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The Financial Services and Markets Act 2000 (Over the Counter Derivatives, Central Counterparties and Trade Repositories) Regulations 2013

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Changes over time for: Section 2

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Point in time view as at 31/12/2020.

Changes to legislation:

There are currently no known outstanding effects for the The Financial Services and Markets Act 2000 (Over the Counter Derivatives, Central Counterparties and Trade Repositories) Regulations 2013, Section 2. Help about Changes to Legislation

InterpretationU.K.

This section has no associated Explanatory Memorandum

2.—(1) In these Regulations—

“the Act” means the Financial Services and Markets Act 2000;

“the 1989 Act” means the Companies Act 1989;

“the Bank” means the Bank of England;

“central counterparty” means a body corporate or unincorporated association which interposes itself between the counterparties to the contracts traded on one or more financial markets, becoming the buyer to every seller and the seller to every buyer;

“clearing”, in relation to a central counterparty, means the process of establishing positions, including the calculation of net obligations and ensuring that financial instruments, cash, or both, are available to secure the exposures arising from those positions; and “clearing services”, in relation to a central counterparty, is to be read accordingly;

[F1“the EMIR regulation” has the meaning given in section 313 of the Act;]

“recognised central counterparty” means a central counterparty in relation to which a recognition order under Part 18 of the Act is in force.

(2) Except as provided by paragraph (1)—

(a)any expression used in these Regulations which is defined for the purposes of the EMIR regulation has the meaning which it has in that Regulation; and

(b)any other expression used in these Regulations which is defined for the purposes of the Act has the meaning given by the Act.

Textual Amendments

Commencement Information

I1Reg. 2 in force at 1.4.2013 in accordance with reg. 1(2)

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