The Over the Counter Derivatives, Central Counterparties and Trade Repositories (Amendment, etc., and Transitional Provision) (EU Exit) Regulations 2019

• (2) References in this Part to numbered Articles, except in regulations 80(1)(c) and 82(5)(a) and (b), are to the Articles of the EMIR regulation bearing that number.

• (3) References in this Part to the EMIR regulation, except in regulations 80(2)(c) and 82(6), are to that Regulation as in force after IP completion day.

Continuation of exemptions from certain clearing obligations and risk-management obligations

80

• (1) This regulation applies to an OTC derivative contract—

• (a) where one of the counterparties is a UK counterparty;

• (b) where the other counterparty is neither a UK counterparty nor established in a member State; and

• (c) which immediately before exit day was exempt from—

• (i) the clearing obligation by virtue of—

• (aa) paragraph 2 of Article 3 of Regulation 2015/2205 as it had effect immediately before 21 December 2020;

• (bb) paragraph 2 of Article 3 of Regulation 2016/592 as it had effect immediately before 21 December 2020; or

• (cc) paragraph 2 of Article 3 of Regulation 2016/1178 as it had effect immediately before 21 December 2020; ...

• (ii) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

• (2) This regulation also applies to an OTC derivative contract—

• (a) where one of the counterparties is a UK counterparty;

• (b) where the other counterparty is established in a member State; and

• (c) which immediately before IP completion day—

• (i) was exempt from the clearing obligation by virtue of paragraph 2(a) of Article 4 as it had effect immediately before IP completion day; or

• (ii) was exempt from, or was partially exempt from, certain requirements of the risk management obligation by virtue of paragraph 6, 7 or 10 of Article 11 (as read with Chapter 3 of Regulation 2016/2251) as they had effect immediately before IP completion day.

• (3) Where this regulation applies, the exemptions or partial exemptions specified in paragraph (1)(c) or, as the case may be, (2)(c) continue to apply in relation to the relevant contract, subject to regulation 84, until the relevant day specified in regulation 81.

Relevant day for the purposes of regulation 80

81

• (1) In relation to the clearing obligation, the relevant day referred to in regulation 80(3) is the earlier of—

• (a) the day which is 2 months after the day on which an equivalence determination in relation to the third country in which the non-UK counterparty is established comes into force; or

• (b) in respect of any third country in which a non-UK counterparty is established, 31st December 2026.

• (2) In relation to the risk-management obligation, the relevant day referred to in regulation 80(3) is the earlier of—

• (a) the day which is 4 months after the day on which an equivalence determination in relation to the third country in which the non-UK counterparty is established comes into force; or

• (b) in respect of any third country in which a non-UK counterparty is established, 31st December 2026.

New exemptions from certain clearing obligations and risk-management obligations

82

• (1) This regulation applies to an OTC derivative contract where—

• (a) one of the counterparties is a UK counterparty;

• (b) the other counterparty is a non-UK counterparty; and;

• (c) the contract would be an intragroup transaction if the Treasury were to make an equivalence determination in respect of the third country in which the non-UK counterparty is established.

• (2) Where this regulation applies, the UK counterparty may after IP completion day—

• (a) apply to the FCA for; or

• (b) notify the FCA of its intention to apply,

an exemption in accordance with the provision of the EMIR regulation to which the exemption relates as if the Treasury had made an equivalence determination in respect of the third country in which the non-UK counterparty is established.

• (3) Notwithstanding—

• (a) paragraph 2(b) of Article 4; and

• (b) paragraphs 8 and 9 of Article 11,

the FCA may authorise or, as the case may be, object to, the exemptions specified in those provisions (as read with Chapter 3 of Regulation 2016/2251) pursuant to the application or notification referred to in paragraph (2).

• (4) The exemptions mentioned in paragraph (3) apply, subject to regulation 84, until the relevant day specified in regulation 83.

• (5) Paragraph (8) applies where one or both of the counterparties—

• (a) in relation to an exemption from an obligation as specified in paragraph (6)—

• (i) has applied before 21 December 2020 to a competent authority for an exemption; or

• (ii) has before 21 December 2020 notified a competent authority of its intention to apply an exemption; or

• (b) in relation to an exemption from an obligation as specified in paragraph (7)—

• (i) has applied before IP completion day to a competent authority for an exemption; or

• (ii) has before IP completion day notified a competent authority of its intention to apply an exemption.

• (6) The obligations specified in this paragraph are—

• (a) the clearing obligation in a case where the application or notification relates to an exemption which would apply by virtue of—

• (i) paragraph 2 of Article 3 of Regulation 2015/2205 as it had effect immediately before 21 December 2020;

• (ii) paragraph 2 of Article 3 of Regulation 2016/592 as it had effect immediately before 21 December 2020; or

• (iii) paragraph 2 of Article 3 of Regulation 2016/1178 as it had effect immediately before 21 December 2020; ...

• (b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

• (7) The obligations specified in this paragraph are—

• (a) the clearing obligation in a case where the application or notification relates to an exemption which would apply by virtue of paragraph 2(a) of Article 4 as it had effect immediately before IP completion day; or

• (b) certain requirements of the risk management obligation in a case where the application or notification relates to an exemption which would apply by virtue of paragraph 6, 7 or 10 of Article 11 as they had effect immediately before IP completion day.

• (8) Where this paragraph applies, the application or notification to the competent authority is to be treated after IP completion day as if it were an application or, as the case may be, a notification to the FCA by the UK counterparty for the purposes of paragraph (2).

