{
  "url": "https://openlegislation.uk/draft-over-the-counter-derivatives-central-counterparties-and-trade-repositories-amendment-etc-and-transitional-provision-eu-exit-regulations-2018/regulation-15",
  "json_url": "https://openlegislation.uk/draft-over-the-counter-derivatives-central-counterparties-and-trade-repositories-amendment-etc-and-transitional-provision-eu-exit-regulations-2018/regulation-15.json",
  "legislation": "ukdsi/2018/9780111176214",
  "legislation_title": "The Over the Counter Derivatives, Central Counterparties and Trade Repositories (Amendment, etc., and Transitional Provision) (EU Exit) Regulations 2018",
  "legislation_url": "https://openlegislation.uk/draft-over-the-counter-derivatives-central-counterparties-and-trade-repositories-amendment-etc-and-transitional-provision-eu-exit-regulations-2018",
  "path": "regulation/15",
  "kind": "regulation",
  "number": "15",
  "heading": "Clearing obligation procedure",
  "text": "(1) Article 5 is amended as follows.\n(2) Omit paragraph 1.\n(3) For paragraph 2 substitute—\n“2. Technical standards may be made as follows:\n(a) the Bank of England may make technical standards specifying the class or classes of OTC derivatives that should be subject to the clearing obligation referred to in Article 4;\n(b) the Bank of England may make technical standards for financial counterparties that are PRA-authorised persons and the FCA may make technical standards for all other cases, specifying the date or dates from which the clearing obligation takes effect, including any phase in and the categories of counterparties to which the obligation applies;\n(c) the Bank of England may make technical standards specifying the minimum remaining maturity of the OTC derivative contracts referred to in paragraph 1(b)(ii) of Article 4.\nIn developing the technical standards under this paragraph, the Bank and the FCA shall not prejudice the transitional provision relating to C6 energy derivative contracts as laid down in Article 89a.”.\n(4) For paragraph 3 substitute—\n“3. The Bank of England shall identify in accordance with the criteria set out in points (a), (b) and (c) of paragraph 4 the classes of derivatives that should be subject to the clearing obligation provided in Article 4 but for which no CCP has yet received authorisation.”.\n(5) In paragraph 4—\n(a) in the opening words of the first sub-paragraph, for “draft regulatory” substitute “development by the Bank of England of”;\n(b) in the second sub-paragraph—\n(i) omit “draft regulatory”;\n(ii) for “ESMA” substitute “the Bank of England”;\n(iii) for “Union” substitute “United Kingdom”;\n(c) omit the words from “In order to ensure consistent application” to the end of the paragraph.\n(6) In paragraph 5, for the words from the beginning to “paragraph 2(b)” substitute “In developing these technical standards, the Bank of England and the FCA”.",
  "extent": null,
  "status": null,
  "version": "current",
  "annotations": [],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/ukdsi/2018/9780111176214/regulation/15",
    "retrieved_at": "2026-10-30T15:02:58.761325+00:00"
  },
  "licence": "Open Government Licence v3.0",
  "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
  "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
}