The Financial Services and Markets Act 2023 (Commencement No 10 and Saving Provisions) (Amendment) Regulations 2025 published

The Financial Services and Markets Act 2023 (Commencement No 10 and Saving Provisions) (Amendment) Regulations 2025 have been made. These Regulations amend the Tenth Commencement Regulations to ensure continuity following the revocation of certain provisions of the Capital Requirements Regulation (CRR) effective from 1 January 2026. Specifically, they: amend regulation 6 to preserve permissions granted by the UK Prudential Regulatory Authority (PRA) under Articles 26(2) of the CRR before 1 January 2026; and (ii) insert a new regulation 7 to retain Article 33(4) of the CRR, enabling the PRA to amend or revoke Commission Delegated Regulation (EU) No 523/2014 regarding 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.

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