{
  "url": "https://openlegislation.uk/central-counterparties-amendment-etc-and-transitional-provision-eu-exit-regulations-2018/regulation-13A",
  "json_url": "https://openlegislation.uk/central-counterparties-amendment-etc-and-transitional-provision-eu-exit-regulations-2018/regulation-13A.json",
  "legislation": "uksi/2018/1184",
  "legislation_title": "The Central Counterparties (Amendment, etc., and Transitional Provision) (EU Exit) Regulations 2018",
  "legislation_url": "https://openlegislation.uk/central-counterparties-amendment-etc-and-transitional-provision-eu-exit-regulations-2018",
  "path": "regulation/13A",
  "kind": "regulation",
  "number": "13A",
  "heading": "Determination of systemic importance",
  "text": "(1) The Bank of England must determine whether the applicant is systemically important or likely to become systemically important for the financial stability of the United Kingdom (a “Tier 2 CCP”) by taking into account all of the following criteria—\n(a) the nature, size and complexity of the applicant’s business in the United Kingdom, and outside the United Kingdom to the extent that its business may have a systemic impact on the United Kingdom, including—\n(i) the value in aggregate terms and in pounds sterling of transactions cleared by the applicant, or the aggregate exposure of the applicant engaged in clearing activities to its clearing members and, to the extent the information is available, their clients and indirect clients established in the United Kingdom, including where they have been identified by the PRA as other systemically important institutions (O-SIIs) in accordance with regulation 29 of the Capital Requirements (Capital Buffers and Macro-prudential Measures) Regulations 2014; and\n(ii) the risk profile of the applicant in terms of, amongst other things, legal, operational and business risk;\n(b) the effect that the failure of, or a disruption to, the applicant would have on—\n(i) financial markets, including the liquidity of the markets served;\n(ii) financial institutions;\n(iii) the broader financial system; or\n(iv) the financial stability of the United Kingdom;\n(c) the applicant’s clearing membership structure including, to the extent the information is available, the structure of its clearing members’ network of clients and indirect clients, established in the United Kingdom;\n(d) the extent to which alternative clearing services provided by other central counterparties exist for clearing members and, to the extent the information is available, their clients and indirect clients established in the United Kingdom;\n(e) the applicant’s relationships, interdependencies, or other interactions with other financial market infrastructures, other financial institutions and the broader financial system to the extent that it is likely to have an impact on the financial stability of the United Kingdom.\n(2) Without prejudice to the outcome of determination under regulation 13, the Bank of England must, after conducting the assessment in accordance with paragraph (1), inform the applicant whether it is considered to be a Tier 1 or Tier 2 CCP.\n(3) On and after IP completion day, an assessment under this regulation is to be taken as having been carried out in accordance with Article 25.2a of the EMIR Regulation.",
  "extent": null,
  "status": null,
  "version": "current",
  "annotations": [
    {
      "type": "F",
      "label": "F1",
      "text": "Regs. 13A-13C 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), 4(6)"
    }
  ],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/uksi/2018/1184/regulation/13A",
    "retrieved_at": "2026-10-28T22:52:14.316027+00:00"
  },
  "licence": "Open Government Licence v3.0",
  "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
  "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
}