PART 2Amendment of primary legislation
Amendment of the 2000 Act
2
The 2000 Act is amended as follows.
3
1
Section 285 (exemption for recognised bodies) is amended as follows.
2
In subsection (1)—
a
omit paragraph (c)4; and
b
for paragraph (d)5 substitute—
d
“third country central counterparty” means a person established in a country other than the United Kingdom who has been recognised by the Bank of England as a central counterparty pursuant to Article 25 of the EMIR Regulation;
3
Omit subsection (3B)6.
4
In subsection (3C)7, for “ESMA” substitute “the Bank of England”.
4
In section 292(6) (overseas clearing houses)8, omit “authorised as an EEA central counterparty or”.
5
In Schedule 17A (further provision in relation to the exercise of Part 18 functions by Bank of England)9—
a
in paragraph 22, after “recognised clearing house” insert “, third country central counterparty”;
b
in paragraph 32, after “recognised clearing houses,” insert “third country central counterparties,”;
c
in paragraph 33, in sub-paragraph (a), after “recognised clearing houses,” insert “third country central counterparties,”; and
d
in paragraph 36, in sub-paragraph (1), omit “EEA central counterparties,”.