The Financial Holding Companies (Approval etc.) and Capital Requirements (Capital Buffers and Macro-prudential Measures) (Amendment) (EU Exit) Regulations 2020
These Regulations implement, in part, Directive (EU) 2019/878 of the European Parliament and of the Council of 20 May 2019 (“CRDV”), amending Directive 2013/36/EU as regards exempted entities, financial holding companies, mixed financial holding companies, remuneration, supervisory measures and powers and capital conservation measures (O.J. L150, 7.6.2019, p.253). Part 2 provides power for the PRA to remove a person from the board of directors of an institution or financial holding company or mixed financial holding company where the person concerned no longer satisfies the requirements for such directors, and inserts a new Part 12B into the Financial Services and Markets Act 2000 (c. 8) introducing a requirement for certain financial holding companies and mixed financial holding companies to be approved.