Introductory text
Financial Services
Made 28th November 2022
Laid before Parliament 30th November 2022
Coming into force 22nd December 2022
The Treasury makes these Regulations in exercise of the powers conferred by article 497(3) of Regulation (EU) 575/2013 of the European Parliament and of the Council of 26 June 2013 on prudential requirements for credit institutions and investment firms and amending Regulation No 648/2012f1(the “Capital Requirements Regulation”), and by regulation 18(2) of the Central Counterparties (Amendment, etc., and Transitional Provisions) (EU Exit) Regulations 2018f2(the “CCP Regulations”).
The Treasury is satisfied that it is necessary and proportionate to extend the transitional provisions in paragraph 1 of Article 497 of the Capital Requirements Regulation in order to avoid disruption to international financial markets, and that it is necessary and proportionate to extend the temporary recognition period in regulation 18(1) of the CCP Regulations in order to avoid disruption to the financial stability of the United Kingdom.
Annotations
Footnotes
- f1
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EUR 2013/575.
- f2