• (9) Where it appears to the FCA that the application or notification referred to in paragraph (5) does not meet the requirements of the EMIR regulation and Chapter 3 of Regulation 2016/2251 to which the exemption relates, the FCA may request that the UK counterparty provides such further information as is necessary to enable the FCA to ascertain whether those requirements are complied with.

• (10) Paragraphs 11 and 12 of Article 11 have effect for the purposes of the exemptions, or partial exemptions, applying by virtue of paragraph (3)(b) as they have effect in relation to exemptions or partial exemptions applying by virtue of paragraph 8 or 9 of Article 11 (as read with Chapter 3 of Regulation 2016/2251).

• (11) In this regulation, “competent authority” means a regulatory authority which is responsible for the authorisation and supervision of counterparties in its territory.

Relevant day for the purposes of regulation 82

83

• (1) In relation to the clearing obligation, the relevant day referred to in regulation 82(3) is the earlier of—

• (a) the day which is 2 months after the day on which an equivalence determination in relation to the third country in which the non-UK counterparty is established comes into force; or

• (b) in respect of any third country in which a non-UK counterparty is established, 31st December 2026.

• (2) In relation to the risk-management obligation, the relevant day referred to in regulation 82(3) is the earlier of the day which is—

• (a) 4 months after the day on which an equivalence determination in relation to the third country in which the non-UK counterparty is established comes into force; or

• (b) in respect of any third country in which a non-UK counterparty is established, 31st December 2026.

Regulations

84

• (1) The Treasury may, in respect of the relevant days referred to in—

• (a) regulation 81(1)(b) and (2)(b); or

• (b) regulation 83(1)(b) and (2)(b),

prescribe a later day in regulations in respect of any third country in which a non-UK counterparty is established.

• (2) The power to make regulations conferred by paragraph (1) is exercisable by statutory instrument.

• (3) A statutory instrument made under paragraph (1) is subject to annulment in pursuance of a resolution of either House of Parliament.

Signed

Jeremy Quin — Craig Whittaker — Two of the Lords Commissioners of Her Majesty's Treasury — 2019-02-20

Explanatory note

(This note is not part of the Regulations)

Footnotes

[^f00001]: 2018 c.16.

[^f00002]: 2000 c. 8.

[^f00003]: OJ No. L 201, 27.7.2012, p.1.

[^f00004]: See section 1A of the FSMA inserted by section 6(1) of the Financial Services Act 2012 (c.21).

[^f00005]: S.I. 2013/504. Relevant amendments are made by S.I. 2013/1908, 2016/715 and 2017/701.

[^f00006]: 2000 c.8.

[^f00007]: As amended by the Markets in Financial Instruments (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/ ).

[^f00008]: S.I. 2013/504.

[^f00009]: S.I. 2001/544.

[^f00010]: Section 2B is inserted by section 6(1) of the Financial Services Act 2012 (c. 21).

[^f00011]: OJ No. L 173, 12.6.2014, p.349.

[^f00012]: S.I. 2017/701.

[^f00013]: 1993 c.48. Section 1 is substituted by section 239 of the Pensions Act 2004 (c.35).

[^f00014]: S.I. 2013/1773.

[^f00015]: 2006 c.46.

[^f00016]: S.I. 2008/410. Relevant amending instrument is S.I. 2015/980.

[^f00017]: S.I. 1999/2979.

[^f00018]: 1993 c.48. Section 1 is substituted by section 239 of the Pensions Act 2004 (c.35).

[^f00019]: S.I. 2013/1773.

[^f00020]: 2008 c.28.

[^f00021]: S.I. 2003/3226. Relevant amending instrument is S.I. 2010/2993.

[^f00022]: S.I. 1999/2979.

[^f00023]: S.I. 2018/1318.

[^f00024]: OJ No. L 314, 1.12.2015, p.13.

[^f00025]: OJ No. L 103, 19.4.2016, p.5.

[^f00026]: OJ No. L 195, 20.7.2016, p.3.

[^f00027]: OJ No. L 340. 15.12.2016, p.9.

Editorial notes

[^c23594651]: 2018 c.16.

[^c23594661]: 2000 c. 8.

[^c23594671]: OJ No. L 201, 27.7.2012, p.1.

[^c23594681]: See section 1A of the FSMA inserted by section 6(1) of the Financial Services Act 2012 (c.21).

[^c23594691]: S.I. 2013/504. Relevant amendments are made by S.I. 2013/1908, 2016/715 and 2017/701.

[^c23594701]: 2000 c.8.

[^c23594711]: As amended by the Markets in Financial Instruments (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/ ).

[^c23594721]: S.I. 2013/504.

[^c23594731]: S.I. 2001/544.

[^c23594741]: Section 2B is inserted by section 6(1) of the Financial Services Act 2012 (c. 21).

[^c23594751]: OJ No. L 173, 12.6.2014, p.349.

[^c23594761]: S.I. 2017/701.

[^c23594781]: S.I. 2013/1773.

[^c23594791]: 2006 c.46.

[^c23594801]: S.I. 2008/410. Relevant amending instrument is S.I. 2015/980.

[^c23594811]: S.I. 1999/2979.

[^c23594821]: 1993 c.48. Section 1 is substituted by section 239 of the Pensions Act 2004 (c.35).

[^c23594831]: S.I. 2013/1773.

[^c23594841]: 2008 c.28.

[^c23594861]: S.I. 1999/2979.

[^c23594871]: S.I. 2018/1318.

