House of Commons · Written Ministerial Statement
The Financial Services Act 2021 (Prudential Regulation of Credit Institutions and Investment Firms) (Consequential Amendments and Miscellaneous Provisions) Regulations 2022
01 March 2022 · Treasury
Proposed by John Glen Con Salisbury
Summarised by AI from the official record, so it can contain mistakes.
At a glance
Key points
- The Financial Services Act 2021 is used to make regulations supporting Basel 3 standards and the IFPR
- The draft instrument and explanatory memorandum will be published online for public review
- The regulations aim to implement prudential requirements for credit institutions and investment firms
Issue summary
The statement addresses the implementation of Basel 3 standards and the Investment Firms Prudential Regime (IFPR) through the Financial Services Act 2021.
Action requested
This instrument, made under powers in the Financial Services Act 2021 and other acts, will support the implementation of IFPR and Basel 3 standards. The draft instrument and explanatory memorandum will be published online for public scrutiny before being laid in Parliament.
Key facts
- This instrument is part of a package to implement the IFPR and Basel 3 standards.
- It uses powers from the Financial Services Act 2021, Banking Act 2009, and European Union (Withdrawal) Act 2018.
- The draft instrument will be published online for at least 28 days before being laid in Parliament.
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