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Regulation (EU) No 648/2012 of the European Parliament and of the CouncilShow full title

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)

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Changes over time for: Article 71a

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Regulation (EU) No 648/2012 of the European Parliament and of the Council, Article 71a is up to date with all changes known to be in force on or before 15 November 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

[F1Article 71aU.K. Publication and notification of decisions about registration of trade repositories

1.The FCA must publish on its website a list of trade repositories registered in accordance with Article 58 (“the Register”).

2.On the adoption of a decision under Article 58 or 71, the FCA must notify its decision to the trade repository concerned.

3.A refusal of an application to register under Article 58 comes into effect on the fifth working day following the day on which it is adopted.

4.A withdrawal of registration under Article 71 takes effect:

(a)immediately upon the adoption of the decision if the notice states that is the case;

(b)on such date as may be specified in that notice; or

(c)if no date is specified in the notice, when the matter to which the notice relates is no longer open to review.

5.A decision to withdraw a registration on the FCA's own initiative under paragraph 1 or 2 of Article 71 may be expressed to take effect immediately (or on a specified date) only if the FCA, having regard to the ground on which it is exercising its power reasonably considers that it is necessary for the withdrawal or direction to take effect immediately (or on that date).

6.If the decision referred to in paragraph 2 is:

(a)to refuse the application for registration made under Article 58;

(b)to exercise the FCA's power under paragraph 1 or 2 of Article 71; or

(c)to refuse an application made by a trade repository under paragraph 3 of Article 71,

the FCA must give the trade repository a written notice.

7.A written notice under paragraph 6 must:

(a)give details of the decision made by the FCA;

(b)state the FCA's reasons for the decision;

(c)state when the decision takes effect; and

(d)inform the trade repository that it may either:

(i)request a review of the decision by the FCA, and make written representations for the purpose of the review, within such period as may be specified in the notice; or

(ii)refer the matter to the Upper Tribunal (“the Tribunal”) within such period as may be specified in the notice; and

(e)indicate the procedure on a reference to the Tribunal.

8.If the trade repository requests a review of the decision made by the FCA (“the original decision”) the FCA must consider any written representations made by the trade repository and review the original decision.

9.On a review under paragraph 8, the FCA may adopt any decision (“the new decision”) it could have adopted on the application.

10.The FCA must give the trade repository written notice of its decision on the review.

11.This paragraph applies to a decision—

(a)to maintain a decision to refuse an application for registration, made under Article 58;

(b)to refuse to revoke a decision made under paragraph 1 or 2 of Article 71; or

(c)to maintain a decision to refuse an application from a trade repository under paragraph 3 of Article 71.

12.A written notice in relation to a decision to which paragraph 11 applies must:

(a)give details of the new decision made by the FCA;

(b)state the FCA's reasons for the new decision;

(c)state whether the decision takes effect immediately or on such date as may be specified in the notice;

(d)inform the trade repository that it may, within such period as may be specified in the notice, refer the new decision to the Tribunal; and

(e)indicate the procedure on a reference to the Tribunal.]

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