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The Trade Repositories (Amendment and Transitional Provision) (EU Exit) Regulations 2018

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PART 2Amendment of retained direct EU legislation: the European Markets Infrastructure Regulation

Amendment of provision in respect of registration of a trade repository

2.—(1) Chapter 1 of Title 6 of the European Markets Infrastructure Regulation (conditions and procedures for registration of a trade repository) is amended as follows.

(2) In Article 55 (registration of a trade repository)—

(a)in paragraph 1, for “ESMA” substitute “the FCA”;

(b)in paragraph 2, for “Union” substitute “United Kingdom”;

(c)omit paragraph 3;

(d)in paragraph 4, for “ESMA” substitute “the FCA”.

(3) In Article 56 (application for registration)—

(a)in paragraph 1, for “ESMA” substitute “the FCA”;

(b)in paragraph 2—

(i)for “ESMA”, where first occurring, substitute “The FCA”;

(ii)for “ESMA”, wherever else occurring, substitute “the FCA”;

(c)for paragraph 3 substitute—

“3.  The FCA may make technical standards specifying the form and content of applications under paragraph 1.”;

(d)omit paragraph 4.

(4) Omit Article 57 (notification of and consultation with competent authorities prior to registration).

(5) In Article 58 (examination of the application)—

(a)in paragraph 1, for “ESMA” substitute “The FCA”;

(b)omit paragraph 2.

(6) Omit Article 59 (notification of ESMA decisions relating to registration).

Amendment of provision in respect of the requirements for trade repositories

3.  In Title 7 of the European Markets Infrastructure Regulation (requirements for trade repositories), in Article 81 (transparency and data availability)—

(a)in paragraph 3, for points (a) to (p) substitute—

“(a)the FCA;

(b)the Bank of England;

(c)the Pensions Regulator.”;

(b)omit paragraph 4;

(c)for paragraph 5 substitute—

“5.  The FCA may make technical standards specifying—

(a)the frequency with which a trade repository must comply with its obligations under paragraphs 1 and 3,

(b)the information which must be provided by a trade repository when complying with those obligations (including, as applicable, requirements as to the anonymization of such information), and

(c)the manner in which such information is to be aggregated and compared.”

Interpretation

4.  In this Part, a reference to the European Markets Infrastructure Regulation is to Regulation (EU) No 648/2012 of the European Parliament and of the Council of 4th July 2012 on OTC derivatives, central counterparties and trade repositories.

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