[^c23594881]: OJ No. L 314, 1.12.2015, p.13.

[^c23594891]: OJ No. L 103, 19.4.2016, p.5.

[^c23594901]: OJ No. L 195, 20.7.2016, p.3.

[^c23594911]: OJ No. L 340. 15.12.2016, p.9.

[^key-7d36533923d8082c01a257c6d480642d]: Reg. 1 in force at 31.12.2020 on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(1)

[^key-421294584902dbdb240afc6e6335c95e]: Reg. 2 in force at 31.12.2020 on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(1)

[^key-3b5987d73c7286d7e6207f368af25b75]: Reg. 3 in force at 31.12.2020 on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(1)

[^key-f5577d4a2634d150e0fde304f0142163]: Reg. 4 in force at 31.12.2020 on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(1)

[^key-0db5240a9932f004e8af1e6522bdca28]: Reg. 5 in force at 31.12.2020 on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(1)

[^key-a398d0a650d3117fa6dd8a5be22a1fd9]: Reg. 6 in force at 31.12.2020 on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(1)

[^key-5b2cd9aeb6f56a9dad630f88131c556e]: Reg. 7 in force at 31.12.2020 on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(1)

[^key-2430ab297736fc4e1a78b5ee7d4d6d37]: Reg. 8 in force at 31.12.2020 on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(1)

[^key-6aea9c9f14472f75e369a97854ddf865]: Reg. 9 in force at 31.12.2020 on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(1)

[^key-7e8b450cd62fff1a19a00a3f2d6f3c96]: Reg. 10 in force at 31.12.2020 on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(1)

[^key-914edf200754ba27c49336825ae1e12c]: Reg. 11 in force at 31.12.2020 on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(1)

[^key-861cca33d32d8054f72bb6987d33efe2]: Reg. 12 in force at 31.12.2020 on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(1)

[^key-42d19746935058b376141058c64aa5ad]: Reg. 13 in force at 31.12.2020 on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(1)

[^key-58f0466ae286823e75402dc7673fee49]: Reg. 14 in force at 31.12.2020 on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(1)

[^key-94ee50705270bba577f56419ade7afa3]: Reg. 15 in force at 31.12.2020 on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(1)

[^key-16ef5a0d44cb67537add692d559e5606]: Reg. 16 in force at 31.12.2020 on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(1)

[^key-d696c881e1d84ab4c452674fd24f3611]: Reg. 17 in force at 31.12.2020 on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(1)

[^key-e96a4512a2b8dd4c7c40bf582fc12c66]: Reg. 18 in force at 31.12.2020 on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(1)

[^key-8a1cb1e6c83eef726b770e7389eb1502]: Reg. 19 in force at 31.12.2020 on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(1)

[^key-e328722324b39b2166c94e7abce7ea72]: Reg. 20 in force at 31.12.2020 on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(1)

[^key-fd33939be9d136a849f49f44016f9802]: Reg. 21 in force at 31.12.2020 on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(1)

[^key-7e71b4221f8f5f0c1c6062981ac34a08]: Reg. 22 in force at 31.12.2020 on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(1)

[^key-86f5fd33a095ea2441691b14faa7fe1c]: Reg. 23 in force at 31.12.2020 on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(1)

[^key-f37de20ee4826042ff90e165f3732a52]: Reg. 24 in force at 31.12.2020 on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(1)

[^key-1d9283d671b7aa52716b48303dd513a6]: Reg. 25 in force at 31.12.2020 on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(1)

[^key-504ea2c6c19a83af69a7984298ea054b]: Reg. 26 in force at 31.12.2020 on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(1)

[^key-c5e949737ecd32c8a08df7242660ac31]: Reg. 27 in force at 31.12.2020 on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(1)

[^key-05961d5e4ac03814307cd50f0e6be654]: Reg. 28 in force at 31.12.2020 on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(1)

[^key-7cf0834f469fe6241f9aafec16e7e676]: Reg. 29 in force at 31.12.2020 on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(1)

[^key-6757b9af52e501031a30054c255ab43f]: Reg. 30 in force at 31.12.2020 on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(1)

[^key-c189fa63523a52ba2e4421e71ad9eb61]: Reg. 31 in force at 31.12.2020 on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(1)

[^key-cab43e182769f1a90c568a888a45306e]: Reg. 32 in force at 31.12.2020 on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(1)

[^key-8affb414cedda0ad6a7043ee4a952798]: Reg. 33 in force at 31.12.2020 on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(1)

[^key-31bb885fc2c931b14fe96c0f613c8cdf]: Reg. 34 in force at 31.12.2020 on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(1)

[^key-b9d3c0cc0adfccdca587921c6756d256]: Reg. 35 in force at 31.12.2020 on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(1)

[^key-10b994230a26b7d8635d81714c97054d]: Reg. 36 in force at 31.12.2020 on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(1)

[^key-d4d1101668903969e7a340bd282ae619]: Reg. 37 in force at 31.12.2020 on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(1)

[^key-55fcb30929836688967d7e429182ccc5]: Reg. 38 in force at 31.12.2020 on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(1)

[^key-f22d2dab0db042c97649d98ab056a178]: Reg. 39 in force at 31.12.2020 on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(1)

[^key-b41ba6e2967aa7fdcc7501a130386648]: Reg. 40 in force at 31.12.2020 on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(1)

[^key-99347cf227b07ebe15b438a0cc0efe8a]: Reg. 41 in force at 31.12.2020 on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(1)

