The Central Counterparties (Transitional Provision) (Extension and Amendment) Regulations 2023
1Citation, commencement and extent
2Extension of the transitional period for third-country central counterparties under Article 497 of Regulation (EU) 575/2013 of the European Parliament and of the Council of 26 June 2013 on prudential requirements for credit institutions and investment firms and amending Regulation No. 648/2012
3Amendment to the Central Counterparties (Amendment, etc., and Transitional Provision) (EU Exit) Regulations 2018
2023 No. 999
Financial Services

The Central Counterparties (Transitional Provision) (Extension and Amendment) Regulations 2023

Made
Laid before Parliament
Coming into force
The Treasury make these Regulations in exercise of the powers conferred by Article 497(3) of Regulation (EU) 575/2013 of the European Parliament and of the Council of 26 June 2013 on prudential requirements for credit institutions and investment firms and amending Regulation No 648/20121 (the “Capital Requirements Regulation”), and by regulation 18(2) of the Central Counterparties (Amendment, etc., and Transitional Provisions) (EU Exit) Regulations 20182 (the “CCP Regulations”).

The Treasury are satisfied that it is necessary and proportionate to extend the transitional provisions in paragraph 1 of Article 497 of the Capital Requirements Regulation in order to avoid disruption to international financial markets, and that it is necessary and proportionate to extend the temporary recognition period in regulation 18(1) of the CCP Regulations in order to avoid disruption to the financial stability of the United Kingdom.