EXPLANATORY NOTE
(This note is not part of the Regulations)
These Regulations are made in exercise of the powers conferred by regulation 14(1) of the Central Counterparties (Amendment, etc., and Transitional Provision) (EU Exit) Regulations 2018 (SI 2018/1184) (‘the 2018 Regulations’). They specify that the regulatory framework for central counterparties in each EEA state meets the relevant criteria in regulation 14(1) of the 2018 Regulations.
As specified in regulation 14(2) of the 2018 Regulations, on and after IP completion day, these regulations will have effect as if made under Article 25(6) of the EMIR (as it has effect as retained EU law).
A de minimis impact assessment has been produced for this instrument.