Regulation 12 Application for deemed recognition pursuant to Article 25 of the EMIR Regulation
A central counterparty established in a third country may apply to be recognised by the Bank of England where it intends to provide clearing services as a central counterparty in the United Kingdom on and after exit day.
The application must—
be submitted before exit day;
be made in such manner as the Bank of England may direct;
specify the services or activities linked to clearing which the applicant intends to provide and the classes of financial instrument in respect of which the applicant wishes to be recognised; and
be accompanied by such other information as the Bank of England may direct.
The Bank of England must confirm promptly receipt of the application to the person making it.
The applicant may withdraw the application by giving notice to the Bank of England at any time before the application is determined.
Where the application has not been determined by the Bank of England before exit day, the application is to be treated on exit day as if it had been made on that day under Article 25.4 of the EMIR Regulation.