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- Gwreiddiol (a wnaed Fel)
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Prospective
3.—(1) The Recognition Requirements Regulations are amended as follows.
(2) In regulation 3(1) (interpretation), in the definition of “defaulter” and “default”, for “section 188(2)” substitute “sections 188(2) and (2A)”.
(3) In Part 3 of the Schedule, after paragraph 23 (complaints), insert—
23A. The clearing house must maintain a plan that sets out the steps that it will take in order to maintain the continuity of its exempt activities in the event that such continuity is threatened.”.
(4) In Part 5 of the Schedule, after paragraph 29 (requirements of the EMIR regulation), insert—
29A. The central counterparty must maintain effective arrangements (which may include rules) for ensuring that losses that—
(a)arise otherwise than as a result of clearing member default; and
(b)threaten the central counterparty’s solvency;
are allocated with a view to ensuring that the central counterparty can continue to provide the services and carry on the activities specified in its recognition order.
29B. The central counterparty must maintain a plan that sets out the steps that it will take in order to maintain the continuity of the services that it provides and the activities that it carries on that are specified in its recognition order in the event that such continuity is threatened.”.
(5) In Part 6 of the Schedule, after paragraph 35 (liquidation of accounts), insert—
36. The default rules must contain provision ensuring that losses that—
(a)arise as a result of clearing member default;
(b)remain after the resources to which the central counterparty has access pursuant to Article 45 of the EMIR Level 1 Regulation have been exhausted; and
(c)threaten the central counterparty’s solvency;
are allocated with a view to ensuring that the central counterparty can continue to provide the services and carry on the activities specified in its recognition order.”.
Commencement Information
I1Reg. 3 in force at 1.2.2014 for specified purposes, see reg. 1(3)(a)
I2Reg. 3 in force at 1.5.2014 for specified purposes, see reg. 1(3)(b)
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