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The Over the Counter Derivatives, Central Counterparties and Trade Repositories (Amendment, etc., and Transitional Provision) (EU Exit) Regulations 2019
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- UK Statutory Instruments
- 2019 No. 335
- PART 3
- CHAPTER 1
- Regulation 12
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The Over the Counter Derivatives, Central Counterparties and Trade Repositories (Amendment, etc., and Transitional Provision) (EU Exit) Regulations 2019, Section 12 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 Regulation 12:
- Regulations revoked by 2023 c. 29 Sch. 1 Pt. 2
Equivalence decisions for the purposes of the definition of OTC derivativesU.K.
This section has no associated Explanatory Memorandum
12.—(1) Article 2a is amended as follows.
(2) In paragraph 1—
(a)for “a regulated market within the meaning of Article 4(1)(14) of Directive 2004/39/EU” substitute “ a UK regulated market within the meaning given in Article 2(1)(13A) of the MIFIR ”;
(b)for “laid down in Title III of that Directive” substitute “ resulting from provisions of the law of the United Kingdom relied on before [F1IP completion day] to implement Title 3 of Directive 2014/65/EU ”;
(c)for the words from “the Commission” to the end of the paragraph substitute “ the Treasury ”.
(3) In paragraph 2—
(a)for “The Commission may adopt implementing acts” substitute “ The Treasury may make regulations ”;
(b)for “laid down in Title III of Directive 2004/39/EC” substitute “ resulting from provisions of the law of the United Kingdom relied on before [F2IP completion day] to implement Title 3 of Directive 2014/65/EU ”;
(c)omit from “Those implementing acts” to the end of the paragraph.
(4) In paragraph 3—
(a)for “The Commission and ESMA” “The Treasury and the FCA”;
(b)for “implementing act referred to in” substitute “ regulations made by the Treasury under ”.
[F3(5) After paragraph 3, insert—
“4. In this Article, references to requirements resulting from provisions of United Kingdom law which was relied on before IP completion day to implement Title 3 of Directive 2014/65/EU are to those requirements as they apply on the day on which the regulations are made by the Treasury under this Article.”]
Textual Amendments
F1Words in reg. 12(2)(b) substituted (30.12.2020) by The Financial Services and Economic and Monetary Policy (Consequential Amendments) (EU Exit) Regulations 2020 (S.I. 2020/1301), regs. 1, 3, Sch. para. 21(b)
F2Words in reg. 12(3)(b) substituted (30.12.2020) by The Financial Services and Economic and Monetary Policy (Consequential Amendments) (EU Exit) Regulations 2020 (S.I. 2020/1301), regs. 1, 3, Sch. para. 21(b)
F3Reg. 12(5) inserted (31.12.2020 immediately before IP completion day) by The Financial Services (Electronic Money, Payment Services and Miscellaneous Amendments) (EU Exit) Regulations 2019 (S.I. 2019/1212), regs. 1(3), 17 (as amended by S.I. 2020/1301, regs. 1, 3, Sch. 45(b)); 2020 c. 1, Sch. 5 para. 1(1)
Commencement Information
I1Reg. 12 in force at 31.12.2020 on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(1)
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