2.—(1) Regulation 52 (transitional and saving provisions: central counterparties) of the Financial Services and Markets Act 2000 (Over the Counter Derivatives, Central Counterparties and Trade Repositories) Regulations 2013(1) is amended as follows.
(2) At the beginning of paragraph (5)(d) insert “subject to paragraph (5A),”.
(3) After paragraph (5) insert—
“(5A) During its transition period(2), the Financial Services and Markets Act 2000 (Recognition Requirements for Investment Exchanges and Clearing Houses) Regulations 2001(3) apply in relation to a CCP RCH(4) which is established outside the United Kingdom as if—
(a)they had not been amended or disapplied by these Regulations; and
(b)paragraph 23A of the Schedule(5) were omitted.”.
(4) In paragraph (6) for “paragraph (5)(d) does not apply” substitute “paragraphs (5)(d) and (5A)(a) do not apply”.
Commencement Information
I1Reg. 2 in force at 1.5.2014, see reg. 1(2)
“transition period” is defined in regulation 52 of S.I. 2013/504.
S.I. 2001/995, amended by the Financial Services and Markets Act 2000 (Over the Counter Derivatives, Central Counterparties and Trade Repositories) Regulations 2013 (S.I. 2013/504) and the Financial Services and Markets Act 2000 (Over the Counter Derivatives, Central Counterparties and Trade Repositories) (No. 2) Regulations 2013 (S.I. 2013/1908). There are other amending instruments but none is relevant.
“CCP RCH” is defined in regulation 50 of S.I. 2013/504.
Paragraph 23A is inserted by regulation 3(3) of the Financial Services and Markets Act 2000 (Over the Counter Derivatives, Central Counterparties and Trade Repositories) (No. 2) Regulations 2013 (S.I. 2013/1908).