SCHEDULES
SCHEDULE 2Transitional amendments
PART 5Amendments to the Central Counterparties (Amendment, etc., and Transitional Provision) (EU Exit) Regulations 2018
I151
1
Regulation 19B of the Central Counterparties (Amendment, etc., and Transitional Provision) (EU Exit) Regulations 2018 (S.I. 2018/1184) is amended as follows.
2
In paragraph (2) for “one year” substitute “3 years and 6 months”
.
3
After paragraph (3) insert—
4
The period determined by the Bank of England in a particular case under paragraph (2) (whenever determined) may be varied by the making of a subsequent determination.
5
Paragraph (6) applies where—
a
a central counterparty (A) was taken to be recognised pursuant to Article 25 of the EMIR regulation in accordance with regulation 19A(3), and
b
A ceased to be taken to be so recognised by virtue of the relevant period in the case of A having expired before the commencement day.
6
The Bank of England—
a
may determine that the relevant period in the case of A is (in spite of its expiry) to be treated, as from the making of the determination, as not having expired, and
b
may accordingly exercise its power under this regulation to vary the relevant period on or after the commencement day.
7
In paragraphs (5) and (6) “the commencement day” means the day on which Part 5 of Schedule 2 to the Financial Services and Markets Act 2023 comes into force.
8
Paragraphs (5) to (7) expire at the end of 31 December 2025 (but without affecting any variation of a relevant period made under this regulation by virtue of paragraph (6)(b) before that time).