PART 2AMENDMENT OF SUBORDINATE LEGISLATION

Amendments to the Financial Services and Markets Act 2000 (Over the Counter Derivatives, Central Counterparties and Trade Repositories) Regulations 20132

The Financial Services and Markets Act 2000 (Over the Counter Derivatives, Central Counterparties and Trade Repositories) Regulations 20135 are amended in accordance with the following provisions of this Part.

Interpretation3

In regulation 2, in paragraph (1), for the definition of “the EMIR regulation” substitute—

  • “the EMIR regulation” has the meaning given in section 313 of the Act;

Designation of competent authorities4

In regulation 6—

a

in paragraph (1)—

i

in sub-paragraph (b), for “Article 22(1)” substitute “Articles 22 and 25”;

ii

omit sub-paragraphs (e) and (f);

b

omit paragraph (2);

c

in paragraph (3), omit sub-paragraphs (e) to (g);

d

in paragraph (4), omit sub-paragraphs (a) and (b);

e

in paragraph (6)—

i

in sub-paragraph (a), omit “including Article 71(3)”;

ii

at the end of sub-paragraph (a) insert “and”;

iii

omit sub-paragraph (c) and the “and” immediately preceding it;

f

in paragraph (8), in sub-paragraph (b), omit paragraphs (i) and (ii).

Applications, notifications and reports to the FCA5

In regulation 8, in paragraph (3), for “Article 11(6), (7), (8), (9) or (10)” substitute “Article 11(8) or (9)”.

Penalties and statements6

In regulation 9, in paragraph (10), at the end of sub-paragraph (a) insert “(but not including a requirement enforceable by the FCA pursuant to paragraph (6)(a) or (b) of that regulation)”.

Investigatory powers of ESMA with regard to trade repositories7

Omit regulations 15B to 19 (Part 7).

Transitional provision8

Omit regulation 55A and insert—

Transitional provision: EMIR regulation55B

The FCA may grant an exemption in accordance with Article 89a of the EMIR regulation.