19A.—(1) This regulation applies to a central counterparty established in a third country where it—
(a)meets the conditions in regulation 17(1)(a); and
(b)is not taken to be recognised pursuant to Article 25 of the EMIR Regulation in accordance with regulation 13 or 17.
(2) This regulation also applies to a central counterparty established in a third country which ceases to be taken to be recognised pursuant to Article 25 of the EMIR Regulation in accordance with regulation 17 where—
(a)the conditions in regulation 19(2), 19(4), 19(5)(a) or 19(6) apply, or
(b)the condition in regulation 19(5)(b) applies and the Bank determines that the central counterparty should not be recognised pursuant to Article 25 of the EMIR Regulation.
(3) Where this regulation applies, a central counterparty is to be taken to be recognised pursuant to Article 25 of the EMIR Regulation for the relevant period and in respect of the relevant services, activities and classes of financial instruments.
(4) Article 25.5 of the EMIR Regulation does not apply to a central counterparty which is taken to be recognised pursuant to Article 25 of the EMIR Regulation by virtue of this regulation.]
Textual Amendments
F1Regs. 19A-19D inserted (1.3.2019) by The Financial Services Contracts (Transitional and Saving Provision) (EU Exit) Regulations 2019 (S.I. 2019/405), regs. 1(2), 8