OpenLegislation

Article 1 Subject matter and scope

United Kingdom

Original text. Later amendments are not shown.

1.

This Regulation lays down clearing and bilateral risk-management requirements for over-the-counter (‘OTC’) derivative contracts, reporting requirements for derivative contracts and uniform requirements for the performance of activities of central counterparties (‘CCPs’) and trade repositories.

2.

This Regulation shall apply to CCPs and their clearing members, to financial counterparties and to trade repositories. It shall apply to non-financial counterparties and trading venues where so provided.

3.

Title V of this Regulation shall apply only to transferable securities and money-market instruments, as defined in F1Articles 2(1)(24) and 2(1)(25A) of MIFIR.

4.

This Regulation shall not apply to:

F2(a)

the Bank of England and other public bodies in the United Kingdom charged with or intervening in the management of the public debt;

(b)

the Bank for International SettlementsF3;

F4(c)

the central banks and public bodies charged with or intervening in the management of the public debt in the following countries:

  1. (i)

    Japan;

  2. (ii)

    United States of America F5;

  3. (iii)

    F6Australia;

  4. (iv)

    Canada;

  5. (v)

    Hong Kong;

  6. (vi)

    Mexico;

  7. (vii)

    Singapore;

  8. (viii)

    Switzerland.

5.

With the exception of the reporting obligation under Article 9, this Regulation shall not apply to the following entities:

(a)

multilateral development banks, as listed under F7Article 117 of the Capital Requirements Regulation;

(b)

public sector entities within the meaning of F8Article 4(1)(8) of the Capital Requirements Regulation where they are owned by central governments and have explicit guarantee arrangements provided by central governments;

(c)

the European Financial Stability Facility and the European Stability Mechanism.

F96.

The Treasury may by regulations amend the list set out in paragraph 4 of this Article.

Annotations

Textual amendments

F1

Words in Art. 1(3) substituted (31.12.2020) by The Over the Counter Derivatives, Central Counterparties and Trade Repositories (Amendment, etc., and Transitional Provision) (EU Exit) Regulations 2019 (S.I. 2019/335), regs. 1(1), 10(2) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)

F2

Art. 1(4)(a) substituted (31.12.2020) by The Over the Counter Derivatives, Central Counterparties and Trade Repositories (Amendment, etc., and Transitional Provision) (EU Exit) Regulations 2019 (S.I. 2019/335), regs. 1(1), 10(3) (with savings in S.I. 2019/680); 2020 c. 1, Sch. 5 para. 1(1)

F3

Substituted by Commission Delegated Regulation (EU) No 1002/2013 of 12 July 2013 amending Regulation (EU) No 648/2012 of the European Parliament and of the Council on OTC derivatives, central counterparties and trade repositories with regard to the list of exempted entities (Text with EEA relevance).

F4

Inserted by Commission Delegated Regulation (EU) No 1002/2013 of 12 July 2013 amending Regulation (EU) No 648/2012 of the European Parliament and of the Council on OTC derivatives, central counterparties and trade repositories with regard to the list of exempted entities (Text with EEA relevance).

F5

Substituted by Commission Delegated Regulation (EU) 2017/979 of 2 March 2017 amending Regulation (EU) No 648/2012 of the European Parliament and of the Council on OTC derivatives, central counterparties and trade repositories with regard to the list of exempted entities (Text with EEA relevance).

F6

Inserted by Commission Delegated Regulation (EU) 2017/979 of 2 March 2017 amending Regulation (EU) No 648/2012 of the European Parliament and of the Council on OTC derivatives, central counterparties and trade repositories with regard to the list of exempted entities (Text with EEA relevance).

F7

Words in Art. 1(5)(a) substituted (31.12.2020) by The Over the Counter Derivatives, Central Counterparties and Trade Repositories (Amendment, etc., and Transitional Provision) (EU Exit) Regulations 2019 (S.I. 2019/335), regs. 1(1), 10(4)(a) (with savings in S.I. 2019/680); 2020 c. 1, Sch. 5 para. 1(1)

F8

Words in Art. 1(5)(b) substituted (31.12.2020) by The Over the Counter Derivatives, Central Counterparties and Trade Repositories (Amendment, etc., and Transitional Provision) (EU Exit) Regulations 2019 (S.I. 2019/335), regs. 1(1), 10(4)(b) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)

F9

Art. 1(6) substituted (31.12.2020) by The Over the Counter Derivatives, Central Counterparties and Trade Repositories (Amendment, etc., and Transitional Provision) (EU Exit) Regulations 2019 (S.I. 2019/335), regs. 1(1), 10(5) (with savings in S.I. 2019/680); 2020 c. 1, Sch. 5 para. 1(1)