Regulation (EU) No 648/2012 of the European Parliament and of the CouncilDangos y teitl llawn

TITLE III U.K. AUTHORISATION AND SUPERVISION OF CCPs

CHAPTER 1 U.K. Conditions and procedures for the authorisation of a CCP

Article 14 U.K. Authorisation of a CCP

1. Where a [F1 body corporate or unincorporated association established in the United Kingdom] intends to provide clearing services as a CCP, it shall apply for authorisation to [F2 its competent authority] (the CCP’s competent authority), in accordance with the procedure set out in Article 17.

F3 2. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

3. Authorisation referred to in paragraph 1 shall be granted only for activities linked to clearing and shall specify the services or activities which the CCP is authorised to provide or perform including the classes of financial instruments covered by such authorisation.

4. A CCP shall comply at all times with the conditions necessary for authorisation.

A CCP shall, without undue delay, notify the competent authority of any material changes affecting the conditions for authorisation.

F4 5. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F1 Words in Art. 14(1) substituted (31.12.2020) by The Over the Counter Derivatives, Central Counterparties and Trade Repositories (Amendment, etc., and Transitional Provision) (EU Exit) Regulations 2019 (S.I. 2019/335), regs. 1(1), 25(2)(a) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)

F2 Words in Art. 14(1) substituted (31.12.2020) by The Over the Counter Derivatives, Central Counterparties and Trade Repositories (Amendment, etc., and Transitional Provision) (EU Exit) Regulations 2019 (S.I. 2019/335), regs. 1(1), 25(2)(b) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)

F3 Art. 14(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 2019 (S.I. 2019/335), regs. 1(1), 25(3) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)

F4 Art. 14(5) 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 2019 (S.I. 2019/335), regs. 1(1), 25(3) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)

Article 15 U.K. Extension of activities and services

1. A CCP wishing to extend its business to additional services or activities not covered by the initial authorisation shall submit a request for extension to the CCP’s competent authority. The offering of clearing services for which the CCP has not already been authorised shall be considered to be an extension of that authorisation.

The extension of authorisation shall be made in accordance with the procedure set out under Article 17.

F5 2. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

[F6 3 . [F7 The Bank of England may make technical standards] specifying the conditions under which additional services or activities to which a CCP wishes to extend its business are not covered by the initial authorisation and therefore require an extension of authorisation in accordance with paragraph 1 of this Article F8 ...

F9 ...

F9 ...]

Textual Amendments

F5 Art. 15(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 2019 (S.I. 2019/335), regs. 1(1), 26 (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)

F6 Inserted 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.

F7 Words in Art. 15(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), 17(a)(i) (with savings in S.I. 2019/680, reg. 11 as amended by S.I. 2020/646, reg. 12)

F8 Words in Art. 15(3) 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), 17(a)(ii) (with savings in S.I. 2019/680, reg. 11 as amended by S.I. 2020/646, reg. 12)

F9 Words in Art. 15(3) 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), 17(b) (with savings in S.I. 2019/680, reg. 11 as amended by S.I. 2020/646, reg. 12)

Article 16 U.K. Capital requirements

1. A CCP shall have a permanent and available initial capital of at least EUR 7,5 million to be authorised pursuant to Article 14.

2. A CCP’s capital, including retained earnings and reserves, shall be proportionate to the risk stemming from the activities of the CCP. It shall at all times be sufficient to ensure an orderly winding-down or restructuring of the activities over an appropriate time span and an adequate protection of the CCP against credit, counterparty, market, operational, legal and business risks which are not already covered by specific financial resources as referred to in Articles 41 to 44.

3. [F10 The Bank of England may make] technical standards specifying requirements regarding the capital, retained earnings and reserves of a CCP referred to in paragraph 2.

F11 ...

F11 ...

Textual Amendments

F10 Words in Art. 16(3) substituted (31.12.2020) by The Over the Counter Derivatives, Central Counterparties and Trade Repositories (Amendment, etc., and Transitional Provision) (EU Exit) Regulations 2019 (S.I. 2019/335), regs. 1(1), 27(a) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)

F11 Words in Art. 16(3) 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 2019 (S.I. 2019/335), regs. 1(1), 27(b) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)

Article 17 U.K. Procedure for granting and refusing authorisation

1. The applicant CCP shall submit an application for authorisation to the competent authority F12 ... .

2. The applicant CCP shall provide all information necessary to satisfy the competent authority that the applicant CCP has established, at the time of authorisation, all the necessary arrangements to meet the requirements laid down in this Regulation. F13 ...

[F14 3 . Within 30 working days of receipt of the application, the competent authority shall assess whether the application is complete. Where the application is not complete, the competent authority shall set a deadline by which the applicant CCP has to provide additional information. F15 ... After assessing that an application is complete, the competent authority shall notify the applicant CCP F16 ... ]

4. The competent authority shall grant authorisation only where it is fully satisfied that the applicant CCP complies with all the requirements laid down in this Regulation and that the CCP is [F17 a designated system as defined in regulation 2(1) of the Financial Markets and Insolvency (Settlement Finality) Regulations 1999].

F18 ...

F19 5. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F20 6. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

7. Within six months of the submission of a complete application, the competent authority shall inform the applicant CCP in writing, with a fully reasoned explanation, whether authorisation has been granted or refused.

Textual Amendments

F12 Words in Art. 17(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 2019 (S.I. 2019/335), regs. 1(1), 28(2) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)

F13 Words in Art. 17(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 2019 (S.I. 2019/335), regs. 1(1), 28(3) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)

F14 Substituted 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.

