Section 170A Third country central counterpartiesF1F13

In this section and section 170B—

This Part applies to transactions cleared through F7... a third country central counterparty by a UK clearing member F8or a UK client as it applies to transactions cleared through a recognised central counterparty, but subject to the modifications in subsections (3) to (5).

For section 157 there is to be substituted—

“Change in default rules

157.

(1)

F9A third country central counterparty in respect of which an order under section 170B(4) has been made and not revoked must give the Bank of England at least three months’ notice of any proposal to amend, revoke or add to its default rules.

(2)

The Bank of England may, if it considers it appropriate to do so, agree a shorter period of notice.

(3)

Where notice is given to the Bank of England under subsection (1) F10, a third country central counterparty must provide the Bank of England with such information, documents and reports as the Bank of England may require.

(4)

Information, documents and reports required under subsection (3) must be provided in English and be given at such times, in such form and at such place, and verified in such a manner, as the Bank of England may direct.”.

Section 162 does not apply to F11... a third country central counterparty unless it has been notified by the Bank of England that a report under that section is required for the purposes of insolvency proceedings in any part of the United Kingdom.

In relation to F12a third country central counterparty, references in this Part to the “rules” or “default rules” of the central counterparty are to be taken not to include references to any relevant provisions unless—