Where a F1body corporate or unincorporated association established in the United Kingdom intends to provide clearing services as a CCP, it shall apply for authorisation to F2its competent authority (the CCP’s competent authority), in accordance with the procedure set out in Article 17.

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Authorisation referred to in paragraph 1 shall be granted only for activities linked to clearing and shall specify the services or activities which the CCP is authorised to provide or perform including the classes of financial instruments covered by such authorisation.

A CCP shall comply at all times with the conditions necessary for authorisation.

A CCP shall, without undue delay, notify the competent authority of any material changes affecting the conditions for authorisation.

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