The Over the Counter Derivatives, Central Counterparties and Trade Repositories (Amendment, etc., and Transitional Provision) (EU Exit) Regulations 2019
| Jurisdiction | UK Non-devolved |
(1) These Regulations may be cited as the Over the Counter Derivatives, Central Counterparties and Trade Repositories (Amendment, etc., and Transitional Provision) (EU Exit) Regulations 2019 and come into force on exit day.(2) In these Regulations—The Financial Services and Markets Act 2000 (Over the Counter Derivatives, Central Counterparties and Trade Repositories) Regulations 2013
In regulation 2, in paragraph (1) , for the definition of “the EMIR regulation” substitute— in sub-paragraph (b) , for “Article 22(1) ” substitute omit sub-paragraphs (e) and (f) ; omit paragraph (2) ; in paragraph (3) , omit sub-paragraphs (e) to (g) ; in paragraph (4) , omit sub-paragraphs (a) and (b) ; in sub-paragraph (a) , omit “including Article 71(3) ”; at the end of sub-paragraph (a) insert omit sub-paragraph (c) and the “and” immediately preceding it; in paragraph (8) , in sub-paragraph (b) , omit paragraphs (i) and (ii) . In regulation 8, in paragraph (3) , for “Article 11(6) , (7) , (8) , (9) or (10) ” substitute In regulation 9, in paragraph (10) , at the end of sub-paragraph (a) insert Omit regulations 15B to 19 (Part 7) . Omit regulation 55A and insert— The FCA may grant an exemption in accordance with Article 89a of the EMIR regulation.The EMIR regulation is amended in accordance with this Chapter. (1) Article 1 is amended as follows.(2) In paragraph 3, for the words from “point (18) (a) ” to the end substitute “ Articles 2(1) (24) and 2(1) (25A) of MIFIR ” .(3) In paragraph 4, for point (a) substitute—“ Article 117 of the Capital Requirements Regulation ” ;in point (b) , for “point (18) of Article 4 of Directive 2006/48/EC” substitute “ Article 4(1) (8) of the Capital Requirements Regulation ” .(5) For paragraph 6 substitute—“ UK regulated market within the meaning given in Article 2(1) (13A) of the MIFIR ” ;for “regulated market in accordance with Article 2a
- “FSMA” means the Financial Services and Markets Act 2000 ;
- “EMIR regulation” means 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 F42as F57it forms part of retained EU law;
- “FCA” means the Financial Conduct Authority .
- (a) the Bank of England and other public bodies in the United Kingdom charged with or intervening in the management of the public debt;
- (A1) “FSMA” means the Financial Services and Markets Act 2000 ;
- (A2) “MIFIR” means Regulation (EU) No 600/2014 of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Regulation (EU) 648/2012 ;
- (A3) “Capital Requirements Regulation” means Regulation (EU) No 575/2013 of the European Parliament and of the Council of 26 June 2013 on prudential requirements for credit institutions and investment firms and amending Regulation (EU) 648/2012;
- (A4) “2013 Regulations” means the Financial Services and Markets Act 2000 (Over the Counter Derivatives, Central Counterparties and Trade Repositories) Regulations 2013 ;
- (A5) “Regulated Activities Order” means the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 ;
- (A6) “PRA-authorised person” has the meaning given in section 2B(5) of the FSMA ;
- (1) “CCP” means a body corporate or unincorporated association which interposes itself between the counterparties to the contracts traded on one or more financial markets, becoming the buyer to every seller and the seller to every buyer;
- (4) “trading venue” means a UK trading venue within the definition in Article 2(1) (16A) of the MIFIR;
- (5) “derivative” or “derivative contract” means a financial instrument referred to in paragraphs 4 to 10 of Part 1 of Schedule 2 to the Regulated Activities Order;
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