PART 8Consequential amendments

Amendments to the Financial Services and Markets Act 2000 (Disclosure of Confidential Information) Regulations 2001I135

1

The Financial Services and Markets Act 2000 (Disclosure of Confidential Information) Regulations 200187 are amended as follows.

2

In regulation 288—

a

in the appropriate place insert—

  • EMIR information” means confidential information received by one of the regulators in the course of discharging its functions as a competent authority under the EMIR regulation;

  • “the EMIR regulation” means Regulation (EU) 648/2012 of the European Parliament and of the Council of 4 July 2012 on OTC derivatives, central counterparties and trade repositories;

b

in the definition of “EEA competent authority”, after “single market directives” insert “or the EMIR regulation”;

c

in paragraph (b) of the definition of “overseas regulatory authority” for “or overseas clearing house” substitute “, overseas clearing house, EEA central counterparty (within the meaning of section 285(1)(c) of the Act) or third country central counterparty (within the meaning of section 285(1)(d) of the Act)”;

d

in the definition of “single market restrictions”—

i

at the end of paragraph (j) omit “and”;

ii

at the end of paragraph (k) insert—

; and

l

article 83 of the EMIR regulation;

3

In regulation 889—

a

at the end of paragraph (a) omit “and”;

b

at the end of paragraph (b) insert—

; and

c

EMIR information, where that information has been received from the competent authority of an EEA State other than the United Kingdom under the EMIR regulation.

4

In regulation 990—

a

in paragraph (1), after “(3C)” insert “, (3E)”;

b

after paragraph (3D) insert—

3E

Paragraph (1) does not permit disclosure of EMIR information to a person specified in the first column of Schedule 1 in contravention of Article 83 of the EMIR regulation.

5

In regulation 1191, after paragraph (e) insert—

f

EMIR information, where that information has been received from the competent authority of an EEA State other than the United Kingdom under the EMIR regulation, unless that authority has given its express consent for disclosure that is covered by this Part.

6

In Part 4 of Schedule 1—

a

in the first column, in the entry beginning “A recognised clearing house” after “other than an overseas clearing house” insert “, an EEA central counterparty (within the meaning of section 285(1)(c) of the Act) or a third country central counterparty (within the meaning of section 285(1)(d) of the Act)”;

b

in the table, at the end, insert—

An EEA central counterparty (within the meaning of section 285(1)(c) of the Act)

Its functions in relation to defaults or potential defaults by market participants

7

In Schedule 2, in the first column, in the entry beginning “A recognised clearing house” after “other than an overseas clearing house” insert “, an EEA central counterparty (within the meaning of section 285(1)(c) of the Act) or a third country central counterparty (within the meaning of section 285(1)(d) of the Act)”.