Regulation 14 Power to make regulations in respect of third countries’ regulatory frameworks before exit day
The Treasury may before exit day by regulations specify that—
the legal and supervisory arrangements of a third country ensure that central counterparties authorised in that country comply with legally binding requirements which are equivalent to the requirements laid down in Title IV of the EMIR Regulation, as it has effect in EU law as amended from time to time;
central counterparties authorised in that country are subject to effective supervision and enforcement on an ongoing basis; and
the legal framework of that country provides for an effective equivalent system for the recognition of central counterparties authorised under the legal regimes of other countries.
On and after exit day, regulations under paragraph (1) have effect as if made under Article 25.6 of the EMIR Regulation.