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Regulation (EU) No 648/2012 of the European Parliament and of the CouncilDangos y teitl llawn
Regulation (EU) No 648/2012 of the European Parliament and of the Council of 4 July 2012 on OTC derivatives, central counterparties and trade repositories (Text with EEA relevance)
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Changes over time for: Article 25b
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Regulation (EU) No 648/2012 of the European Parliament and of the Council,
Article 25b
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[F1 Article 25b U.K. Ongoing compliance with the conditions for recognition
1 .[F2The Bank of England] shall be responsible for carrying out the duties resulting from this Regulation for the supervision on an ongoing basis of the compliance of recognised Tier 2 CCPs with the requirements referred to in point (a) of Article 25(2b). F3...
[F2The Bank of England] shall require confirmation from each Tier 2 CCP at least on a yearly basis that the requirements referred to in points (a), (c) and (d) of Article 25(2b) continue to be fulfilled.
F4...
2 . Where a Tier 2 CCP fails to provide [F2the Bank of England] with the confirmation referred to in the second subparagraph of paragraph 1 F5... , the CCP shall be considered as no longer meeting the conditions for recognition pursuant to Article 25(2b) and the procedure set out in Article 25p[F6(2) and (3)] shall apply.
[F7 3 .The Bank of England shall carry out assessments of the resilience of recognised Tier 2 CCPs to adverse market developments.]]
Textual Amendments
F1Inserted by Regulation (EU) 2019/2099 of the European Parliament and of the Council of 23 October 2019 amending Regulation (EU) No 648/2012 as regards the procedures and authorities involved for the authorisation of CCPs and requirements for the recognition of third-country CCPs.
F2Words in Art. 25b substituted (31.12.2020) by The Over the Counter Derivatives, Central Counterparties and Trade Repositories (Amendment, etc., and Transitional Provision) (EU Exit) Regulations 2020 (S.I. 2020/646), regs. 1(3), 23(a) (with savings in S.I. 2019/680, reg. 11 as amended by S.I. 2020/646, reg. 12)
F3Words in Art. 25b(1) omitted (31.12.2020) by virtue of The Over the Counter Derivatives, Central Counterparties and Trade Repositories (Amendment, etc., and Transitional Provision) (EU Exit) Regulations 2020 (S.I. 2020/646), regs. 1(3), 23(b)(i) (with savings in S.I. 2019/680, reg. 11 as amended by S.I. 2020/646, reg. 12)
F4Words in Art. 25b(1) omitted (31.12.2020) by virtue of The Over the Counter Derivatives, Central Counterparties and Trade Repositories (Amendment, etc., and Transitional Provision) (EU Exit) Regulations 2020 (S.I. 2020/646), regs. 1(3), 23(b)(ii) (with savings in S.I. 2019/680, reg. 11 as amended by S.I. 2020/646, reg. 12)
F5Words in Art. 25b(2) omitted (31.12.2020) by virtue of The Over the Counter Derivatives, Central Counterparties and Trade Repositories (Amendment, etc., and Transitional Provision) (EU Exit) Regulations 2020 (S.I. 2020/646), regs. 1(3), 23(c)(i) (with savings in S.I. 2019/680, reg. 11 as amended by S.I. 2020/646, reg. 12)
F6Words in Art. 25b(2) substituted (31.12.2020) by The Over the Counter Derivatives, Central Counterparties and Trade Repositories (Amendment, etc., and Transitional Provision) (EU Exit) Regulations 2020 (S.I. 2020/646), regs. 1(3), 23(c)(ii) (with savings in S.I. 2019/680, reg. 11 as amended by S.I. 2020/646, reg. 12)
F7Art. 25b(3) substituted (31.12.2020) by The Over the Counter Derivatives, Central Counterparties and Trade Repositories (Amendment, etc., and Transitional Provision) (EU Exit) Regulations 2020 (S.I. 2020/646), regs. 1(3), 23(d) (with savings in S.I. 2019/680, reg. 11 as amended by S.I. 2020/646, reg. 12)
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