Regulation 19B Relevant period for the purposes of regulation 19AF1
United Kingdom
In relation to a central counterparty within regulation 19A(1), the relevant period for the purposes of regulation 19A(3) is the period of one year beginning with F2IP completion day.
In relation to a central counterparty within regulation 19A(2), the relevant period for the purposes of regulation 19A(3) is a period determined by the Bank of England in a particular case being a period of no more than F33 years and 6 months beginning with the day on which the central counterparty ceases to be taken to be recognised pursuant to Article 25 of the EMIR regulation in accordance with regulation 17.
Where paragraph (2) applies, the Bank may direct that the central counterparty be subject to such transitional arrangements as it considers necessary or expedient.
The period determined by the Bank of England in a particular case under paragraph (2) (whenever determined) may be varied by the making of a subsequent determination.
Paragraph (6) applies where—
a central counterparty (A) was taken to be recognised pursuant to Article 25 of the EMIR regulation in accordance with regulation 19A(3), and
A ceased to be taken to be so recognised by virtue of the relevant period in the case of A having expired before the commencement day.
The Bank of England—
may determine that the relevant period in the case of A is (in spite of its expiry) to be treated, as from the making of the determination, as not having expired, and
may accordingly exercise its power under this regulation to vary the relevant period on or after the commencement day.
In paragraphs (5) and (6) “the commencement day” means the day on which Part 5 of Schedule 2 to the Financial Services and Markets Act 2023 comes into force.
Paragraphs (5) to (7) expire at the end of 31 December 2025 (but without affecting any variation of a relevant period made under this regulation by virtue of paragraph (6)(b) before that time).
Annotations
Textual amendments
- F1
Regs. 19A-19D inserted (1.3.2019) by The Financial Services Contracts (Transitional and Saving Provision) (EU Exit) Regulations 2019 (S.I. 2019/405), regs. 1(2), 8
- F2
Words in reg. 19B substituted (31.1.2020 immediately before exit day) by The Financial Services (Consequential Amendments) Regulations 2020 (S.I. 2020/56), regs. 1, 7(2)(i)
- F3
Words in reg. 19B(2) substituted (29.6.2023) by Financial Services and Markets Act 2023 (c. 29), s. 86(1)(b), Sch. 2 para. 51(2) (with s. 2(3))
- F4
Reg. 19B(4)-(8) inserted (29.6.2023) by Financial Services and Markets Act 2023 (c. 29), s. 86(1)(b), Sch. 2 para. 51(3) (with s. 2(3))