Further transitional provisions: EEA and third country central counterpartiesU.K.
This section has no associated Explanatory Memorandum
53.—(1) Where the competent authority of an EEA State other than the United Kingdom has made a decision to authorise or not to authorise a CCP RCH in accordance with Article 17 of the EMIR regulation—
(a)its recognition order under section 292(2)(b) of the Act ceases to be valid; and
(b)the CCP RCH is no longer a recognised clearing house.
(2) Where ESMA has made a decision to recognise or not to recognise a CCP RCH established in a State which is not an EEA State in accordance with Article 25 of the EMIR regulation—
(a)its recognition order under section 292(2)(b) of the Act ceases to be valid; and
(b)the CCP RCH is no longer a recognised clearing house.
Commencement Information
I1Reg. 53 in force at 1.4.2013 in accordance with reg. 1(2)