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Financial Services and Markets Act 2023
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Power to reduce variation margin paymentsU.K.
This section has no associated Explanatory Notes
33(1)The sixth stabilisation option is to make one or more variation instruments.
(2)A variation instrument is an instrument that makes provision to reduce or cancel a variation margin payment that a CCP would have otherwise paid to a clearing member of the CCP.
(3)The power under this paragraph may be exercised only for the purpose of recovering losses arising as a result of a clearing member defaulting on the member’s obligations to the CCP.
(4)The power under sub-paragraph (1) does not apply to a clearing member—
(a)which falls within Article 1(4) or (5) of EMIR, or
(b)in relation to which a direction under regulation 3(1)(f) of the Equivalence Determinations for Financial Services and Miscellaneous Provisions (Amendment etc) (EU Exit) Regulations 2019 (S.I. 2019/541) is in force.
(5)In this paragraph, a “variation margin payment” means a payment reflecting an increase in the market value of a clearing member’s position in the market.
Commencement Information
I1Sch. 11 para. 33 not in force at Royal Assent, see s. 86(3)
I2Sch. 11 para. 33 in force at 31.12.2023 by S.I. 2023/1382, reg. 8(b)
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