F15 Words in Art. 17(3) 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), 18(a) (with savings in S.I. 2019/680, reg. 11 as amended by S.I. 2020/646, reg. 12)

F16 Words in Art. 17(3) 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), 18(b) (with savings in S.I. 2019/680, reg. 11 as amended by S.I. 2020/646, reg. 12)

F17 Words in Art. 17(4) substituted (31.12.2020) by The Over the Counter Derivatives, Central Counterparties and Trade Repositories (Amendment, etc., and Transitional Provision) (EU Exit) Regulations 2019 (S.I. 2019/335), regs. 1(1), 28(5)(a) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)

F18 Words in Art. 17(4) 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 2019 (S.I. 2019/335), regs. 1(1), 28(5)(b) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)

F19 Art. 17(5) 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 2019 (S.I. 2019/335), regs. 1(1), 28(6) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)

F20 Art. 17(6) 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 2019 (S.I. 2019/335), regs. 1(1), 28(6) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)

F21 Article 18 U.K. College

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Textual Amendments

F21 Art. 18 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 2019 (S.I. 2019/335), regs. 1(1), 29 (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)

F22 Article 19 U.K. Opinion of the college

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Textual Amendments

F22 Art. 19 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 2019 (S.I. 2019/335), regs. 1(1), 30 (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)

Article 20 U.K. Withdrawal of authorisation

1. [F23 The] CCP’s competent authority shall withdraw authorisation where the CCP:

(a) has not made use of the authorisation within 12 months, expressly renounces the authorisation or has provided no services or performed no activity for the preceding six months;

(b) has obtained authorisation by making false statements or by any other irregular means;

(c) is no longer in compliance with the conditions under which authorisation was granted and has not taken the remedial action requested by the CCP’s competent authority within a set time frame;

(d) has seriously and systematically infringed any of the requirements laid down in this Regulation.

F24 2. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F24 3. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F24 4. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

5. The CCP’s competent authority may limit the withdrawal to a particular service, activity, or class of financial instruments.

F25 6. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F26 7. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F23 Word in Art. 20(1) substituted (31.12.2020) by The Over the Counter Derivatives, Central Counterparties and Trade Repositories (Amendment, etc., and Transitional Provision) (EU Exit) Regulations 2019 (S.I. 2019/335), regs. 1(1), 31(2) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)

F24 Art. 20(2)-(4) 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 2019 (S.I. 2019/335), regs. 1(1), 31(3) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)

F25 Art. 20(6) 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 2019 (S.I. 2019/335), regs. 1(1), 31(3) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)

F26 Art. 20(7) 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 2019 (S.I. 2019/335), regs. 1(1), 31(3) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)

Article 21 U.K. Review and evaluation

[F14 1 . [F27 The competent authority] referred to in Article 22 shall review the arrangements, strategies, processes and mechanisms implemented by CCPs to comply with this Regulation and evaluate the risks, including at least financial and operational risks, to which CCPs are, or might be, exposed.]

2. The review and evaluation referred to in paragraph 1 shall cover all the requirements on CCPs laid down in this Regulation.

[F14 3 . The [F28 competent authority] shall establish the frequency and depth of the review and evaluation referred to in paragraph 1, having particular regard to the size, systemic importance, nature, scale, complexity of the activities and interconnectedness with other financial market infrastructures of the CCPs concerned. The review and evaluation shall be updated at least on an annual basis.

CCPs shall be subject to on-site inspections. F29 ...

F30 ... ]

F31 4. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

5. The [F32 competent authority] shall require any CCP that does not meet the requirements laid down in this Regulation to take the necessary action or steps at an early stage to address the situation.

F33 6 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F14 Substituted 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.

F27 Words in Art. 21(1) substituted (31.12.2020) by The Over the Counter Derivatives, Central Counterparties and Trade Repositories (Amendment, etc., and Transitional Provision) (EU Exit) Regulations 2019 (S.I. 2019/335), regs. 1(1), 32(2) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)

F28 Words in Art. 21(3) substituted (31.12.2020) by The Over the Counter Derivatives, Central Counterparties and Trade Repositories (Amendment, etc., and Transitional Provision) (EU Exit) Regulations 2019 (S.I. 2019/335), regs. 1(1), 32(3) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)

F29 Words in Art. 21(3) 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 2019 (S.I. 2019/335), regs. 1(1), 32(3A)(a) (as inserted by S.I. 2020/646, regs. 1(2)(c), 6(5)) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)

F30 Words in Art. 21(3) 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 2019 (S.I. 2019/335), regs. 1(1), 32(3A)(b) (as inserted by S.I. 2020/646, regs. 1(2)(c), 6(5)) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)

F31 Art. 21(4) 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 2019 (S.I. 2019/335), regs. 1(1), 32(4) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)

F32 Words in Art. 21(5) substituted (31.12.2020) by The Over the Counter Derivatives, Central Counterparties and Trade Repositories (Amendment, etc., and Transitional Provision) (EU Exit) Regulations 2019 (S.I. 2019/335), regs. 1(1), 32(3) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)

F33 Art. 21(6) 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 2019 (S.I. 2019/335), regs. 1(1), 32(4) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)

CHAPTER 2 U.K. Supervision and oversight of CCPs

[F34 Article 22 U.K. Competent authority

The competent authority responsible for carrying out the duties resulting from this Regulation for the authorisation and supervision of CCPs is the Bank of England.]

