{
  "url": "https://openlegislation.uk/central-counterparties-transitional-provision-extension-and-amendment-regulations-2026/note",
  "json_url": "https://openlegislation.uk/central-counterparties-transitional-provision-extension-and-amendment-regulations-2026/note.json",
  "legislation": "uksi/2026/1010",
  "legislation_title": "The Central Counterparties (Transitional Provision) (Extension and Amendment) Regulations 2026",
  "legislation_url": "https://openlegislation.uk/central-counterparties-transitional-provision-extension-and-amendment-regulations-2026",
  "path": "note",
  "kind": "note",
  "number": null,
  "heading": "Explanatory note",
  "text": "(This note is not part of the Regulations)\nThese Regulations extend transitional provisions provided for in Regulation (EU) 575/2013 of the European Parliament and of the Council on prudential requirements for credit institutions and amending Regulation (EU) No 648/2012 (the “Capital Requirements Regulation”) as extended by: i) the Central Counterparties (Transitional Provision) (Extension and Amendment) Regulations 2022 (S.I 2022/1244); ii) the Central Counterparties (Transitional Provision) (Extension and Amendment) Regulations 2023 (S.I. 2023/999); iii) the Central Counterparties (Transitional Provision) (Extension and Amendment) Regulations 2024 (S.I. 2024/923); and iv) the Central Counterparties (Transitional Provision) (Extension and Amendment) Regulations 2025 (S.I. 2025/1030).\nThese Regulations extend the transitional provisions in relation to central counterparties which are established outside of the United Kingdom.\nRegulation 2 provides that the transitional period provided for in Article 497(1)(b)(ii) of the Capital Requirements Regulation is extended by 12 months. Article 497(1)(b)(ii) sets out this transitional period for overseas central counterparties which have applied to be recognised by the Bank of England after 27th June 2019. Accordingly, this transitional period will expire seven years following the date on which an application for recognition was made by an overseas central counterparty.\nRegulation 2 of the Financial Services and Markets Act 2023 (Commencement No. 15 and Saving and Transitional Provisions) Regulations 2026 (S.I. 2026/682) commences the revocation of Article 497 of the Capital Requirements Regulation from 1 January 2027. Regulations 4, 5 and 6 of S.I. 2026/682 provide saving and transitional provisions of the effect and specific provisions of Article 497 for certain overseas central counterparties. Regulation 3 of these Regulations consequentially amends regulation 5 of S.I. 2026/682 to extend the transitional provision for overseas central counterparties which have applied to be recognised by the Bank of England on or after 1st January 2027.\nA full impact assessment has not been produced for this instrument as no, or no significant, impact on the private, voluntary or public sector is foreseen. A de minimis impact assessment is available from HM Treasury, 1 Horse Guards Road, London, SW1A 2HQ and is published with the Explanatory Memorandum alongside this instrument at www.legislation.gov.uk.",
  "extent": null,
  "status": null,
  "version": "current",
  "annotations": [],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/uksi/2026/1010/note",
    "retrieved_at": "2026-10-28T20:55:18.837447+00:00"
  },
  "licence": "Open Government Licence v3.0",
  "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
  "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
}