 2 of the Capital Requirements (Capital Buffers and Macro-prudential Measures) Regulations 2014” substitute “combined buffer defined in the Capital Buffers Part of the PRA rulebook (see Article 1(7))”.

Commission Delegated Regulation (EU) 2016/2251

10. In Article 8 (concentration limits for initial margin) of Commission Delegated of 4 October 2016 supplementing Regulation (EU) 2016/2251 of the European Parliament and of the Council Regulation (EU) No 648/2012on OTC derivatives, central counterparties and trade repositories with regard to regulatory technical standards for risk-mitigation techniques for OTC derivative contracts not cleared by a central counterparty(14), in paragraph 3—

(a)in point (a), for the words from “in accordance with” to the end of that point, substitute “(global systemically important institutions) by the PRA”;

(b)in point (b), for “Part 5 of the Capital Requirements (Capital Buffers and Macro-prudential Measures) Regulations 2014” substitute “Part 3 of the Capital Buffers and Macro-prudential Measures Regulations 2025”.