
1 

(1) These Regulations may be cited as the Financial Services and Markets Act 2023 (Benchmarks and Capital Requirements) (Amendment) Regulations 2023.
(2) Except as provided for in paragraph (3), these Regulations come into force on the day after the day on which they are made.
(3) Regulation 3 comes into force on 1st January 2024.
(4) These Regulations extend to England and Wales, Scotland and Northern Ireland.
2 
In Article 384(1) (standardised method) of Regulation (EU) No  575/2013 of the European Parliament and of the Council of 26 June 2013 on prudential requirements for credit institutions and investment firms and amending Regulation (EU) No  648/2012, in the definition of “EADitotal”, after “counterparty credit risk for that counterparty.” insert as a new paragraph—“An institution using one of the methods set out in Sections 3 to 5 of Chapter 3 of the Counterparty Credit Risk (CRR) Part of the PRA Rulebook may use, as the fully adjusted exposure value, the value calculated in accordance with Article 223(5) (financial collateral comprehensive method). For an institution not using the method set out in Section 6 of Chapter 6 of Title II, the exposure shall be discounted applying the following factor:1-e-0.05∙Mi0.05∙Mi ”.
3 

(1) Article 51(5) (transitional provisions) of Regulation (EU) 2016/1011 of the European Parliament and of the Council of 8 June 2016 on indices used as benchmarks in financial instruments and financial contracts or to measure the performance of investment funds and amending Directives 2008/48/EC and 2014/17/EU and Regulation (EU) No  596/2014 is amended as follows.
(2) In subparagraph (a), for “31 December 2025” substitute “31 December 2030”.
(3) In subparagraph (b)—
(a) for “1 January 2026” substitute “1 January 2031”;
(b) for “31 December 2025” substitute “31 December 2030”.
Joy Morrissey
Amanda Milling
Two of the Lords Commissioners of His Majesty’s Treasury
19th December 2023