Paragraph 12 EMIR

(1)

Article 4 (clearing obligation) is amended as follows.

(2)

In paragraph 5—

(a)

for “within the meaning of Regulation (EU) 2017/2402 of the European Parliament and of the Council” substitute “as defined in regulation 3(1) of the Securitisation Regulations 2024”;

(b)

in point (a), for the words from “that meet” to the end substitute

“of one or more of the following kinds—

(i)

an STS securitisation as defined in regulation 9 of the Securitisation Regulations 2024,

(ii)

an overseas STS securitisation as defined in regulation 12(2) of those Regulations;

(iii)

a qualifying EU securitisation as defined in regulation 12(3) of those Regulations.”.

(3)

Omit paragraph 5A^f1.

Annotations

Footnotes

f1: Paragraph 5A was inserted by S.I. 2019/660.