Citation and commencement

1.—(1) These Regulations may be cited as the Financial Services and Markets Act 2023 (Commencement No. 10 and Saving Provisions) (Amendment) Regulations 2025.

(2) These Regulations come into force on the day after the day on which they are made.

Amendment of the Financial Services and Markets Act 2023 (Commencement No. 10 and Saving Provisions) Regulations 2025

2.—(1) The Financial Services and Markets Act 2023 (Commencement No. 10 and Saving Provisions) Regulations 2025(2) are amended as follows.

(2) For regulation 6 substitute—

Saving provision for permissions granted under the Capital Requirements Regulation

6.—(1) Despite the revocations brought into force by regulation 4—

(a)any permission granted by the PRA under the following provisions of the Capital Requirements Regulation(3) at any time before 1st January 2026, has effect, on and after 1st January 2026, as if granted under section 138BA (disapplication or modification of rules in individual cases) of FSMA 2000(4)—

(i)Article 26(3);

(ii)Article 31(1);

(iii)Article 41(1);

(iv)Article 73(1);

(v)Article 76(2);

(vi)Article 77(1);

(vii)Article 78(1);

(b)any permission granted by the PRA under Article 26(2) of the Capital Requirements Regulation at any time before 1st January 2026 has effect, on and after 1st January 2026, as if it were a notification for the purpose of paragraph 2 of Article 26 of the Own Funds (CRR) Part of the PRA rulebook(5).

(2) In paragraph (1)(b), “PRA rulebook” means the rulebook published by the PRA containing rules made by that Authority under FSMA 2000 as it has effect on 1st January 2026.”.

(3) After regulation 6 (as substituted by these Regulations) insert—

Saving for the PRA’s power to amend and revoke Commission Delegated Regulation (EU) No 523/2014

7. Despite its revocation brought into force by regulation 4, Article 33(4) of the Capital Requirements Regulation(6) continues to have effect, on and after 1st January 2026, so far as is necessary to enable the PRA to amend or revoke Commission Delegated Regulation (EU) No 523/2014 of 12 March 2014 supplementing Regulation (EU) No 575/2013 of the European Parliament and of the Council with regard to regulatory technical standards for determining what constitutes the close correspondence between the value of an institution’s covered bonds and the value of the institution’s assets(7).”.