Textual Amendments

F34 Art. 22 substituted (31.12.2020) by The Over the Counter Derivatives, Central Counterparties and Trade Repositories (Amendment, etc., and Transitional Provision) (EU Exit) Regulations 2019 (S.I. 2019/335), regs. 1(1), 33 (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)

F35 CHAPTER 3 U.K. Cooperation

F35 Article 23 U.K. Cooperation between authorities

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F35 Article 23a U.K. Supervisory cooperation between competent authorities and ESMA with regards to authorised CCPs

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F35 Article 24 U.K. Emergency situations

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Textual Amendments

F35 Title 3 Ch. 3 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 2019 (S.I. 2019/335), regs. 1(1), 34 (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)

F36 CHAPTER 3A U.K. CCP Supervisory Committee

F36 Article 24a U.K. CCP Supervisory Committee

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F36 Article 24b U.K. Consultation of central banks of issue

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F36 Article 24c U.K. Decision making within the CCP Supervisory Committee

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F36 Article 24d U.K. Decision making within the Board of Supervisors

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F36 Article 24e U.K. Accountability

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Textual Amendments

F36 Title 3 Ch. 3A 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), 19 (with savings in S.I. 2019/680, reg. 11 as amended by S.I. 2020/646, reg. 12)

CHAPTER 4 U.K. Relations with third countries

Article 25 U.K. Recognition of a third-country CCP

[F14 1 . A CCP established in a third country may only provide clearing services to clearing members or trading venues established in the [F37 United Kingdom] where that CCP is recognised by [F38 the Bank of England].]

2. [F39 The Bank of England] may recognise a CCP established in a third country that has applied for recognition to provide certain clearing services or activities where:

(a) [F40 the Treasury has made regulations] in accordance with paragraph 6;

(b) the CCP is authorised in the relevant third country, and is subject to effective supervision and enforcement ensuring full compliance with the prudential requirements applicable in that third country;

(c) cooperation arrangements have been established pursuant to paragraph 7;

[F41 (d ) the CCP is established or authorised in a third country that is not [F42 a high-risk third country within the meaning of regulation 33 of the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017] [F14 ;]]

[F6 (e ) the CCP has not been determined as systemically important or likely to become systemically important in accordance with paragraph 2a and is therefore a Tier 1 CCP.]

[F6 2a . [F43 The Bank of England must] determine whether a third-country CCP is systemically important or likely to become systemically important for the financial stability of the [F44 United Kingdom] (Tier 2 CCP) by taking into account all of the following criteria:

(a)

the nature, size and complexity of the CCP's business in the [F45 United Kingdom], and outside the [F45 United Kingdom] to the extent its business may have a systemic impact on the [F46 United Kingdom], including:

(i)

the value in aggregate terms and in [F47 pounds sterling] of transactions cleared by the CCP, or the aggregate exposure of the CCP engaged in clearing activities to its clearing members and, to the extent the information is available, their clients and indirect clients established [F48 in the United Kingdom, including where they have been identified by the PRA as other systemically important institutions (O-SIIs) in accordance with regulation 29 of the Capital Requirements (Capital Buffers and Macro-prudential Measures) Regulations 2014; and;]

(ii)

the risk profile of the CCP in terms of, amongst others, legal, operational and business risk;

(b)

the effect that the failure of or a disruption to the CCP would have on:

(i)

financial markets, including the liquidity of the markets served;

(ii)

financial institutions;

(iii)

the broader financial system; or

(iv)

the financial stability of the [F49 United Kingdom];

(c)

the CCP's clearing membership structure including, to the extent the information is available, the structure of its clearing members' network of clients and indirect clients, established in the [F50 United Kingdom];

(d)

the extent to which alternative clearing services provided by other CCPs exist F51 ... for clearing members and, to the extent the information is available, their clients and indirect clients established in the [F52 United Kingdom];

(e)

the CCP's relationships, interdependencies, or other interactions with other financial market infrastructures, other financial institutions and the broader financial system to the extent that that is likely to have an impact on the financial stability of the [F53 United Kingdom].

[F54 The Bank of England may make technical standards specifying further the criteria set out in the first subparagraph.]

Without prejudice to the outcome of the recognition process, [F55 the Bank of England must], after conducting the assessment referred to in the first subparagraph, inform the applicant CCP whether or not it is considered to be a Tier 1 CCP within 30 working days of the determination that that CCP's application is complete in accordance with the second subparagraph of paragraph 4.

2b . Where [F56 the Bank of England] determines a CCP to be systemically important or likely to become systemically important (Tier 2 CCP) in accordance with paragraph 2a, it shall only recognise that CCP to provide certain clearing services or activities where, in addition to the conditions referred to in points (a) to (d) of paragraph 2, the following conditions are fulfilled:

(a)

the CCP complies, at the moment of recognition and thereafter on an ongoing basis, with the requirements set out in Article 16 and in Titles IV and V. [F57 The Bank of England] shall take into account, in accordance with Article 25a, the extent to which a CCP's compliance with those requirements is satisfied by its compliance with comparable requirements applicable in the third country;

(b)

F58 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(c)

the CCP has provided [F56 the Bank of England] with:

(i)

a written statement, signed by its legal representative, expressing the unconditional consent of the CCP to:

• provide within [F59 the time specified in] a request by [F56 the Bank of England] any documents, records, information and data held by that CCP at the time the request is served, and

• allow [F56 the Bank of England] to access any of the CCP's business premises;

(ii)

a reasoned legal opinion by an independent legal expert confirming that the consent expressed is valid and enforceable under the relevant applicable laws;

(d)

the CCP has implemented all necessary measures and established all necessary procedures to ensure the effective compliance with the requirements laid down in points (a) and (c);

(e)

[F60 the Treasury have not made location regulations under paragraph 2c in relation to the CCP.]]

[F61 2c . The Treasury may make regulations in respect of a third-country CCP to be known as location regulations.

Location regulations may be made for the purpose of requiring that some or all of the clearing services of the third-country CCP may only be provided to clearing members and trading venues established in the United Kingdom by the CCP after it has been authorised in accordance with Article 14.

The Treasury may only make location regulations—

(a) having received a recommendation from the Bank of England (see paragraph 2ca);

(b) following compliance with the procedural requirements of paragraph 2cb.

Where a third-country CCP is already providing clearing services to clearing members or trading venues established within the United Kingdom, the requirement which may be imposed by virtue of the second subparagraph may only come into force after a period of time specified in the location regulations has elapsed (“adaptation period”).

