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The Central Counterparties (Amendment, etc., and Transitional Provision) (EU Exit) Regulations 2018

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The Central Counterparties (Amendment, etc., and Transitional Provision) (EU Exit) Regulations 2018, Section 19 is up to date with all changes known to be in force on or before 24 February 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. Help about Changes to Legislation

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Changes and effects yet to be applied to Regulation 19:

Cessation of temporary deemed recognitionU.K.

This section has no associated Explanatory Memorandum

19.—(1) A central counterparty is, on or after [F1IP completion day], to cease to be taken to be recognised pursuant to Article 25 of the EMIR Regulation in accordance with regulation 17 where any of the following conditions are met.

F2(2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F2(3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(4) The [F3first] condition is that the Bank of England directs that the central counterparty is to cease to be taken to be recognised pursuant to Article 25 of the EMIR Regulation in accordance with regulation 17.

(5) The [F4second] condition is that, in the case of a central counterparty who has submitted an application under regulation 12 or Article 25.4 of the EMIR Regulation—

(a)the central counterparty withdraws their application; or

(b)the application is determined by the Bank of England.

(6) The [F5third] condition is that, in the case of a central counterparty which has not submitted an application under regulation 12, the period of [F618 months] beginning with [F1IP completion day] expires without the central counterparty having submitted an application under Article 25.4 of the EMIR Regulation during that period.

(7) A direction may only be given under paragraph (4) where—

(a)the Bank of England considers that there would otherwise be an adverse effect on financial stability in the United Kingdom;

(b)the central counterparty has not made use of the recognition within the period of twelve months beginning with [F1IP completion day], has expressly renounced the recognition or has provided no services or performed no activity for the preceding six months; or

(c)in the case of a central counterparty who has submitted an application under regulation 12 or Article 25.4 of the EMIR Regulation, the central counterparty has made false statements in relation to the application or has sought to obtain recognition by any other irregular means.

Textual Amendments

F1Words in reg. 19 substituted (31.1.2020 immediately before exit day) by The Financial Services (Consequential Amendments) Regulations 2020 (S.I. 2020/56), regs. 1, 7(2)(h)

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