[^key-3350099cb66d1193e10f1ef654af7bfc]: Reg. 42 in force at 31.12.2020 on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(1)

[^key-5294f82ad7ae5bf128418b475e7338d5]: Reg. 43 in force at 31.12.2020 on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(1)

[^key-04cab882d48dc2fdbff6f779f56d99c9]: Reg. 44 in force at 31.12.2020 on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(1)

[^key-ab7466a054955d0ea1cd762d89427c8d]: Reg. 45 in force at 31.12.2020 on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(1)

[^key-20b3078455aaae0592bec0a3b4735bb4]: Reg. 46 in force at 31.12.2020 on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(1)

[^key-72dc2fb7e6babee2aa73e803c261acd1]: Reg. 47 in force at 31.12.2020 on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(1)

[^key-62a44445841dc7b20568982d550ea698]: Reg. 48 in force at 31.12.2020 on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(1)

[^key-fdd9333fce5d179db6d31b46146881b0]: Reg. 49 in force at 31.12.2020 on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(1)

[^key-f289688c64ab84d5104ebb9649ec5e07]: Reg. 50 in force at 31.12.2020 on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(1)

[^key-7940be3b95d2769d1db05d94a02cd87a]: Reg. 51 in force at 31.12.2020 on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(1)

[^key-4bcff63e8a413e61d854129f8808bf8e]: Reg. 52 in force at 31.12.2020 on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(1)

[^key-3b9016a53c037b6fcf1ddfa8816eee3c]: Reg. 53 in force at 31.12.2020 on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(1)

[^key-cb1c15d800424d474574cdc70ff439b6]: Reg. 54 in force at 31.12.2020 on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(1)

[^key-ebc370f88c7d1340c81f9c0169dfb6f2]: Reg. 55 in force at 31.12.2020 on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(1)

[^key-226c6d94b1471400a68593e19b43f887]: Reg. 56 in force at 31.12.2020 on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(1)

[^key-928fd5007f14b3fd17898ec6c680145e]: Reg. 57 in force at 31.12.2020 on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(1)

[^key-b7666e0e6a1bf601a8cd71dc19842669]: Reg. 58 in force at 31.12.2020 on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(1)

[^key-17a002e32ae723720b3c3b5c5ff7272e]: Reg. 59 in force at 31.12.2020 on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(1)

[^key-c3f6a95afd6d8cc08ee01846335e8bb7]: Reg. 60 in force at 31.12.2020 on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(1)

[^key-124b4ff897ff31f92fa6eb917749672e]: Reg. 61 in force at 31.12.2020 on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(1)

[^key-bd3fcd7609cc382fe6aaf3cb6b393344]: Reg. 62 in force at 31.12.2020 on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(1)

[^key-3d121b7e066a57d380fe6e14ac273ba8]: Reg. 63 in force at 31.12.2020 on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(1)

[^key-c9092727a3d963d466881e2673b66487]: Reg. 64 in force at 31.12.2020 on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(1)

[^key-cb9e57a55d622b4ebcc36561ff3f680d]: Reg. 65 in force at 31.12.2020 on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(1)

[^key-80e1db285c36369523ed0261475c91ee]: Reg. 66 in force at 31.12.2020 on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(1)

[^key-6b328e89c3e119a3fe005df92927c08f]: Reg. 67 in force at 31.12.2020 on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(1)

[^key-d88ece672fd8b82cb3837984619b462e]: Reg. 68 in force at 31.12.2020 on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(1)

[^key-e297a076e207102efe9c80f31739f0ad]: Reg. 69 in force at 31.12.2020 on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(1)

[^key-7a9179c56a87aed2dea5a37f14f5c28d]: Reg. 70 in force at 31.12.2020 on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(1)

[^key-7bff5f61093ca43e0ccdf514c4652c41]: Reg. 71 in force at 31.12.2020 on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(1)

[^key-59ebbfbeb2b25efbb9c530ad838be52b]: Reg. 72 in force at 31.12.2020 on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(1)

[^key-90df37905497032643f571ada735ddae]: Reg. 73 in force at 31.12.2020 on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(1)

[^key-c5d346b69d8d0d168999319d154d6457]: Reg. 74 in force at 31.12.2020 on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(1)

[^key-089273b6308afe41913a6628a0c5d53a]: Reg. 75 in force at 31.12.2020 on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(1)

[^key-ff0b0758b44b8851241176713642d3b0]: Reg. 76 in force at 31.12.2020 on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(1)

[^key-f83615caccf7404f5c83bdb5b8597767]: Reg. 77 in force at 31.12.2020 on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(1)

[^key-3e93c5ccb4249a5be34a4d1da83fccc1]: Reg. 78 in force at 31.12.2020 on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(1)

[^key-31f69322ad308a63de820ec5543a1f77]: Reg. 79 in force at 31.12.2020 on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(1)

[^key-bef9c57e9acaf325b201acd40c31ce02]: Reg. 80 in force at 31.12.2020 on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(1)

[^key-6392563f45e1466d425582134d3c8b18]: Reg. 81 in force at 31.12.2020 on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(1)

[^key-c1cadb9c071bb9a4d3fa86728509416b]: Reg. 82 in force at 31.12.2020 on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(1)

[^key-1f1d7d6ff3f1b71a1ea06adbeff3855a]: Reg. 83 in force at 31.12.2020 on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(1)

[^key-d566de243cb1e649facceeeabe3bee79]: Reg. 84 in force at 31.12.2020 on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(1)