Location regulations including an adaptation period may specify—

(a) conditions with which the third-country CCP must comply in order to continue to provide clearing services or activities described in the location regulations during the adaptation period;

(b) measures that must be taken during the adaptation period, in order to limit the potential costs to clearing members and their clients, in particular those established in the United Kingdom.

2ca. The Bank of England may recommend that the Treasury make location regulations under paragraph 2c if it considers that a third-country CCP, or some of its clearing services, are of such substantial systemic importance to the United Kingdom that the CCP should not be recognised under paragraph 1.

The recommendation must be in writing.

The recommendation must include advice—

(a) explaining how compliance with the conditions set out in paragraph 2b would not sufficiently address the financial stability risk for the United Kingdom;

(b) describing the characteristics of the clearing services provided by the CCP, including the liquidity and physical settlement requirements associated with the provision of such services;

(c) providing a quantitative technical assessment of the costs and benefits and consequences of a decision not to recognise the CCP to provide certain clearing services or activities, taking into account—

(i) the existence of potential alternative substitutes for the provision of the clearing services concerned in the currencies concerned to clearing members, and to the extent the information is available, their clients and indirect clients established in the United Kingdom;

(ii) the potential consequences of including the outstanding contracts held at the CCP within the scope of the location direction;

(d) where relevant, addressing the duration of the adaptation period mentioned in the fourth subparagraph of paragraph 2c and any conditions or measures the Bank of England proposes to be included in the location regulations (see the fifth subparagraph of paragraph 2c).

2cb. Before the Treasury make location regulations under paragraph 2c, they must send a statement in writing to the third-country CCP concerned.

The statement must—

(a) state that the Treasury propose to make location regulations in respect of the CCP;

(b) provide a summary of the Treasury's reasons for proposing to make the regulations;

(c) be accompanied by a copy of the Bank of England's recommendation given under paragraph 2ca;

(d) specify a reasonable period within which the CCP may make representations.

The Treasury must have regard to any representations made within the period specified in the statement.

Where the Treasury make location regulations, they must—

(a) send a copy of the regulations to—

(i) the third-country CCP concerned;

(ii) the Bank of England;

(iii) the Financial Conduct Authority, and

(b) publish the regulations on their website.]

F62 3 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

4. The CCP referred to in paragraph 1 shall submit its application to [F63 the Bank of England].

[F14 The applicant CCP shall provide [F64 the Bank of England] with all information necessary for its recognition. Within 30 working days of receipt, [F64 the Bank of England] shall assess whether the application is complete. If the application is not complete, [F64 the Bank of England] shall set a deadline by which the applicant CCP is to provide additional information. F65 ...

The recognition decision shall be based on the conditions set out in paragraph 2 for Tier 1 CCPs and in points (a) to (d) of paragraph 2 and paragraph 2b for Tier 2 CCPs. It shall be independent of any assessment as the basis for the equivalence decision as referred to in Article 13(3). [F66 Before the end of the relevant period (see paragraph 4A), the Bank of England] shall inform the applicant CCP in writing, with a fully reasoned explanation, whether the recognition has been granted or refused.]

[F67 Recognition under this Article must be granted only for services or activities linked to clearing and the decision granting recognition must specify the services or activities which the CCP is recognised to provide or perform, including the classes of financial instruments covered by the recognition.]

[F14 [F68 The Bank of England] shall publish on its website a list of the CCPs recognised in accordance with this Regulation, indicating their classification as Tier 1 CCPs or Tier 2 CCPs.]

[F69 4A. In paragraph 4 “the relevant period” means—

(a) where the applicant CCP has submitted an application before the end of the period of 18 months beginning with IP completion day, the period of one year beginning with the first day on which—

(i) the applicant CCP has submitted a complete application, and

(ii) the conditions in paragraph 2(a) and (c) are met, or

(b) in any other case, the period of 180 working days beginning with the first day on which—

(i) the applicant CCP has submitted a complete application, and

(ii) the conditions in paragraph 2(a) and (c) are met.

4B. A CCP must, without undue delay, notify the Bank of England of any material changes affecting the conditions for recognition—

(a) in point (b) of paragraph 2;

(b) in points (a), (c)(ii) and (d) of the first subparagraph of paragraph 2b.]

[F14 5 . [F70 The Bank of England must, as it considers appropriate, review the recognition of a CCP established in a third country.]

That review shall be conducted in accordance with paragraphs 2 to 4.

Where, following the review referred to in the first subparagraph, [F71 the Bank of England] determines that a third-country CCP that has been classified as Tier 1 CCP should be classified as a Tier 2 CCP, [F71 the Bank of England] shall set an appropriate adaptation period F72 ... within which the CCP must comply with the requirements referred to in paragraph 2b. F73 ...]

[F14 6 . [F74 The Treasury may by regulations specify] that:

(a)

the legal and supervisory arrangements of a third country ensure that CCPs authorised in that third country comply on an ongoing basis with legally binding requirements which are equivalent to the requirements laid down in Title IV of this Regulation;

(b)

those CCPs are subject to effective supervision and enforcement in that third country on an ongoing basis;

(c)

the legal framework of that third country provides for an effective equivalent system for the recognition of CCPs authorised under [F75 legal regimes of other countries].

F76 ... ]

[F77 6ZA. The Bank of England may provide advice to the Treasury in connection with any regulations made or to be made by the Treasury under paragraph 6.]

