The following Financial Services guidance note provides comprehensive and up to date legal information covering:
BREXIT: As of exit day (31 January 2020) the UK is no longer an EU Member State. However, in accordance with the Withdrawal Agreement, the UK has entered an implementation period, during which it continues to be subject to EU law. This has an impact on this Practice Note. For further guidance on the impact of Brexit on the CRR and prudential regulation, please see Practice Note:Preparing for Brexit: CRR and prudential regulation—quick guide.
The Capital Requirements Directive (Directive 2013/36/EU) (CRD IV) and the Capital Requirements Regulation (Regulation (EU) 575/2013) (CRR) (also known collectively as CRD IV) was the mechanism through which the EU implemented the global capital adequacy framework, Basel III. The CRD IV package of reforms was adopted and published in the first half of 2013, with implementation of the majority of provisions on 1 January 2014, except for certain provisions specified in Article 521 of the CRR. As CRD IV comprised CRD IV and CRR (with amending corrigendum), elements of the requirements were directly applicable and others required national implementation.
CRD IV recast the existing Capital Requirements Directive (2006/48/EC and 2006/49/EC) (CRD) and introduced EU-specific reforms relating to prudential requirements for credit institutions and investment firms.
In the UK, the Prudential Regulation Authority (PRA) is the lead national supervisory authority in its role as prudential regulator for banks
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