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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 15
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The Over the Counter Derivatives, Central Counterparties and Trade Repositories (Amendment, etc., and Transitional Provision) (EU Exit) Regulations 2019, Section 15 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 15:
- Regulations revoked by 2023 c. 29 Sch. 1 Pt. 2
Clearing obligation procedureU.K.
This section has no associated Explanatory Memorandum
15.—(1) Article 5 is amended as follows.
(2) Omit paragraph 1.
(3) For paragraph 2 substitute—
“2. Technical standards may be made as follows:
(a)the Bank of England may make technical standards specifying the class or classes of OTC derivatives that should be subject to the clearing obligation referred to in Article 4;
(b)the Bank of England may make technical standards for financial counterparties that are PRA-authorised persons and the FCA may make technical standards for all other cases, specifying the date or dates from which the clearing obligation takes effect, including any phase in and the categories of counterparties to which the obligation applies;
F1(c). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
In developing the technical standards under this paragraph, the Bank and the FCA shall not prejudice the transitional provision relating to C6 energy derivative contracts as laid down in Article 89a.”.
(4) For paragraph 3 substitute—
“3. The Bank of England shall identify in accordance with the criteria set out in points (a), (b) and (c) of paragraph 4 the classes of derivatives that should be subject to the clearing obligation provided in Article 4 but for which no CCP has yet received authorisation.”.
(5) In paragraph 4—
(a)in the opening words of the first sub-paragraph, for “draft regulatory” substitute “ development by the Bank of England of ”;
(b)in the second sub-paragraph—
(i)omit “draft regulatory”;
(ii)for “ESMA” substitute “ the Bank of England ”;
(iii)for “Union” substitute “ United Kingdom ”;
(c)omit the words from “In order to ensure consistent application” to the end of the paragraph.
(6) In paragraph 5, for the words from the beginning to “paragraph 2(b)” substitute “ In developing these technical standards, the Bank of England and the FCA ”.
Textual Amendments
F1Words in reg. 15(3) omitted (30.10.2019) by virtue of The Over the Counter Derivatives, Central Counterparties and Trade Repositories (Amendment, etc., and Transitional Provision) (EU Exit) (No. 2) Regulations 2019 (S.I. 2019/1416), regs. 1(2), 15
Commencement Information
I1Reg. 15 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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