F78 6a. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F79 6b. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

[F14 7 . [F80 The Bank of England] [F81 must take such steps as it considers appropriate to establish] effective cooperation arrangements with the relevant competent authorities of third countries whose legal and supervisory frameworks have been recognised as equivalent to this Regulation in accordance with paragraph 6. [F82 Such arrangements are to specify such matters as the Bank of England considers appropriate. Without limiting the scope to specify matters, such matters may include:]]

[F14 (a ) the mechanism for the exchange of information between [F83 the Bank of England] F84 ... and the competent authorities of the third countries concerned, including access to all information requested by [F83 the Bank of England] regarding CCPs authorised in third countries, such as significant changes to risk models and parameters, extension of CCP activities and services, changes in the client account structure and in the use of payment systems that substantially affect the [F85 United Kingdom];]

(b) the mechanism for prompt notification to [F83 the Bank of England] where a third-country competent authority deems a CCP it is supervising to be in breach of the conditions of its authorisation or of other law to which it is subject;

(c) the mechanism for prompt notification to [F83 the Bank of England] by a third-country competent authority where a CCP it is supervising has been granted the right to provide clearing services to clearing members or clients established in the [F86 United Kingdom];

[F14 (d ) the procedures concerning the coordination of supervisory activities F87 ...]

[F6 (e ) the procedures necessary for the effective monitoring of regulatory and supervisory developments in a third country;

( f ) the procedures for third-country authorities to assure the effective enforcement of decisions adopted by [F83 the Bank of England] F88 ...

( g ) the procedures for third-country authorities to inform [F83 the Bank of England] F89 ... without undue delay of any emergency situations relating to the recognised CCP, including developments in financial markets, which may have an adverse effect on market liquidity and the stability of the financial system in the [F90 United Kingdom] and the procedures and contingency plans to address such situations; ]

F91 ( h ) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

[F6 Where [F83 the Bank of England] considers that a third-country competent authority fails to apply any of the provisions laid down in a cooperation arrangement established in accordance with this paragraph, it shall inform the [F92 Treasury] thereof confidentially and without delay. F93 ...]

8. In order to ensure consistent application of this Article, [F94 the Bank of England may make technical standards] specifying the information that the applicant CCP shall [F95 provide the Bank of England] in its application for recognition.

F96 ...

F96 ...

[F97 9. This Article is subject to Part 6 of the Central Counterparties (Amendment, etc., and Transitional Provision) (EU Exit) Regulations 2018 (which contains transitional provisions).

10. In this Article “competent authority” means a regulatory authority which is responsible for the authorisation and supervision of central counterparties in its territory.]

Textual Amendments

F6 Inserted 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.

F14 Substituted 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.

F37 Words in Art. 25(1) 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), 20(2)(a) (with savings in S.I. 2019/680, reg. 11 as amended by S.I. 2020/646, reg. 12)

F38 Words in Art. 25(1) 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), 20(2)(b) (with savings in S.I. 2019/680, reg. 11 as amended by S.I. 2020/646, reg. 12)

F39 Words in Art. 25(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), 20(3)(a) (with savings in S.I. 2019/680, reg. 11 as amended by S.I. 2020/646, reg. 12)

F40 Words in Art. 25(2)(a) 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), 20(3)(b) (with savings in S.I. 2019/680, reg. 11 as amended by S.I. 2020/646, reg. 12)

F41 Substituted by Directive (EU) 2015/849 of the European Parliament and of the Council of 20 May 2015 on the prevention of the use of the financial system for the purposes of money laundering or terrorist financing, amending Regulation (EU) No 648/2012 of the European Parliament and of the Council, and repealing Directive 2005/60/EC of the European Parliament and of the Council and Commission Directive 2006/70/EC (Text with EEA relevance).

F42 Words in Art. 25(2)(d) 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), 20(3)(c) (with savings in S.I. 2019/680, reg. 11 as amended by S.I. 2020/646, reg. 12)

F43 Words in Art. 25(2a) 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), 20(4)(a) (with savings in S.I. 2019/680, reg. 11 as amended by S.I. 2020/646, reg. 12)

F44 Words in Art. 25(2a) 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), 20(4)(b) (with savings in S.I. 2019/680, reg. 11 as amended by S.I. 2020/646, reg. 12)

F45 Words in Art. 25(2a)(a) 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), 20(4)(c)(i) (with savings in S.I. 2019/680, reg. 11 as amended by S.I. 2020/646, reg. 12)

F46 Words in Art. 25(2a)(a) 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), 20(4)(c)(ii) (with savings in S.I. 2019/680, reg. 11 as amended by S.I. 2020/646, reg. 12)

F47 Words in Art. 25(2a)(a)(i) 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), 20(4)(d)(i) (with savings in S.I. 2019/680, reg. 11 as amended by S.I. 2020/646, reg. 12)

F48 Words in Art. 25(2a)(a)(i) 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), 20(4)(d)(ii) (with savings in S.I. 2019/680, reg. 11 as amended by S.I. 2020/646, reg. 12)

F49 Words in Art. 25(2a)(b)(iv) 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), 20(4)(e) (with savings in S.I. 2019/680, reg. 11 as amended by S.I. 2020/646, reg. 12)

F50 Words in Art. 25(2a)(c) 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), 20(4)(f) (with savings in S.I. 2019/680, reg. 11 as amended by S.I. 2020/646, reg. 12)

F51 Words in Art. 25(2a)(d) 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), 20(4)(g) (with savings in S.I. 2019/680, reg. 11 as amended by S.I. 2020/646, reg. 12)

F52 Words in Art. 25(2a)(d) 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), 20(4)(f) (with savings in S.I. 2019/680, reg. 11 as amended by S.I. 2020/646, reg. 12)

F53 Words in Art. 25(2a)(e) 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), 20(4)(h) (with savings in S.I. 2019/680, reg. 11 as amended by S.I. 2020/646, reg. 12)

F54 Words in Art. 25(2a) 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), 20(5) (with savings in S.I. 2019/680, reg. 11 as amended by S.I. 2020/646, reg. 12)

F55 Words in Art. 25(2a) 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), 20(6) (with savings in S.I. 2019/680, reg. 11 as amended by S.I. 2020/646, reg. 12)

