The Capital Requirements (Amendment) (EU Exit) Regulations 2018 (SI 2018/1401) has been made. The SI is published alongside its explanatory memorandum. The SI will make amendments to aspects of the retained CRR and certain delegated legislation to ensure they continue to operate effectively post-Brexit. The SI also addresses sector specific domestic legislation implementing CRD IV to ensure it continues to function post-exit. While the SI amends cross-references to other EU legislation, some remaining cross-references will be addressed through subsequent onshoring SIs.
The SI will come into force on exit day, with the exception of certain provisions specified in Regulation 1(2) which came into force on 20 December 2018. The FCA and the PRA will update their rulebooks and relevant BTS to reflect the changes introduced through this SI. See our Updates of 5 December 2018 and 24 October 2018 for Brexit changes to the FCA Handbook and BTS.