# The Central Counterparties (Amendment, etc., and Transitional Provision) (EU Exit) Regulations 2018, Regulation 13: Deemed recognition pursuant to Article 25 of the EMIR Regulation

Extent: E+W+S+N.I.

(1) The Bank of England may before IP completion day determine that the applicant is to be taken, on and after IP completion day, to be recognised pursuant to Article 25 of the EMIR Regulation if each of the following conditions are met.
(2) The first condition is that the Treasury has made regulations in respect of the country in which the applicant is established in accordance with regulation 14.
(3) The second condition is that the applicant is—
(a) authorised in the country in which it is established, and
(b) subject to effective supervision and enforcement ensuring full compliance with the prudential requirements applicable in that country.
(4) The third condition is that the Bank of England has established co-operation arrangements with the competent authority responsible for supervising the applicant in accordance with regulation 16.
(5) The fourth condition is that the applicant is not established or authorised in a country that is considered, by the Commission in accordance with Directive (EU) 2015/849 of the European Parliament and of the Council of 20 May 2015 on the prevention of the use of the financial system for the purposes of money laundering or terrorist financing , as having strategic deficiencies in its national anti-money laundering and counter financing of terrorism regime that poses significant threats to the financial system of the European Union.
(5A) The fifth condition is that the applicant has not been determined as systemically important or likely to become systemically important in accordance with regulation 13A and is therefore a Tier 1 CCP.
(6) A determination under paragraph (1) must only be made in respect of the services or activities linked to clearing and must specify the services or activities which the applicant is to be taken to be recognised to provide or perform including the classes of financial instruments in respect of which the applicant is to be taken to be recognised.
(7) Where the Bank of England makes a determination under paragraph (1), the applicant in respect of which the determination is made is to be taken to be recognised pursuant to Article 25 of the EMIR Regulation in accordance with that decision.

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Source: https://www.legislation.gov.uk/uksi/2018/1184/regulation/13 (the official version)
Page: https://openlegislation.uk/central-counterparties-amendment-etc-and-transitional-provision-eu-exit-regulations-2018/regulation-13
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.