The Markets in Financial Instruments (Amendment) (EU Exit) Regulations 2018

Non-discriminatory clearing access for financial instruments

31.—(1) In Article 35—

(a) in paragraph 2, for “its relevant competent authority” substitute “the competent authority of the CCP”;

(b) in paragraph 3, in the fourth sentence, omit “Where the trading venue is established in a different Member State to the CCP,”;

(c) in paragraph 4, in the third subparagraph—

(i) for “ESMA” both times it appears, substitute “the FCA”;

(ii) for “Article 37 of Directive 2014/65/EU” substitute “paragraphs 7C, 7D, 21A and 31 of the Schedule to the Recognition Requirements Regulations(1)”;

(d) in paragraph 5, in the second subparagraph, omit the second and third sentences;

(e) in paragraph 6—

(i) in the first subparagraph, in the opening words, for “ESMA shall develop draft regulatory” substitute “The Bank of England may, having consulted the FCA, make”;

(ii) omit the second and third subparagraphs.

(2) In Article 36—

(a) in paragraph 2, for “its relevant competent authority” substitute “the competent authority of the trading venue”;

(b) in paragraph 3, in the fourth sentence, omit “Where the CCP is established in a different Member State to the trading venue”;

(c) in paragraph 4, in the third subparagraph—

(i) for “ESMA” both times it appears, substitute “the FCA”;

(ii) for “Article 37 of Directive 2014/65/EU” substitute “paragraphs 7C, 7D, 21A and 31 of the Schedule to the Recognition Requirements Regulations”;

(d) in paragraph 5—

(i) for the first sentence, substitute—

“This paragraph applies to trading venues which fell below the relevant threshold for exchange-traded derivatives in the calendar year preceding the entry into application of this Regulation and notified ESMA and its competent authority that they did not wish to be bound by this Article for exchange-traded derivatives included within that threshold.”;

(ii) in the second sentence, for “ESMA and its competent authority” substitute “the FCA”;

(iii) in the fourth sentence, for “ESMA” substitute “The FCA”;

(e) in paragraph 6—

(i) in the first sub-paragraph—

(aa) in the opening words, for “ESMA shall develop draft regulatory”, substitute “The FCA may, having consulted the Bank of England, make”;

(bb) in point (d), for “ESMA” substitute “the FCA”;

(ii) omit the second and third sub-paragraphs.

(3) Omit Article 37.

(4) In Article 38—

(a) in paragraph 1—

(i) for “Union” both times it occurs, substitute “United Kingdom”;

(ii) for “the Commission has adopted a decision” both times it appears, substitute “the Treasury has made regulations”;

(b) omit paragraph 2;

(c) in paragraph 3, in the first subparagraph—

(i) for “The Commission may, in accordance with the examination procedure referred to in Article 51, adopt decisions determining” substitute “The Treasury may by regulations determine”;

(ii) for “2” substitute “1”.

(1)

S.I. 2001/995. Paragraphs 7C, 7D and 21A were inserted by S.I. 2006/3386.