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Financial Services

Made 13th September 2023

Laid before Parliament 14th September 2023

Coming into force 1st November 2023

The Treasury make 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 are 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

EUR 2013/575.

f2

S.I. 2018/1184.