TITLE III

AUTHORISATION AND SUPERVISION OF CCPs
CHAPTER 4

Relations with third countries

Comparable compliance
Article 25a
1
A CCP referred to in Article 25(2b) may submit a reasoned request that
the Bank of England
assesses whether in its compliance with the applicable third-country framework, taking into account the provisions of the
regulations made under
Article 25(6), that CCP may be deemed to satisfy compliance with the requirements set out in Article 16 and Titles IV and V.
...
2
The request referred to in paragraph 1 shall provide the factual basis for a finding of comparability and the reasons why compliance with the requirements applicable in the third country satisfies the requirements set out in Article 16 and Titles IV and V.
3
The
Bank of England
, in order to ensure that the assessment referred to in paragraph 1 effectively reflects the regulatory objectives of the requirements set out in Article 16 and Titles IV and V and the
United Kingdom's
interests as a whole,
may make technical standards
specifying the following:
a
the minimum elements to be assessed for the purposes of paragraph 1of this Article;
b
the modalities and conditions to carry out the assessment.
...
Inserted by Regulation (EU) 2019/2099 of the European Parliament and of the Council of 23 October 2019 amending Regulation (EU) No 648/2012 as regards the procedures and authorities involved for the authorisation of CCPs and requirements for the recognition of third-country CCPs.
Words in Art. 25a(1) substituted (31.12.2020) by The Over the Counter Derivatives, Central Counterparties and Trade Repositories (Amendment, etc., and Transitional Provision) (EU Exit) Regulations 2020 (S.I. 2020/646), regs. 1(3), 22(a)(i) (with savings in S.I. 2019/680, reg. 11 as amended by S.I. 2020/646, reg. 12)
Words in Art. 25a(1) substituted (31.12.2020) by The Over the Counter Derivatives, Central Counterparties and Trade Repositories (Amendment, etc., and Transitional Provision) (EU Exit) Regulations 2020 (S.I. 2020/646), regs. 1(3), 22(a)(ii) (with savings in S.I. 2019/680, reg. 11 as amended by S.I. 2020/646, reg. 12)
Words in Art. 25a(1) omitted (31.12.2020) by virtue of The Over the Counter Derivatives, Central Counterparties and Trade Repositories (Amendment, etc., and Transitional Provision) (EU Exit) Regulations 2020 (S.I. 2020/646), regs. 1(3), 22(a)(iii) (with savings in S.I. 2019/680, reg. 11 as amended by S.I. 2020/646, reg. 12)
Words in Art. 25a(3) substituted (31.12.2020) by The Over the Counter Derivatives, Central Counterparties and Trade Repositories (Amendment, etc., and Transitional Provision) (EU Exit) Regulations 2020 (S.I. 2020/646), regs. 1(3), 22(b)(i)(aa) (with savings in S.I. 2019/680, reg. 11 as amended by S.I. 2020/646, reg. 12)
Words in Art. 25a(3) substituted (31.12.2020) by The Over the Counter Derivatives, Central Counterparties and Trade Repositories (Amendment, etc., and Transitional Provision) (EU Exit) Regulations 2020 (S.I. 2020/646), regs. 1(3), 22(b)(i)(bb) (with savings in S.I. 2019/680, reg. 11 as amended by S.I. 2020/646, reg. 12)
Words in Art. 25a(3) substituted (31.12.2020) by The Over the Counter Derivatives, Central Counterparties and Trade Repositories (Amendment, etc., and Transitional Provision) (EU Exit) Regulations 2020 (S.I. 2020/646), regs. 1(3), 22(b)(i)(cc) (with savings in S.I. 2019/680, reg. 11 as amended by S.I. 2020/646, reg. 12)
Words in Art. 25a(3) omitted (31.12.2020) by virtue of The Over the Counter Derivatives, Central Counterparties and Trade Repositories (Amendment, etc., and Transitional Provision) (EU Exit) Regulations 2020 (S.I. 2020/646), regs. 1(3), 22(b)(ii) (with savings in S.I. 2019/680, reg. 11 as amended by S.I. 2020/646, reg. 12)