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The Central Counterparties (Amendment, etc., and Transitional Provision) (EU Exit) Regulations 2018

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The Central Counterparties (Amendment, etc., and Transitional Provision) (EU Exit) Regulations 2018, PART 2 is up to date with all changes known to be in force on or before 03 September 2024. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations. Help about Changes to Legislation

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Yn ddilys o 31/12/2020

PART 2U.K.Amendment of primary legislation

Amendment of the 2000 ActU.K.

2.  The 2000 Act is amended as follows.

Commencement Information

I1Reg. 2 in force on "exit day" in accordance with reg. 1(2), see 2018 c. 16, s. 20(1)(2)-(5)

3.—(1) Section 285 (exemption for recognised bodies) is amended as follows.

(2) In subsection (1)—

(a)omit paragraph (c) M1; and

(b)for paragraph (d) M2 substitute—

(d)third country central counterparty” means a person established in a country other than the United Kingdom who has been recognised by the Bank of England as a central counterparty pursuant to Article 25 of the EMIR Regulation;.

(3) Omit subsection (3B) M3.

(4) In subsection (3C) M4, for “ESMA” substitute “ the Bank of England ”.

Commencement Information

I2Reg. 3 in force on "exit day" in accordance with reg. 1(2), see 2018 c. 16, s. 20(1)(2)-(5)

Marginal Citations

M1Paragraph (c) was substituted by S.I. 2013/504 and amended by S.I. 2017/1064.

M2Paragraph (d) was substituted by S.I. 2013/504.

M3Subsection (3B) was inserted by S.I. 2013/504.

M4Subsection (3C) was inserted by S.I. 2013/504.

4.  In section 292(6) (overseas clearing houses) M5, omit “authorised as an EEA central counterparty or”.

Commencement Information

I3Reg. 4 in force on "exit day" in accordance with reg. 1(2), see 2018 c. 16 s. 20(1)(2)-(5)

Marginal Citations

M5Section 292(6) was inserted by S.I. 2013/504.

5.  In Schedule 17A (further provision in relation to the exercise of Part 18 functions by Bank of England) M6

(a)in paragraph 22, after “recognised clearing house” insert “ , third country central counterparty ”;

(b)in paragraph 32, after “recognised clearing houses,” insert “ third country central counterparties, ”;

(c)in paragraph 33, in sub-paragraph (a), after “recognised clearing houses,” insert “ third country central counterparties, ”; and

(d)in paragraph 36, in sub-paragraph (1), omit “EEA central counterparties,”.

Commencement Information

I4Reg. 5 in force on "exit day" in accordance with reg. 1(2), see 2018 c. 16, s. 20(1)(2)-(5)

Marginal Citations

M6Schedule 17A was inserted by the paragraph 1 of Schedule 7 to the Financial Services Act 2012 (c. 21). Paragraphs 22, 32 and 33 were amended by S.I. 2017/1064. Paragraph 36 was amended by the S.I. 2013/504 and S.I. 2017/1064.

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