The Over the Counter Derivatives, Central Counterparties and Trade Repositories (Amendment, etc., and Transitional Provision) (EU Exit) Regulations 2019

Intragroup transactionsU.K.

This section has no associated Explanatory Memorandum

13.—(1) Article 3 is amended as follows.

(2) In paragraph 1—

(a)for “Union” substitute “ United Kingdom ”;

(b)at the end insert “ before [F1IP completion day][F2or] the Treasury have made regulations under that Article in respect of that third country after [F1IP completion day]”.

(3) In paragraph 2—

(a)in point (a)—

(i)in point (i)—

(aa)for “Union” substitute “ United Kingdom ”;

(bb)at the end insert “ before [F3IP completion day] [F4or] the Treasury have made regulations under that Article in respect of that third country after [F3IP completion day]”;

(ii)in point (iv) after “control procedures;” insert “ or ”;

(b)omit points (b) and (c);

(c)in point (d)—

(i)for “Union” substitute “ United Kingdom ”;

(ii)at the end insert “ before [F5IP completion day] [F6or] the Treasury have made regulations under that Article in respect of that third country after [F5IP completion day] ”.

(4) In paragraph 3, for point (b) substitute—

“(b)covered by the same supervision on a consolidated basis in accordance with the Capital Requirements Regulation, or in relation to a group the parent undertaking of which has its head office in a third country, the same supervision on a consolidated basis by a third-country competent authority verified as equivalent to that governed by the principles laid down in accordance with the Capital Requirements Regulation.”.

Textual Amendments

Commencement Information

I1Reg. 13 in force at 31.12.2020 on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(1)