Regulation 7 Transitional provision

(1)

An exemption in respect of an intragroup transaction which applied immediately before commencement of these Regulations is to continue to have effect for the purposes of Article 4(2) or Article 11(5A) or (5B) of the EMIR Regulation (as applicable), where—

(a)

the exemption resulted from an application or notification made by a counterparty to the FCA which fulfils one of the conditions specified in paragraph (2), and

(b)

the FCA had, before the exemption took effect—

(i)

approved the application; or

(ii)

not objected to the notification.

(2)

The conditions referred to in paragraph (1) are that the application or notification was made—

(a)

before IP completion day in the circumstances described in regulation 80(1) or (2) of the 2019 Regulations as they applied at the time of the application or notification;

(b)

in the circumstances described in regulation 82(5) of the 2019 Regulations as it applied at the time of the application or notification;

(c)

in accordance with Article 4(2) or Article 11(5A) or (5B) of the EMIR Regulation (including when read together with regulation 82(2) of the 2019 Regulations) as they applied at the time of the application or notification.

(3)

In this Regulation, “the 2019 Regulations” means the Over the Counter Derivatives, Central Counterparties and Trade Repositories (Amendment, etc., and Transitional Provision) (EU Exit) Regulations 2019^f1.

Annotations

Footnotes

f1: S.I. 2019/335, as amended by S.I. 2020/1385; there are other amending instruments but none are relevant.