Regulation 3 I1

(1)

Section 285 (exemption for recognised bodies) is amended as follows.

(2)

In subsection (1)—

(a)

omit paragraph (c) M1; and

(b)

for paragraph (d) M2 substitute—

“(d)
“third country central counterparty” means a person established in a country other than the United Kingdom who has been recognised by the Bank of England as a central counterparty pursuant to Article 25 of the EMIR Regulation;”.

(3)

Omit subsection (3B) M3.

(4)

In subsection (3C) M4, for “ESMA” substitute “ the Bank of England ”.

Annotations

Marginal citations

M1: Paragraph (c) was substituted by S.I. 2013/504 and amended by S.I. 2017/1064.
M2: Paragraph (d) was substituted by S.I. 2013/504.
M3: Subsection (3B) was inserted by S.I. 2013/504.
M4: Subsection (3C) was inserted by S.I. 2013/504.

Commencement

I1: Reg. 3 in force at 31.12.2020, see reg. 1(2); 2020 c. 1, Sch. 5 para. 1(1)