Regulation 16 Cooperation arrangements between the Bank of England and the competent authorities of third countries before exit day
Where the Treasury has made regulations under regulation 14, the Bank of England must take such steps as it considers appropriate to establish co-operation arrangements with the relevant competent authority of the third country in respect of which the regulations have been made.
The arrangements must specify at least—
the mechanism for the exchange of information between the Bank and the competent authority, including access to all information requested by the Bank regarding central counterparties authorised in the third country;
the mechanism for prompt notification to the Bank where the competent authority deems a central counterparty it is supervising to be in breach of the conditions of its authorisation or of other law to which it is subject;
the mechanism for prompt notification to the Bank by the competent authority where a central counterparty it is supervising has been granted the right to provide clearing services to clearing members or clients established in the United Kingdom; and
the procedures concerning the coordination of supervisory activities including, where appropriate, on-site inspections.
On and after exit day, co-operation arrangements established in accordance with this regulation are to be taken as having been established in accordance with Article 25.7 of the EMIR Regulation.