The Financial Services Act 2021 (Prudential Regulation of Credit Institutions and Investment Firms) (Consequential Amendments and Miscellaneous Provisions) Regulations 2022

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

19.—(1) 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(1) is amended as follows.

(2) In Article 2(2) (definitions), after point (36) insert—

“(37) ‘FCA Handbook’ means the handbook published by the FCA containing rules made by that Authority under FSMA as that handbook has effect on 17 August 2022;

(38) ‘FCA investment firm’ has the meaning given in Article 4(1)(2AB) of the Capital Requirements Regulation(3);

(39) ‘Part 9C rules’ has the meaning given in section 143F(1) of FSMA(4).”.

(3) In Article 50a(5) (calculation of KCCP)—

(a) in paragraph (1), after “PRA Rulebook” insert “and Chapter 10 of the Prudential Sourcebook for MiFID Investment Firms (MIFIDPRU) in the FCA Handbook”;

(b) in paragraph (3), after “institutions” insert “or FCA investment firms”;

(c) in paragraph (4)(b), after “institution” insert “or FCA investment firm”.

(4) In Article 50b(6) (general rules for the calculation of KCCP), after point (b) insert—

“(ba) for FCA investment firms that fall under the scope of Part 9C rules, the netting sets are the same as those set out in the definition of “netting set (in MIFIDPRU)” in the Glossary of the FCA Handbook;”.

(5) In Article 50c(7) (reporting of information)—

(a) in paragraph (1)—

(i) after “PRA Rulebook” insert “and Chapter 10 of the Prudential Sourcebook for MiFID Investment Firms (MIFIDPRU) in the FCA Handbook”;

(ii) after “institutions” insert “or FCA investment firms”;

(b) in paragraph (2), after “institutions” insert “or FCA investment firms”;

(c) in paragraph (3)(c), after “institution” insert “or FCA investment firm”.

(1)

EUR 648/2012.

(2)

Points (32) to (35) were inserted by S.I. 2018/1184. Point (36) was inserted by S.I. 2021/1376.

(3)

Article 4(1)(2AB) was inserted by section 1(4) of the Financial Services Act 2021.

(4)

Section 143F was inserted by paragraph 1 of Schedule 2 to the Financial Services Act 2021.

(5)

Article 50a was amended by S.I. 2021/1376.

(6)

Article 50b was amended by S.I. 2021/1376.

(7)

Article 50c was amended by S.I. 2021/1376.