The Central Counterparties (Amendment, etc., and Transitional Provision) (EU Exit) Regulations 2018 No. 1184

PART 2 U.K. Amendment of primary legislation

Amendment of the 2000 Act U.K.

2.  The 2000 Act is amended as follows.

Commencement Information

I1 Reg. 2 in force at 31.12.2020, see reg. 1(2); 2020 c. 1, Sch. 5 para. 1(1)

3.—(1) Section 285 (exemption for recognised bodies) is amended as follows.

(2) In subsection (1)—

(a) omit paragraph (c) M1 ; and

(b) for paragraph (d) M2 substitute—

“(d) “third country central counterparty” means a person established in a country other than the United Kingdom who has been recognised by the Bank of England as a central counterparty pursuant to Article 25 of the EMIR Regulation;”.

(3) Omit subsection (3B) M3 .

(4) In subsection (3C) M4 , for “ESMA” substitute “ the Bank of England ”.

Commencement Information

I2 Reg. 3 in force at 31.12.2020, see reg. 1(2); 2020 c. 1, Sch. 5 para. 1(1)

Marginal Citations

M1 Paragraph (c) was substituted by S.I. 2013/504 and amended by S.I. 2017/1064.

M2 Paragraph (d) was substituted by S.I. 2013/504.

M3 Subsection (3B) was inserted by S.I. 2013/504.

M4 Subsection (3C) was inserted by S.I. 2013/504.

4.  In section 292(6) (overseas clearing houses) M5 , omit “authorised as an EEA central counterparty or”.

Commencement Information

I3 Reg. 4 in force at 31.12.2020, see reg. 1(2); 2020 c. 1, Sch. 5 para. 1(1)

Marginal Citations

M5 Section 292(6) was inserted by S.I. 2013/504.

5.  In Schedule 17A (further provision in relation to the exercise of Part 18 functions by Bank of England) M6 —

(a) in paragraph 22, after “recognised clearing house” insert “ , third country central counterparty ”;

(b) in paragraph 32, after “recognised clearing houses,” insert “ third country central counterparties, ”;

(c) in paragraph 33, in sub-paragraph (a), after “recognised clearing houses,” insert “ third country central counterparties, ”; and

(d) in paragraph 36, in sub-paragraph (1), omit “EEA central counterparties,”.

Commencement Information

I4 Reg. 5 in force at 31.12.2020, see reg. 1(2); 2020 c. 1, Sch. 5 para. 1(1)

Marginal Citations

M6 Schedule 17A was inserted by the paragraph 1 of Schedule 7 to the Financial Services Act 2012 (c. 21). Paragraphs 22, 32 and 33 were amended by S.I. 2017/1064. Paragraph 36 was amended by the S.I. 2013/504 and S.I. 2017/1064.