Article 25b Ongoing compliance with the conditions for recognitionF1

United Kingdom

1 .

F2The Bank of England shall be responsible for carrying out the duties resulting from this Regulation for the supervision on an ongoing basis of the compliance of recognised Tier 2 CCPs with the requirements referred to in point (a) of Article 25(2b). F3...

The Bank of England shall require confirmation from each Tier 2 CCP at least on a yearly basis that the requirements referred to in points (a), (c) and (d) of Article 25(2b) continue to be fulfilled.

F4...

2 .

Where a Tier 2 CCP fails to provide the Bank of England with the confirmation referred to in the second subparagraph of paragraph 1 F5... , the CCP shall be considered as no longer meeting the conditions for recognition pursuant to Article 25(2b) and the procedure set out in Article 25pF6(2) and (3) shall apply.

F7 3 .

The Bank of England shall carry out assessments of the resilience of recognised Tier 2 CCPs to adverse market developments.

Annotations

Textual amendments

F1: Inserted by Regulation (EU) 2019/2099 of the European Parliament and of the Council of 23 October 2019 amending Regulation (EU) No 648/2012 as regards the procedures and authorities involved for the authorisation of CCPs and requirements for the recognition of third-country CCPs.
F2: Words in Art. 25b substituted (31.12.2020) by The Over the Counter Derivatives, Central Counterparties and Trade Repositories (Amendment, etc., and Transitional Provision) (EU Exit) Regulations 2020 (S.I. 2020/646), regs. 1(3), 23(a) (with savings in S.I. 2019/680, reg. 11 as amended by S.I. 2020/646, reg. 12)
F3: Words in Art. 25b(1) omitted (31.12.2020) by virtue of The Over the Counter Derivatives, Central Counterparties and Trade Repositories (Amendment, etc., and Transitional Provision) (EU Exit) Regulations 2020 (S.I. 2020/646), regs. 1(3), 23(b)(i) (with savings in S.I. 2019/680, reg. 11 as amended by S.I. 2020/646, reg. 12)
F4: Words in Art. 25b(1) omitted (31.12.2020) by virtue of The Over the Counter Derivatives, Central Counterparties and Trade Repositories (Amendment, etc., and Transitional Provision) (EU Exit) Regulations 2020 (S.I. 2020/646), regs. 1(3), 23(b)(ii) (with savings in S.I. 2019/680, reg. 11 as amended by S.I. 2020/646, reg. 12)
F5: Words in Art. 25b(2) omitted (31.12.2020) by virtue of The Over the Counter Derivatives, Central Counterparties and Trade Repositories (Amendment, etc., and Transitional Provision) (EU Exit) Regulations 2020 (S.I. 2020/646), regs. 1(3), 23(c)(i) (with savings in S.I. 2019/680, reg. 11 as amended by S.I. 2020/646, reg. 12)
F6: Words in Art. 25b(2) substituted (31.12.2020) by The Over the Counter Derivatives, Central Counterparties and Trade Repositories (Amendment, etc., and Transitional Provision) (EU Exit) Regulations 2020 (S.I. 2020/646), regs. 1(3), 23(c)(ii) (with savings in S.I. 2019/680, reg. 11 as amended by S.I. 2020/646, reg. 12)
F7: Art. 25b(3) substituted (31.12.2020) by The Over the Counter Derivatives, Central Counterparties and Trade Repositories (Amendment, etc., and Transitional Provision) (EU Exit) Regulations 2020 (S.I. 2020/646), regs. 1(3), 23(d) (with savings in S.I. 2019/680, reg. 11 as amended by S.I. 2020/646, reg. 12)