F56 Words in Art. 25(2b) 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), 20(7)(a) (with savings in S.I. 2019/680, reg. 11 as amended by S.I. 2020/646, reg. 12)

F57 Words in Art. 25(2b)(a) 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), 20(7)(b) (with savings in S.I. 2019/680, reg. 11 as amended by S.I. 2020/646, reg. 12)

F58 Art. 25(2b)(b) 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), 20(7)(c) (with savings in S.I. 2019/680, reg. 11 as amended by S.I. 2020/646, reg. 12)

F59 Words in Art. 25(2b)(c) 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), 20(7)(d) (with savings in S.I. 2019/680, reg. 11 as amended by S.I. 2020/646, reg. 12)

F60 Art. 25(2b)(e) 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), 20(7)(e) (with savings in S.I. 2019/680, reg. 11 as amended by S.I. 2020/646, reg. 12)

F61 Art. 25(2c)-(2cb) substituted for Art. 25(2c) (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), 21 (with savings in S.I. 2019/680, reg. 11 as amended by S.I. 2020/646, reg. 12)

F62 Art. 25(3) 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), 20(8) (with savings in S.I. 2019/680, reg. 11 as amended by S.I. 2020/646, reg. 12)

F63 Words in Art. 25(4) 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), 20(9)(a) (with savings in S.I. 2019/680, reg. 11 as amended by S.I. 2020/646, reg. 12)

F64 Words in Art. 25(4) 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), 20(9)(b)(i) (with savings in S.I. 2019/680, reg. 11 as amended by S.I. 2020/646, reg. 12)

F65 Words in Art. 25(4) 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), 20(9)(b)(ii) (with savings in S.I. 2019/680, reg. 11 as amended by S.I. 2020/646, reg. 12)

F66 Words in Art. 25(4) 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), 20(9)(c) (with savings in S.I. 2019/680, reg. 11 as amended by S.I. 2020/646, reg. 12)

F67 Words in Art. 25(4) inserted (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), 20(9)(ca) (as inserted by S.I. 2020/1385, regs. 1(4), 69(2)(a)) (with savings in S.I. 2019/680, reg. 11 as amended by S.I. 2020/646, reg. 12)

F68 Words in Art. 25(4) 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), 20(9)(d) (with savings in S.I. 2019/680, reg. 11 as amended by S.I. 2020/646, reg. 12)

F69 Art. 25(4A)(4B) inserted (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), 20(10) (as amended by S.I. 2020/1385, regs. 1(4), 69(2)(b)) (with savings in S.I. 2019/680, reg. 11 as amended by S.I. 2020/646, reg. 12)

F70 Words in Art. 25(5) 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), 20(11)(a) (with savings in S.I. 2019/680, reg. 11 as amended by S.I. 2020/646, reg. 12)

F71 Words in Art. 25(5) 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), 20(11)(b)(i) (with savings in S.I. 2019/680, reg. 11 as amended by S.I. 2020/646, reg. 12)

F72 Words in Art. 25(5) 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), 20(11)(b)(ii) (with savings in S.I. 2019/680, reg. 11 as amended by S.I. 2020/646, reg. 12)

F73 Words in Art. 25(5) 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), 20(11)(b)(iii) (with savings in S.I. 2019/680, reg. 11 as amended by S.I. 2020/646, reg. 12)

F74 Words in Art. 25(6) 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), 20(12)(a)(i) (with savings in S.I. 2019/680, reg. 11 as amended by S.I. 2020/646, reg. 12)

F75 Words in Art. 25(6)(c) 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), 20(12)(a)(ii) (with savings in S.I. 2019/680, reg. 11 as amended by S.I. 2020/646, reg. 12)

F76 Words in Art. 25(6) 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), 20(12)(b) (with savings in S.I. 2019/680, reg. 11 as amended by S.I. 2020/646, reg. 12)

F77 Art. 25(6ZA) inserted (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), 20(13) (with savings in S.I. 2019/680, reg. 11 as amended by S.I. 2020/646, reg. 12)

F78 Art. 25(6a) 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), 20(14) (with savings in S.I. 2019/680, reg. 11 as amended by S.I. 2020/646, reg. 12)

F79 Art. 25(6b) 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), 20(14) (with savings in S.I. 2019/680, reg. 11 as amended by S.I. 2020/646, reg. 12)

F80 Words in Art. 25(7) 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), 20(15)(a)(i) (with savings in S.I. 2019/680, reg. 11 as amended by S.I. 2020/646, reg. 12)

F81 Words in Art. 25(7) 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), 20(15)(b)(i) (with savings in S.I. 2019/680, reg. 11 as amended by S.I. 2020/646, reg. 12)

F82 Words in Art. 25(7) 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), 20(15)(b)(ii) (with savings in S.I. 2019/680, reg. 11 as amended by S.I. 2020/646, reg. 12)

F83 Words in Art. 25(7) 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), 20(15)(a)(ii) (with savings in S.I. 2019/680, reg. 11 as amended by S.I. 2020/646, reg. 12)

F84 Words in Art. 25(7)(a) 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), 20(15)(c)(i) (with savings in S.I. 2019/680, reg. 11 as amended by S.I. 2020/646, reg. 12)

F85 Words in Art. 25(7)(a) 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), 20(15)(c)(ii) (with savings in S.I. 2019/680, reg. 11 as amended by S.I. 2020/646, reg. 12)

F86 Words in Art. 25(7)(c) 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), 20(15)(d) (with savings in S.I. 2019/680, reg. 11 as amended by S.I. 2020/646, reg. 12)

F87 Words in Art. 25(7)(d) 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), 20(15)(e) (with savings in S.I. 2019/680, reg. 11 as amended by S.I. 2020/646, reg. 12)

