32.—(1) Paragraph (2) applies if a recognised investment exchange—
(a)immediately before the commencement date—
(i)carried on a regulated activity for the purposes of, or in connection with, the provision of clearing services by the exchange, and
(ii)was exempt from the general prohibition by virtue of section 285(2)(b)(1) (exemption for recognised investment exchanges and clearing houses); and
(b)continues to carry on, after the commencement date, that regulated activity for the purposes of, or in connection with, the provision of clearing services by the exchange.
(2) The recognised investment exchange is to be treated as if the Bank of England had made a recognition order declaring it to be a recognised clearing house (separate from, and in addition to, its recognition as a recognised investment exchange) under—
(a)section 292(2)(2) (overseas investment exchanges and overseas clearing houses), in the case of an overseas investment exchange, and
(b)in any other case, section 290(1)(3) (recognition orders).
(3) But paragraph (2) ceases to have effect in relation to the recognised investment exchange on the later of—
(a)the day which is the last day of the period of six months beginning on the date of entry into force of all the regulatory technical standards under Articles 16, 25, 26, 29, 34, 41, 42, 44, 45, 47 and 49 of Regulation (EU) No 648/2012 of the European Parliament and of the Council of 4th July 2012 on OTC derivatives, central counterparties and trade repositories(4); and
(b)if the recognised investment exchange submits an application for authorisation in accordance with Article 17 of that Regulation on or before the last day of that period, the day after the day on which the application is determined in accordance with that Regulation.
33.—(1) Paragraphs (2) to (6) apply if, before the commencement date, the Authority—
(a)had received an application made in accordance with section 288(5) (application by a clearing house); and
(b)had not determined the application.
(2) The application is to be treated as if it had been made to the Bank of England on the date on which it was made.
(3) A requirement imposed by the Authority under section 288(2)(d) is to be treated as if it had been imposed by the Bank of England.
(4) Information requested by the Authority under section 289(1)(6) (applications: supplementary) is to be treated as if it had been requested by the Bank of England.
(5) A direction given by the Authority under section 289(2) is to be treated as if it had been given by the Bank of England.
(6) Information provided to the Authority in accordance with section 289(2) is to be treated as if it had been provided to the Bank of England.
34.—(1) Paragraph (2) applies if, before the commencement date, the Authority—
(a)had made a recognition order under section 290 or section 292 declaring the applicant to be a recognised clearing house; and
(b)had not revoked the recognition order.
(2) The recognition order is to be treated as if it had been made by the Bank of England.
35.—(1) Paragraph (3) applies if, before the commencement date, a recognised clearing house (other than an overseas clearing house)—
(a)altered or revoked any of its rules or guidance, made new rules or issued new guidance; and
(b)did not give written notice to the Authority for the purposes of section 293(5)(7) (notification requirements).
(2) Paragraph (3) also applies if, before the commencement date, a recognised clearing house (other than an overseas clearing house)—
(a)made a change in—
(i)the recognised investment exchanges for whom it provides clearing services, or
(ii)the criteria which it applies when determining for whom (other than recognised investment exchanges) it will provide clearing services; and
(b)did not give written notice to the Authority for the purposes of section 293(7).
(3) The recognised clearing house must give written notice to the Bank of England and the FCA without delay.
(4) Paragraph (5) applies if, before the commencement date, a recognised investment exchange (other than an overseas investment exchange)—
(a)made a change in—
(i)the arrangements it makes for the provision of clearing services in respect of transactions effected on the exchange, or
(ii)the criteria which it applies when determining to whom it will provide clearing services; and
(b)did not give written notice to the Authority for the purposes of section 293(6) (notification requirements).
(5) The recognised investment exchange must give written notice to the Bank of England and the FCA without delay.
36.—(1) Paragraph (2) applies if, before the commencement date—
(a)the Authority gave a direction under section 296(2)(8) (power to give directions) to a recognised clearing house; and
(b)the clearing house did not take the steps specified in the direction.
(2) The direction is to be treated as if it had been given by the Bank of England.
37.—(1) Paragraph (2) applies if—
(a)the Authority had, before the commencement date, made an order under section 297(9) (revoking recognition) revoking the recognition order made in relation to a recognised clearing house; and
(b)the date on which the revocation order takes effect is, or is after, the commencement date.
(2) The revocation order is to be treated as if it had been made by the Bank of England.
38.—(1) Paragraphs (2) to (4) apply if—
(a)the Authority gave a notice under section 298(10) (directions and revocation: procedure) (including a written notice under section 298 as applied by section 290(5) or section 290A(5)(11) (refusal of recognition on ground of excessive regulatory provision)) to a recognised clearing house before the commencement date; and
(b)the end of the period for making representations is, or is after, the commencement date.
