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These Regulations are made in exercise of the powers conferred by Articles 2a (2) and (4) of Regulation (EU) No 648/2012 of the European Parliament and of the Council of 4 July 2012 on OTC derivatives, central counterparties, and trade repositories (as it has effect in the UK) (“EMIR”) as amended by the relevant EU exit instrument, S.I. 2019/335.
Commission Implementing Decision (EU) 2016/1073 (“the retained 2016 decision”) (as it has effect in the UK) sets out in its Annex a list of US markets. The retained 2016 decision provides that the listed US markets shall be equivalent to UK regulated markets as defined in Article 2(1) (13A) of Regulation (EU) 600/2014 of 15 May 2014 on markets in financial instruments (as it has effect in the UK). The effect of this is that derivative contracts executed on the listed US markets do not fall within the definition of “OTC derivative” or “OTC derivative contract” given in Article 2(7) of EMIR.
Article 2a (1) of EMIR provides that where a third-country market is determined HM Treasury to comply with equivalent requirements and to be subject to effective supervision and enforcement, that third-country market shall be equivalent to a UK regulated market.
Regulation 3 revokes the retained 2016 decision.
An impact assessment of the effect that this instrument, will have on the costs of business, the voluntary sector and the public sector is available from the Treasury, 1 Horse Guards Road, London SW1A 2HQ and is published alongside this instrument at www.legislation.gov.uk.
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