F88 Words in Art. 25(7)(f) 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), 20(15)(f) (with savings in S.I. 2019/680, reg. 11 as amended by S.I. 2020/646, reg. 12)

F89 Words in Art. 25(7)(g) 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), 20(15)(g)(i) (with savings in S.I. 2019/680, reg. 11 as amended by S.I. 2020/646, reg. 12)

F90 Words in Art. 25(7)(g) 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), 20(15)(g)(ii) (with savings in S.I. 2019/680, reg. 11 as amended by S.I. 2020/646, reg. 12)

F91 Art. 25(7)(h) 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), 20(15)(h) (with savings in S.I. 2019/680, reg. 11 as amended by S.I. 2020/646, reg. 12)

F92 Word in Art. 25(7) 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), 20(15)(i)(i) (with savings in S.I. 2019/680, reg. 11 as amended by S.I. 2020/646, reg. 12)

F93 Words in Art. 25(7) 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), 20(15)(i)(ii) (with savings in S.I. 2019/680, reg. 11 as amended by S.I. 2020/646, reg. 12)

F94 Words in Art. 25(8) 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), 20(16)(a)(i) (with savings in S.I. 2019/680, reg. 11 as amended by S.I. 2020/646, reg. 12)

F95 Words in Art. 25(8) 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), 20(16)(a)(ii) (with savings in S.I. 2019/680, reg. 11 as amended by S.I. 2020/646, reg. 12)

F96 Words in Art. 25(8) 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), 20(16)(b) (with savings in S.I. 2019/680, reg. 11 as amended by S.I. 2020/646, reg. 12)

F97 Art. 25(9)(10) inserted (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), 20(17) (with savings in S.I. 2019/680, reg. 11 as amended by S.I. 2020/646, reg. 12)

[F6 Article 25a U.K. Comparable compliance

1 . A CCP referred to in Article 25(2b) may submit a reasoned request that [F98 the Bank of England] assesses whether in its compliance with the applicable third-country framework, taking into account the provisions of the [F99 regulations made under] Article 25(6), that CCP may be deemed to satisfy compliance with the requirements set out in Article 16 and Titles IV and V. F100 ...

2 . The request referred to in paragraph 1 shall provide the factual basis for a finding of comparability and the reasons why compliance with the requirements applicable in the third country satisfies the requirements set out in Article 16 and Titles IV and V.

3 . The [F101 Bank of England], in order to ensure that the assessment referred to in paragraph 1 effectively reflects the regulatory objectives of the requirements set out in Article 16 and Titles IV and V and the [F102 United Kingdom's] interests as a whole, [F103 may make technical standards] specifying the following:

( a ) the minimum elements to be assessed for the purposes of paragraph 1of this Article;

( b ) the modalities and conditions to carry out the assessment.

F104 ...

Textual Amendments

F6 Inserted 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.

F98 Words in Art. 25a(1) 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), 22(a)(i) (with savings in S.I. 2019/680, reg. 11 as amended by S.I. 2020/646, reg. 12)

F99 Words in Art. 25a(1) 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), 22(a)(ii) (with savings in S.I. 2019/680, reg. 11 as amended by S.I. 2020/646, reg. 12)

F100 Words in Art. 25a(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), 22(a)(iii) (with savings in S.I. 2019/680, reg. 11 as amended by S.I. 2020/646, reg. 12)

F101 Words in Art. 25a(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), 22(b)(i)(aa) (with savings in S.I. 2019/680, reg. 11 as amended by S.I. 2020/646, reg. 12)

F102 Words in Art. 25a(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), 22(b)(i)(bb) (with savings in S.I. 2019/680, reg. 11 as amended by S.I. 2020/646, reg. 12)

F103 Words in Art. 25a(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), 22(b)(i)(cc) (with savings in S.I. 2019/680, reg. 11 as amended by S.I. 2020/646, reg. 12)

F104 Words in Art. 25a(3) 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), 22(b)(ii) (with savings in S.I. 2019/680, reg. 11 as amended by S.I. 2020/646, reg. 12)

Article 25b U.K. Ongoing compliance with the conditions for recognition

1 . [F105 The 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). F106 ...

[F105 The 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.

F107 ...

2 . Where a Tier 2 CCP fails to provide [F105 the Bank of England] with the confirmation referred to in the second subparagraph of paragraph 1 F108 ... , 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[F109 (2) and (3)] shall apply.

[F110 3 . The Bank of England shall carry out assessments of the resilience of recognised Tier 2 CCPs to adverse market developments.]]

Textual Amendments

F6 Inserted 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.

F105 Words 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)

F106 Words 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)

F107 Words 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)

F108 Words 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)

F109 Words 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)

F110 Art. 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)

F111 Article 25c U.K. Third-country CCP college

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F111 Arts. 25c-25o 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), 24 (with savings in S.I. 2019/680, reg. 11 as amended by S.I. 2020/646, reg. 12)

F111 Article 25d U.K. Fees

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F111 Arts. 25c-25o 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), 24 (with savings in S.I. 2019/680, reg. 11 as amended by S.I. 2020/646, reg. 12)

F111 Article 25e U.K. Exercise of the powers referred to in Articles 25f to 25h

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F111 Arts. 25c-25o 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), 24 (with savings in S.I. 2019/680, reg. 11 as amended by S.I. 2020/646, reg. 12)

F111 Article 25f U.K. Request for information

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F111 Arts. 25c-25o 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), 24 (with savings in S.I. 2019/680, reg. 11 as amended by S.I. 2020/646, reg. 12)

F111 Article 25g U.K. General investigations

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F111 Arts. 25c-25o 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), 24 (with savings in S.I. 2019/680, reg. 11 as amended by S.I. 2020/646, reg. 12)

F111 Article 25h U.K. On-site inspections

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F111 Arts. 25c-25o 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), 24 (with savings in S.I. 2019/680, reg. 11 as amended by S.I. 2020/646, reg. 12)