[^key-37040a438428402fca778071fb493299]: Words in reg. 11(7) inserted (30.10.2019) by The Over the Counter Derivatives, Central Counterparties and Trade Repositories (Amendment, etc., and Transitional Provision) (EU Exit) (No. 2) Regulations 2019 (S.I. 2019/1416), regs. 1(2), 12(a)(i)

[^key-d7307d1b351bbd023e5d2ab7e8e30660]: Words in reg. 11(7) inserted (30.10.2019) by The Over the Counter Derivatives, Central Counterparties and Trade Repositories (Amendment, etc., and Transitional Provision) (EU Exit) (No. 2) Regulations 2019 (S.I. 2019/1416), regs. 1(2), 12(a)(iii)(aa)

[^key-42ba07e3aa723187a03e8d1debb6cac2]: Words in reg. 11(7) inserted (30.10.2019) by The Over the Counter Derivatives, Central Counterparties and Trade Repositories (Amendment, etc., and Transitional Provision) (EU Exit) (No. 2) Regulations 2019 (S.I. 2019/1416), regs. 1(2), 12(a)(iii)(bb)

[^key-d117ed40fa9b7e05921a49988ca09c36]: Words in reg. 11(7) inserted (30.10.2019) by The Over the Counter Derivatives, Central Counterparties and Trade Repositories (Amendment, etc., and Transitional Provision) (EU Exit) (No. 2) Regulations 2019 (S.I. 2019/1416), regs. 1(2), 12(a)(iv)

[^key-2605590bdeef452e289e7f0a2e434f05]: Words in reg. 11(9) substituted (30.10.2019) by The Over the Counter Derivatives, Central Counterparties and Trade Repositories (Amendment, etc., and Transitional Provision) (EU Exit) (No. 2) Regulations 2019 (S.I. 2019/1416), regs. 1(2), 12(b)

[^key-b967a341fe2a490641dc9025fe20e46e]: Word in reg. 13(2)(b) substituted (30.10.2019) by The Over the Counter Derivatives, Central Counterparties and Trade Repositories (Amendment, etc., and Transitional Provision) (EU Exit) (No. 2) Regulations 2019 (S.I. 2019/1416), regs. 1(2), 13(a)

[^key-63b829e005756b1a2f2453e1234824c4]: Word in reg. 13(3)(c)(ii) substituted (30.10.2019) by The Over the Counter Derivatives, Central Counterparties and Trade Repositories (Amendment, etc., and Transitional Provision) (EU Exit) (No. 2) Regulations 2019 (S.I. 2019/1416), regs. 1(2), 13(b)(ii)

[^key-a834bf1f19d0375fcd96b1bb0cf8e66a]: Word in reg. 13(3)(a)(i)(bb) substituted (30.10.2019) by The Over the Counter Derivatives, Central Counterparties and Trade Repositories (Amendment, etc., and Transitional Provision) (EU Exit) (No. 2) Regulations 2019 (S.I. 2019/1416), regs. 1(2), 13(b)(i)

[^key-5e906b8517f7d023debc252dda46b0dc]: Reg. 14(2)(a) substituted (30.10.2019) by The Over the Counter Derivatives, Central Counterparties and Trade Repositories (Amendment, etc., and Transitional Provision) (EU Exit) (No. 2) Regulations 2019 (S.I. 2019/1416), regs. 1(2), 14(a)

[^key-0c8b7963be288bf566ddc28188b780fa]: Reg. 14(2)(b) omitted (30.10.2019) by virtue of The Over the Counter Derivatives, Central Counterparties and Trade Repositories (Amendment, etc., and Transitional Provision) (EU Exit) (No. 2) Regulations 2019 (S.I. 2019/1416), regs. 1(2), 14(b)

[^key-299e88f662efa5f43d1c9a6efa946eeb]: Words in reg. 15(3) omitted (30.10.2019) by virtue of The Over the Counter Derivatives, Central Counterparties and Trade Repositories (Amendment, etc., and Transitional Provision) (EU Exit) (No. 2) Regulations 2019 (S.I. 2019/1416), regs. 1(2), 15

[^key-fc5b0840e0574cbe440ba5ab64c5343d]: Reg. 19(5) omitted (30.10.2019) by virtue of The Over the Counter Derivatives, Central Counterparties and Trade Repositories (Amendment, etc., and Transitional Provision) (EU Exit) (No. 2) Regulations 2019 (S.I. 2019/1416), regs. 1(2), 16

[^key-7c6c2b1d60dd99fe2ec13c1c7dad7ace]: Reg. 20(2) substituted (30.10.2019) by The Over the Counter Derivatives, Central Counterparties and Trade Repositories (Amendment, etc., and Transitional Provision) (EU Exit) (No. 2) Regulations 2019 (S.I. 2019/1416), regs. 1(2), 17(a)

[^key-346c078cb13e060090aaafd752e278c4]: Reg. 20(3) substituted (30.10.2019) by The Over the Counter Derivatives, Central Counterparties and Trade Repositories (Amendment, etc., and Transitional Provision) (EU Exit) (No. 2) Regulations 2019 (S.I. 2019/1416), regs. 1(2), 17(b)

[^key-cebd7802fe19143259b5840cde4034a7]: Words in reg. 20(4) inserted (30.10.2019) by The Over the Counter Derivatives, Central Counterparties and Trade Repositories (Amendment, etc., and Transitional Provision) (EU Exit) (No. 2) Regulations 2019 (S.I. 2019/1416), regs. 1(2), 17(c)

