Government publishes plans to apply FSMA style regulation to the CRR

HM Treasury is progressing its work to apply the FSMA model to the assimilated laws for banks, building societies and investment firms. It has published a policy paper confirming its approach to implementing Basel 3.1, and explaining how it will revoke parts of the assimilated CRR which the PRA will replace with rules implementing the new Basel standards.

HM Treasury also proposes to go further and revoke the remainder of the CRR and revoke and restate a modified version of the Capital Buffers Regulation.

The Government seeks comments on 3 draft pieces of legislation within in the next 6 weeks.