F111 Article 25i U.K. Procedural rules for taking supervisory measures and imposing fines

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F111 Arts. 25c-25o 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), 24 (with savings in S.I. 2019/680, reg. 11 as amended by S.I. 2020/646, reg. 12)

F111 Article 25j U.K. Fines

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F111 Arts. 25c-25o 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), 24 (with savings in S.I. 2019/680, reg. 11 as amended by S.I. 2020/646, reg. 12)

F111 Article 25k U.K. Periodic penalty payments

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F111 Arts. 25c-25o 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), 24 (with savings in S.I. 2019/680, reg. 11 as amended by S.I. 2020/646, reg. 12)

F111 Article 25l U.K. Hearing of the persons concerned

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F111 Arts. 25c-25o 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), 24 (with savings in S.I. 2019/680, reg. 11 as amended by S.I. 2020/646, reg. 12)

F111 Article 25m U.K. Disclosure, nature, enforcement and allocation of fines and periodic penalty payments

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F111 Arts. 25c-25o 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), 24 (with savings in S.I. 2019/680, reg. 11 as amended by S.I. 2020/646, reg. 12)

F111 Article 25n U.K. Review by the Court of Justice

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F111 Arts. 25c-25o 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), 24 (with savings in S.I. 2019/680, reg. 11 as amended by S.I. 2020/646, reg. 12)

F111 Article 25o U.K. Amendments to Annex IV

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F111 Arts. 25c-25o 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), 24 (with savings in S.I. 2019/680, reg. 11 as amended by S.I. 2020/646, reg. 12)

[F6 Article 25p U.K. Withdrawal of recognition

1 . [F112 The Bank of England may withdraw a recognition decision adopted in accordance with Article 25 where:]

( a ) the CCP concerned has not made use of the recognition within six months, expressly renounces the recognition or has ceased to engage in business for more than six months;

( b ) the CCP concerned has obtained the recognition through false statements or by any other irregular means;

( c ) the CCP concerned has seriously and systematically infringed any of the conditions for recognition laid down in Article 25 or no longer complies with any of those conditions and in any of those situations has not taken the remedial action requested by [F113 the Bank of England] F114 ... ;

( d ) [F115 the Bank of England] is unable to exercise effectively its responsibilities under this Regulation over the CCP concerned, due to the failure of the third-country authority of the CCP to provide [F115 the Bank of England] with all relevant information or cooperate with [F115 the Bank of England] in accordance with Article 25(7);

[F116 ( e ) the regulations made under Article 25(6) have been revoked, or the conditions specified in the regulations are no longer satisfied.]

[F117 The Bank of England] may limit the withdrawal of the recognition to a particular service, activity or class of financial instruments.

When determining the date of entry into effect of the decision to withdraw the recognition, [F118 the Bank of England] shall endeavour to minimise potential market disruption and provide for an appropriate adaptation period which shall not exceed two years.

2 . Before withdrawing the recognition in accordance with point (c) of paragraph 1 of this Article, [F119 the Bank of England] shall take into account the possibility of applying [F120 disciplinary measures in accordance with Chapter 3B of Part 18 of the Financial Services and Markets Act 2000].

[F121 If the Bank of England determines that remedial action has not been taken or that the action taken is not appropriate, the Bank of England shall withdraw the recognition decision.]

3 . [F122 The Bank of England] shall, without undue delay, notify the relevant third-country competent authority of a decision to withdraw the recognition of a recognised CCP.

F123 4. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ]

Textual Amendments

F6 Inserted 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.

F112 Words in Art. 25p(1) 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), 25(a) (with savings in S.I. 2019/680, reg. 11 as amended by S.I. 2020/646, reg. 12)

F113 Words in Art. 25p(1)(c) 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), 25(b)(i)(aa) (with savings in S.I. 2019/680, reg. 11 as amended by S.I. 2020/646, reg. 12)

F114 Words in Art. 25p(1)(c) 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), 25(b)(i)(bb) (with savings in S.I. 2019/680, reg. 11 as amended by S.I. 2020/646, reg. 12)

F115 Words in Art. 25p(1)(d) 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), 25(b)(ii) (with savings in S.I. 2019/680, reg. 11 as amended by S.I. 2020/646, reg. 12)

F116 Art. 25p(1)(e) 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), 25(b)(iii) (with savings in S.I. 2019/680, reg. 11 as amended by S.I. 2020/646, reg. 12)

F117 Words in Art. 25p(1) 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), 25(c) (with savings in S.I. 2019/680, reg. 11 as amended by S.I. 2020/646, reg. 12)

F118 Words in Art. 25p(1) 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), 25(d) (with savings in S.I. 2019/680, reg. 11 as amended by S.I. 2020/646, reg. 12)

F119 Words in Art. 25p(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), 25(e)(i)(aa) (with savings in S.I. 2019/680, reg. 11 as amended by S.I. 2020/646, reg. 12)

F120 Words in Art. 25p(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), 25(e)(i)(bb) (with savings in S.I. 2019/680, reg. 11 as amended by S.I. 2020/646, reg. 12)

F121 Words in Art. 25p(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), 25(e)(ii) (with savings in S.I. 2019/680, reg. 11 as amended by S.I. 2020/646, reg. 12)

F122 Words in Art. 25p(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), 25(f) (with savings in S.I. 2019/680, reg. 11 as amended by S.I. 2020/646, reg. 12)

F123 Art. 25p(4) 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), 25(g) (with savings in S.I. 2019/680, reg. 11 as amended by S.I. 2020/646, reg. 12)

F124 Article 25q U.K. Supervisory measures by ESMA

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Textual Amendments

F124 Art. 25q 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), 26 (with savings in S.I. 2019/680, reg. 11 as amended by S.I. 2020/646, reg. 12)