[^key-dfd7f818b7c5c9b631751d315691557c]: Words in reg. 21(12) substituted (30.10.2019) by The Over the Counter Derivatives, Central Counterparties and Trade Repositories (Amendment, etc., and Transitional Provision) (EU Exit) (No. 2) Regulations 2019 (S.I. 2019/1416), regs. 1(2), 18

[^key-273962cfdf65465845edc392ccbcd282]: Words in reg. 1(2) substituted (25.6.2020) 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(2)(c), 6(2)

[^key-a0986962b85072eb5e5f5d7eb4a8ecf1]: Reg. 16(3)(a) substituted (25.6.2020) 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(2)(c), 6(3)

[^key-a14d4e7dd2d041a0a9eb4293be5e6fca]: Reg. 28(4) omitted (25.6.2020) 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(2)(c), 6(4)

[^key-d5f6b3de791d6b2bd12cbf29cf621d13]: Reg. 32(3A) inserted (25.6.2020) 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(2)(c), 6(5)

[^key-d3e3429ba37745c8ce800525479eef8c]: Words in reg. 34 inserted (25.6.2020) 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(2)(c), 6(6)

[^key-1def37ab0ee240718fac30f0aee81ca7]: Reg. 50(2)(a) substituted (25.6.2020) 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(2)(c), 6(7)(a)

[^key-aab9d2bb350abf0d89d8806e3f844f7c]: Reg. 50(2)(ba) inserted (25.6.2020) 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(2)(c), 6(7)(b)

[^key-f8398b19dcb609c671f6270bea79c642]: Words in reg. 11(6)(b) substituted (30.12.2020) by The Financial Services and Economic and Monetary Policy (Consequential Amendments) (EU Exit) Regulations 2020 (S.I. 2020/1301), regs. 1, 3, Sch. para. 21(a)(i)

[^key-e491ddaaafdc04af656db875dd3fc607]: Words in reg. 11(7) substituted (30.12.2020) by The Financial Services and Economic and Monetary Policy (Consequential Amendments) (EU Exit) Regulations 2020 (S.I. 2020/1301), regs. 1, 3, Sch. para. 21(a)(ii)

[^key-1e59183818d79df41bff257d5c9f9517]: Words in reg. 12(2)(b) substituted (30.12.2020) by The Financial Services and Economic and Monetary Policy (Consequential Amendments) (EU Exit) Regulations 2020 (S.I. 2020/1301), regs. 1, 3, Sch. para. 21(b)

[^key-dfc54584e45381bdeaa3aa08cc70bc31]: Words in reg. 12(3)(b) substituted (30.12.2020) by The Financial Services and Economic and Monetary Policy (Consequential Amendments) (EU Exit) Regulations 2020 (S.I. 2020/1301), regs. 1, 3, Sch. para. 21(b)

[^key-fe5e5196695ff40b9328fe6d2be76137]: Words in reg. 13(2)(b) substituted (30.12.2020) by The Financial Services and Economic and Monetary Policy (Consequential Amendments) (EU Exit) Regulations 2020 (S.I. 2020/1301), regs. 1, 3, Sch. para. 21(c)(i)

[^key-58bf11025338d46e621ae0e7929f19ac]: Words in reg. 13(3)(a)(i)(bb) substituted (30.12.2020) by The Financial Services and Economic and Monetary Policy (Consequential Amendments) (EU Exit) Regulations 2020 (S.I. 2020/1301), regs. 1, 3, Sch. para. 21(c)(ii)

[^key-9c44eb297cf8f4af58648d0ee11a5621]: Words in reg. 13(3)(c)(ii) substituted (30.12.2020) by The Financial Services and Economic and Monetary Policy (Consequential Amendments) (EU Exit) Regulations 2020 (S.I. 2020/1301), regs. 1, 3, Sch. para. 21(c)(ii)

[^key-deb63057da5f38e882e2d3c1ff6f02cb]: Regulations modified (31.12.2020) by The Gibraltar (Miscellaneous Amendments) (EU Exit) Regulations 2019 (S.I. 2019/680), regs. 1(2), 11(1)(4)(5) (with reg. 11(8)-(10)) (as amended by S.I. 2020/1301, regs. 1, 3, Sch. para. 40(f)); 2020 c. 1, Sch. 5 para. 1(1)

[^key-e14e223ae42233d4a3601a3b32d86fd7]: Pt. 4 applied (with modifications) (31.12.2020) by Regulation (EU) No. 2017/2402, Art. 15(2)(3) (as substituted by The Securitisation (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/660), regs. 1(2), 15 (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1))

[^key-cc0d4dcd11b1f412892eff6a1adc3cf2]: Pt. 4 Ch. 1A inserted (31.12.2020 immediately before IP completion day) by The Securities Financing Transactions, Securitisation and Miscellaneous Amendments (EU Exit) Regulations 2020 (S.I. 2020/1385), regs. 1(4), 52(6)

[^key-dda7ab872b7e7625f711a2c43b46c7e0]: Words in reg. 1(2) substituted (31.12.2020 immediately before IP completion day) by The Securities Financing Transactions, Securitisation and Miscellaneous Amendments (EU Exit) Regulations 2020 (S.I. 2020/1385), regs. 1(4), 52(2)

[^key-235d9e4761278936768af315777a2523]: Words in reg. 11(7) substituted (31.12.2020 immediately before IP completion day) by The Financial Services (Miscellaneous) (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/710), regs. 1(2), 21(a); 2020 c. 1, Sch. 5 para. 1(1)

