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)

Changes over time for: Article 25p

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Regulation (EU) No 648/2012 of the European Parliament and of the Council, Article 25p is up to date with all changes known to be in force on or before 12 January 2025. 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.

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Changes and effects yet to be applied to Article 25p:

Regulation revoked by 2023 c. 29 Sch. 1 Pt. 1

[F1 Article 25p U.K. Withdrawal of recognition

1 .[F2The 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 [F3the Bank of England] F4... ;

( d )[F5the 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 [F5the Bank of England] with all relevant information or cooperate with [F5the Bank of England] in accordance with Article 25(7);

[F6( e )the regulations made under Article 25(6) have been revoked, or the conditions specified in the regulations are no longer satisfied.]

[F7The 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, [F8the 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, [F9the Bank of England] shall take into account the possibility of applying [F10disciplinary measures in accordance with Chapter 3B of Part 18 of the Financial Services and Markets Act 2000].

[F11If 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 .[F12The 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.

F13 4.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ]

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. 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)

F3Words 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)

F4Words 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)

F5Words 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)

F6Art. 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)

F7Words 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)

F8Words 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)

F9Words 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)

F10Words 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)