# The Over the Counter Derivatives, Central Counterparties and Trade Repositories (Amendment, etc., and Transitional Provision) (EU Exit) Regulations 2018, Regulation 80: Continuation of exemptions from certain clearing obligations and risk-management obligations


(1) This regulation applies to an OTC derivative contract—
(a) where one of the counterparties is a UK counterparty;
(b) where the other counterparty is neither a UK counterparty nor established in a member State; and
(c) which immediately before exit day was exempt from—
(i) the clearing obligation by virtue of—
(aa) paragraph 2 of Article 3 of Regulation 2015/2205 as it had effect immediately before exit day;
(bb) paragraph 2 of Article 3 of Regulation 2016/592 as it had effect immediately before exit day; or
(cc) paragraph 2 of Article 3 of Regulation 2016/1178 as it had effect immediately before exit day; or
(ii) certain requirements of the risk-management obligation by virtue of the application of paragraph 2 of Article 36 or paragraph 3 of Regulation 2016/2251 (as read with Chapter 3 of that Regulation) as they had effect immediately before exit day.
(2) This regulation also applies to an OTC derivative contract—
(a) where one of the counterparties is a UK counterparty;
(b) where the other counterparty is established in a member State; and
(c) which immediately before exit day—
(i) was exempt from the clearing obligation by virtue of paragraph 2(a) of Article 4 as it had effect immediately before exit day; or
(ii) was exempt from, or was partially exempt from, certain requirements of the risk management obligation by virtue of paragraph 6, 7 or 10 of Article 11 (as read with Chapter 3 of the 2016 Regulation) as they had effect immediately before exit day.
(3) Where this regulation applies, the exemptions or partial exemptions specified in paragraph (1)(c) or, as the case may be, (2)(c) continue to apply in relation to the relevant contract, subject to regulation 84, until the relevant day specified in regulation 81.

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Source: https://www.legislation.gov.uk/ukdsi/2018/9780111176214/regulation/80 (the official version)
Page: https://openlegislation.uk/draft-over-the-counter-derivatives-central-counterparties-and-trade-repositories-amendment-etc-and-transitional-provision-eu-exit-regulations-2018/regulation-80
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.