Regulation 19 Cessation of temporary deemed recognition

A central counterparty is, on or after F1IP completion day, to cease to be taken to be recognised pursuant to Article 25 of the EMIR Regulation in accordance with regulation 17 where any of the following conditions are met.

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The F3first condition is that the Bank of England directs that the central counterparty is to cease to be taken to be recognised pursuant to Article 25 of the EMIR Regulation in accordance with regulation 17.

The F4second condition is that, in the case of a central counterparty who has submitted an application under regulation 12 or Article 25.4 of the EMIR Regulation—

The F5third condition is that, in the case of a central counterparty which has not submitted an application under regulation 12, the period of F618 months beginning with IP completion day expires without the central counterparty having submitted an application under Article 25.4 of the EMIR Regulation during that period.

A direction may only be given under paragraph (4) where—