51(1)Regulation 19B of the Central Counterparties (Amendment, etc., and Transitional Provision) (EU Exit) Regulations 2018 (S.I. 2018/1184) is amended as follows.U.K.
(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).”
Commencement Information
I1Sch. 2 para. 51 in force at Royal Assent, see s. 86(1)(b)