Explanatory note

These Regulations are made in exercise of the powers in section 8(1) of, and paragraph 21 of Schedule 7 to, the European Union (Withdrawal) Act 2018 (c.16) in order to address failures of retained EU law to operate effectively (see in particular paragraphs (a), (b) and (g) of section 8(2) of that Act) and other deficiencies arising from the withdrawal of the United Kingdom from the European Union.

These Regulations are made following the amendment of Regulation (EU) No 648/2012 of the European Parliament and of the Council of 4 July 2012 on OTC derivatives, central counterparties and trade repositories (“the EMIR regulation”) by Regulation (EU) 2019/2099 of the European Parliament and of the Council of 23 October 2019 (OJ L 322/1, 12.12.2019) (“the EMIR CCP Supervision regulation”).

The Regulations make amendments to primary legislation, existing regulations made under section 8 of the European Union (Withdrawal) Act 2018 and the EMIR regulation to take account of the fact that the EMIR regulation has been amended by the EMIR CCP Supervision regulation.

Part 2 amends the Financial Services and Markets Act 2000 (c.8).

Part 3 amends subordinate legislation.

Part 4 amends the EMIR regulation.

A full impact assessment has not been produced for this instrument as no, or no significant, impact on the private, voluntary or public sector is foreseen.