[^key-02f3b568dd89f159838e42c8b6a6f0bd]: Reg. 74(7A) inserted (31.12.2020 immediately before IP completion day) by The Securities Financing Transactions, Securitisation and Miscellaneous Amendments (EU Exit) Regulations 2020 (S.I. 2020/1385), regs. 1(4), 52(7)

[^key-456c20ecb7fda057fee152785b04c541]: Reg. 12(5) inserted (31.12.2020 immediately before IP completion day) by The Financial Services (Electronic Money, Payment Services and Miscellaneous Amendments) (EU Exit) Regulations 2019 (S.I. 2019/1212), regs. 1(3), 17 (as amended by S.I. 2020/1301, regs. 1, 3, Sch. 45(b)); 2020 c. 1, Sch. 5 para. 1(1)

[^key-fbb1ddcb37d4e43a03766c62fec62f6a]: Words in reg. 14(4) substituted (31.12.2020 immediately before IP completion day) by The Securities Financing Transactions, Securitisation and Miscellaneous Amendments (EU Exit) Regulations 2020 (S.I. 2020/1385), regs. 1(4), 52(3)

[^key-965a2eef6bf0c41c6799774d208b3a19]: Reg. 42 substituted (31.12.2020 immediately before IP completion day) by The Securities Financing Transactions, Securitisation and Miscellaneous Amendments (EU Exit) Regulations 2020 (S.I. 2020/1385), regs. 1(4), 52(4)

[^key-3f956cda0682b4a28c147c53d726e596]: Word in reg. 59(4)(b) substituted (31.12.2020 immediately before IP completion day) by The Securities Financing Transactions, Securitisation and Miscellaneous Amendments (EU Exit) Regulations 2020 (S.I. 2020/1385), regs. 1(4), 52(5)

[^key-e157a021c3ba791f5cf5aa2b151b8350]: Words in reg. 79(3) substituted (31.12.2020 immediately before IP completion day) by The Securities Financing Transactions, Securitisation and Miscellaneous Amendments (EU Exit) Regulations 2020 (S.I. 2020/1385), regs. 1(4), 52(8)

[^key-8642db3eac71c45eb06f97cac1aa8634]: Words in reg. 80(1)(c)(i) substituted (31.12.2020 immediately before IP completion day) by The Securities Financing Transactions, Securitisation and Miscellaneous Amendments (EU Exit) Regulations 2020 (S.I. 2020/1385), regs. 1(4), 52(9)(a)(i)(aa)

[^key-9ae6b82ce02f73536a831ee28d86caa4]: Word in reg. 80(1)(c)(i)(cc) omitted (31.12.2020 immediately before IP completion day) by virtue of The Securities Financing Transactions, Securitisation and Miscellaneous Amendments (EU Exit) Regulations 2020 (S.I. 2020/1385), regs. 1(4), 52(9)(a)(i)(bb)

[^key-be65c2e4076e84860a7eef062f488889]: Reg. 80(1)(c)(ii) omitted (31.12.2020 immediately before IP completion day) by virtue of The Securities Financing Transactions, Securitisation and Miscellaneous Amendments (EU Exit) Regulations 2020 (S.I. 2020/1385), regs. 1(4), 52(9)(a)(ii)

[^key-5993eccf8d5a4eb8eac2285a6f4b48a2]: Words in reg. 80(2)(c) substituted (31.12.2020 immediately before IP completion day) by The Securities Financing Transactions, Securitisation and Miscellaneous Amendments (EU Exit) Regulations 2020 (S.I. 2020/1385), regs. 1(4), 52(9)(b)(i)

[^key-65dd91dff83dd66302132b73725bb324]: Words in reg. 80(2)(c)(ii) substituted (31.12.2020 immediately before IP completion day) by The Securities Financing Transactions, Securitisation and Miscellaneous Amendments (EU Exit) Regulations 2020 (S.I. 2020/1385), regs. 1(4), 52(9)(b)(ii)

[^key-80b7dc1ef57ec1b59c5c6cc89ce01f59]: Words in reg. 82(2) substituted (31.12.2020 immediately before IP completion day) by The Securities Financing Transactions, Securitisation and Miscellaneous Amendments (EU Exit) Regulations 2020 (S.I. 2020/1385), regs. 1(4), 52(11)(a)

[^key-938773450dc2f2d04da8aaa13143b44f]: Reg. 82(5) substituted (31.12.2020 immediately before IP completion day) by The Securities Financing Transactions, Securitisation and Miscellaneous Amendments (EU Exit) Regulations 2020 (S.I. 2020/1385), regs. 1(4), 52(11)(b)

[^key-bd983976fa689472d56c7989d4aeaa3e]: Words in reg. 82(6)(a) substituted (31.12.2020 immediately before IP completion day) by The Securities Financing Transactions, Securitisation and Miscellaneous Amendments (EU Exit) Regulations 2020 (S.I. 2020/1385), regs. 1(4), 52(11)(c)(i)(aa)

[^key-16ebf40bc1866ad8a1a92bb3123e5b64]: Word in reg. 82(6)(a)(iii) omitted (31.12.2020 immediately before IP completion day) by virtue of The Securities Financing Transactions, Securitisation and Miscellaneous Amendments (EU Exit) Regulations 2020 (S.I. 2020/1385), regs. 1(4), 52(11)(c)(i)(bb)

