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The Over the Counter Derivatives, Central Counterparties and Trade Repositories (Amendment, etc., and Transitional Provision) (EU Exit) Regulations 2018

Draft. This instrument was laid in draft and may differ from the one made. Look for the made version under its title.

Draft 2018, ISBN 9780111176214

Original text. legislation.gov.uk does not revise statutory instruments, so later amendments are not shown here. Changes made to it are listed under each provision when known.

Draft Regulations laid before Parliament under paragraph 1(1) of Schedule 7 to, the European Union (Withdrawal) Act 2018, for approval by resolution of each House of Parliament.

Exiting The European Union

Financial Services

Made ***

Coming into force in accordance with regulation 1

The Treasury, in exercise of the powers conferred by section 8(1) of, and paragraph 1 of Schedule 4 and paragraph 21(b) of Schedule 7 to, the European Union (Withdrawal) Act 2018f1 make the following Regulations.

In accordance with paragraph 1(1) of Schedule 7 to that Act, a draft of this instrument has been laid before Parliament and approved by a resolution of each House of Parliament.

Annotations to the whole text

Footnotes

f1

2018 c.16.

Contents

  1. Part 1: PRELIMINARY
  2. 1Citation, commencement and interpretation
  3. Part 2: AMENDMENT OF SUBORDINATE LEGISLATION
  4. 2Amendments to the Financial Services and Markets Act 2000 (Over the Counter Derivatives, Central Counterparties and Trade Repositories) Regulations 2013
  5. 3Interpretation
  6. 4Designation of competent authorities
  7. 5Applications, notifications and reports to the FCA
  8. 6Penalties and statements
  9. 7Investigatory powers of ESMA with regard to trade repositories
  10. 8Transitional provision
  11. Part 3: AMENDMENT AND REVOCATION OF RETAINED DIRECT EU LEGISLATION
  12. Chapter 1: AMENDMENT OF THE EMIR REGULATION
  13. 9Amendments to the EMIR regulation
  14. 10Subject matter and scope
  15. 11Definitions
  16. 12Equivalence decisions for the purposes of the definition of OTC derivatives
  17. 13Intragroup transactions
  18. 14Clearing obligation
  19. 15Clearing obligation procedure
  20. 16Public register
  21. 17Access to a CCP
  22. 18Access to a trading venue
  23. 19Reporting obligation
  24. 20Non-financial counterparties
  25. 21Risk-mitigation techniques for OTC derivative contracts not cleared by a CCP
  26. 22Penalties
  27. 23Mechanism to avoid duplicative or conflicting rules
  28. 24Conditions for making technical standards
  29. 25Authorisation of a CCP
  30. 26Extension of activities and services
  31. 27Capital requirements
  32. 28Procedure for granting and refusing authorisation
  33. 29College
  34. 30Opinion of the college
  35. 31Withdrawal of authorisation
  36. 32Review and evaluation
  37. 33Competent authority
  38. 34Cooperation
  39. 35Organisational requirements: general provisions
  40. 36Record keeping
  41. 37Information
  42. 38Assessment
  43. 39Business continuity
  44. 40Outsourcing
  45. 41Transparency
  46. 42Segregation and portability
  47. 43Margin requirements
  48. 44Default fund
  49. 45Liquidity risk controls
  50. 46Default waterfall
  51. 47Collateral requirements
  52. 48Investment policy
  53. 49Default procedures
  54. 50Review of models, stress testing and back testing
  55. 51Calculation of Kccp
  56. 52Reporting of information
  57. 53Risk management
  58. 54Provision of margins among CCPs
  59. 55Approval of interoperability arrangements
  60. 56Trade Repositories
  61. 57Professional secrecy
  62. 58Exchange of information
  63. 59Transitional and final provisions
  64. 60List of infringements referred to in paragraph 1 of Article 65
  65. 61List of the coefficients linked to aggravating and mitigating factors for the application of paragraph 3 of Article 65
  66. Chapter 2: REVOCATION OF COMMISSION DELEGATED REGULATIONS MADE UNDER THE EMIR REGULATION
  67. 62Commission Delegated Regulation (EU) No. 1003/2013
  68. 63Commission Delegated Regulation (EU) No. 667/2014
  69. Part 4: SPECIFIC PROVISION FOR TRADE REPOSITORIES
  70. Chapter 1: PRELIMINARY
  71. 64Interpretation of Part 4
  72. Chapter 2: ENFORCEMENT PROVISIONS RELATING TO TRADE REPOSITORIES
  73. 65Warning notice
  74. 66Decision notice
  75. 67Public censure
  76. 68Financial penalties
  77. 69Statement of policy
  78. 70Statement of policy: procedure
  79. 71Powers to issue guidance
  80. 72Injunctions
  81. Chapter 3: APPLICATION OF THE FSMA FOR THE PURPOSES OF THIS PART, THE EMIR REGULATION AND THE TRATP REGULATIONS
  82. 73Application of Part 9 of the FSMA (hearings and appeals)
  83. 74Application of Part 9A of the FSMA (rules and guidance)
  84. 75Application of Part 11 of the FSMA (information gathering and investigations)
  85. 76Application of Part 26 of the FSMA (notices)
  86. 77Application of Part 27 of the FSMA (offences)
  87. 78Application of Schedule 1ZA to the FSMA (the Financial Conduct Authority)
  88. Part 5: TRANSITIONAL PROVISIONS: INTRAGROUP TRANSACTIONS
  89. 79Interpretation
  90. 80Continuation of exemptions from certain clearing obligations and risk-management obligations
  91. 81Relevant day for the purposes of regulation 80
  92. 82New exemptions from certain clearing obligations and risk-management obligations
  93. 83Relevant day for the purposes of regulation 82
  94. 84Regulations
  95. Signature
  96. Explanatory note