(2) The notice is to be treated as if it had been given by the Bank of England.
(3) Any representations made to the Authority before the commencement date are to be treated as if they had been made to the Bank of England.
(4) Representations may be made to the Bank of England before the end of the period specified in the notice.
39.—(1) Paragraph (2) applies if, before the commencement date—
(a)the Authority had received a relevant complaint (within the meaning of section 299(2)(12) (complaints about recognised bodies)) about a recognised clearing house; and
(b)a response had not been sent to the complainant following the completion of the investigation.
(2) The complaint is to be treated as if it had been made to the Bank of England.
40. A direction given before the commencement date by the Authority under section 300A(2)(13) (power to disallow excessive regulatory provision) to a recognised clearing house is to be treated as if it had been given by the Bank of England.
41.—(1) Paragraph (2) applies if, before the commencement date, a recognised clearing house—
(a)had given notice to the Authority under section 300B(14) (duty to notify proposal to make regulatory provision); and
(b)had not made the regulatory provision to which the notice relates.
(2) The notice is to be treated as if it had been given to the Bank of England.
42.—(1) Paragraphs (2) to (4) apply if, before the commencement date, the Authority—
(a)had notified a recognised clearing house under section 300C(3)(15) (restriction on making provision before deciding whether to act) that it was calling in a proposal to make regulatory provision; and
(b)had not notified the clearing house of its decision whether to disallow the provision.
(2) The notification to which paragraph (1)(a) refers is to be treated as if it had been given by the Bank of England.
(3) Any notice published under section 300D(2)(16) (consideration whether to disallow proposed provision) is to be treated as if it had been published by the Bank of England.
(4) Any extension of the period for making representations granted by the Authority under section 300D(3) is to be treated as if it had been granted by the Bank of England.
(5) Paragraph (6) applies if, before the commencement date—
(a)the Authority had notified a recognised clearing house of its decision not to disallow a regulatory provision, for the purposes of section 300D(5)(a); and
(b)the regulatory provision had not been made.
(6) The notification is to be treated as if it had been given by the Bank of England.
43.—(1) A person included, immediately before the commencement date, in the list maintained by the Authority for the purposes of section 301(2)(17) (supervision of certain contracts) is to be included on the commencement date in the list maintained by the Bank of England for the purposes of that section.
(2) Paragraph (3) applies if, before the commencement date, the Treasury—
(a)gave approval to the Authority for—
(i)conditions for admission to the list;
(ii)arrangements for admission to, and removal from, the list; and
(b)had not withdrawn the approval.
(3) The approval is to be treated as if it had been given to the Bank of England.
Section 285 is amended by the 2012 Act, section 28.
Section 292(2) is amended by the 2012 Act, Schedule 8, paragraph 8.
Section 290(1) is amended by the 2012 Act, Schedule 8, paragraph 6.
OJ L 201, 27.7.2012, p1.
Section 288 is amended by the 2012 Act, Schedule 8, paragraph 4.
Section 289 is amended by the 2012 Act, Schedule 8, paragraph 5.
Section 293 is amended by the 2012 Act, Schedule 8, paragraph 10.
Section 296 is amended by the 2012 Act, Schedule 8, paragraph 14.
Section 297 was amended by S.I. 2007/126 and 2012/916, and is further amended by the 2012 Act, Schedule 8, paragraph 15.
Section 298 was amended by S.I. 2007/126, and is further amended by the 2012 Act, section 32 and Schedule 8, paragraph 16.
Section 290A was inserted by the Investment Exchanges and Clearing Houses Act 2006 (c.55), section 4 and is amended by the 2012 Act, Schedule 8, paragraph 7.
Section 299 is amended by the 2012 Act, Schedule 8, paragraph 17.
Section 300A was inserted by the Investment Exchanges and Clearing Houses Act 2006, section 1 and is amended by the 2012 Act, Schedule 8, paragraph 18. There are other amending instruments but none is relevant.
Section 300B was inserted by the Investment Exchanges and Clearing Houses Act 2006, section 2 and is amended by the 2012 Act, Schedule 8, paragraph 19.
Section 300C was inserted by the Investment Exchanges and Clearing Houses Act 2006, section 2 and is amended by the 2012 Act, Schedule 8, paragraph 20.
Section 300D was inserted by the Investment Exchanges and Clearing Houses Act 2006, section 2 and is amended by the 2012 Act, Schedule 8, paragraph 21.
Section 301 is amended by the 2012 Act, Schedule 8, paragraph 22.