[^key-0dc04a23ece627865a05f87f6a7d17d9]: Reg. 82(6)(b) omitted (31.12.2020 immediately before IP completion day) by virtue of The Securities Financing Transactions, Securitisation and Miscellaneous Amendments (EU Exit) Regulations 2020 (S.I. 2020/1385), regs. 1(4), 52(11)(c)(ii)

[^key-199a3d4a1695c03453bdafb19398da99]: Words in reg. 82(7) substituted (31.12.2020 immediately before IP completion day) by The Securities Financing Transactions, Securitisation and Miscellaneous Amendments (EU Exit) Regulations 2020 (S.I. 2020/1385), regs. 1(4), 52(11)(d)

[^key-f29dcf156bd4b5dad6559019bba65d32]: Words in reg. 82(8) substituted (31.12.2020 immediately before IP completion day) by The Securities Financing Transactions, Securitisation and Miscellaneous Amendments (EU Exit) Regulations 2020 (S.I. 2020/1385), regs. 1(4), 52(11)(d)

[^M_I_b649b13c-d679-4418-cda4-aee9e16dd648]: Reg. 64A in force at 31.12.2020 on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(1)

[^key-e76cfeec18b8837c0f8779b40faca4df]: Reg. 81(1)(b) substituted (12.6.2023) by The Pension Fund Clearing Obligation Exemption and Intragroup Transaction Transitional Clearing and Risk-Management Obligation Exemptions (Extension and Amendment) Regulations 2023 (S.I. 2023/472), regs. 1(2), 3(2)

[^key-be7a1298688f1d28d54b0eb55522abe9]: Reg. 81(2)(b) substituted (12.6.2023) by The Pension Fund Clearing Obligation Exemption and Intragroup Transaction Transitional Clearing and Risk-Management Obligation Exemptions (Extension and Amendment) Regulations 2023 (S.I. 2023/472), regs. 1(2), 3(2)

[^key-5a43437bf1cfa9aa10607e1a46eecd40]: Reg. 83(1)(b) substituted (12.6.2023) by The Pension Fund Clearing Obligation Exemption and Intragroup Transaction Transitional Clearing and Risk-Management Obligation Exemptions (Extension and Amendment) Regulations 2023 (S.I. 2023/472), regs. 1(2), 3(3)

[^key-ebfd67e4b0e80dc0e2ed2324955232af]: Reg. 83(2)(b) substituted (12.6.2023) by The Pension Fund Clearing Obligation Exemption and Intragroup Transaction Transitional Clearing and Risk-Management Obligation Exemptions (Extension and Amendment) Regulations 2023 (S.I. 2023/472), regs. 1(2), 3(3)

[^key-9917eb7b0ecd32727ed7e6c0b5a19396]: Word in reg. 1(2) substituted (27.2.2025) by The Retained EU Law (Revocation and Reform) Act 2023 (Consequential Amendments) Regulations 2025 (S.I. 2025/82), reg. 1(2), Sch. 9 para. 29

CHAPTER 1A — SUPERVISION OF TRADE REPOSITORIES

Supervision of trade repositories

64A

• (1) If the FCA considers that—

• (a) a trade repository has contravened, or is likely to contravene, a requirement imposed by or under this Part, the EMIR Regulation or the TRATP Regulations, or

• (b) it is desirable to exercise the power in order to advance one or more of its operational objectives set out in section 1B(3) of FSMA,

it may impose, for such period as it considers appropriate, such requirements in relation to the carrying on of trade repository activities as it considers necessary or expedient.

• (2) A requirement may, in particular, be imposed so as to require a trade repository to take, or refrain from taking, specified action.

• (3) The FCA may—

• (a) withdraw a requirement; or

• (b) vary a requirement so as to reduce the period for which it has effect or otherwise to limit its effect.

• (4) The imposition of the requirement takes effect—

• (a) immediately, if the notice given under paragraph (6) states that that is the case; or

• (b) on such date as may be specified in the notice.

• (5) The imposition of a requirement may be expressed to take effect immediately, or on a specified date, only if the FCA, having regard to the ground on which it is exercising its power, reasonably considers that it is necessary for the imposition of the requirement to take effect immediately, or on that date.

• (6) If the FCA proposes to impose, or imposes a requirement, it must give the trade repository written notice.

• (7) The notice must—

• (a) give details of the requirement;

• (b) state the FCA’s reasons for imposition of the requirement;

• (c) inform the trade repository that it may make representations to the FCA within such period as may be specified in the notice, whether or not the trade repository has referred the matter to the Tribunal;

• (d) inform the trade repository of when the imposition of the requirement takes effect; and

• (e) inform the trade repository of its right to refer the matter to the Tribunal.

• (8) The FCA may extend the period allowed under the notice for making representations.

• (9) If, having considered any representations made by the trade repository, the FCA decides—

• (a) to impose the requirement in the way proposed, or

• (b) if the requirement has been imposed, not to rescind the imposition of the requirement,

it must give the trade repository written notice.

• (10) If, having considered any representations made by the trade repository, the FCA decides—

• (a) not to impose the requirement in the way proposed,

• (b) to impose a different requirement, or

• (c) to rescind a requirement which has effect,

it must give the trade repository written notice.

• (11) A notice under paragraph (9) must inform the trade repository of its right to refer the matter to the Tribunal.

• (12) A notice under paragraph (10)(b) must comply with paragraph (7).

• (13) If a notice informs the trade repository of its right to refer a matter to the Tribunal, it must give an indication of the procedure on such a reference.

• (14) A trade repository may refer to the Tribunal the FCA’s decision to impose a requirement under this regulation.