# 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 (Text with EEA relevance), Article 77: Recognition of trade repositories

Extent: E+W+S+N.I.

1. A trade repository established in a third country may provide its services and activities to entities established in the United Kingdom for the purposes of Article 9 only after its recognition by the FCA in accordance with paragraph 2.
2. A trade repository referred to in paragraph 1 shall submit to the FCA its application for recognition together with all necessary information, including at least the information necessary to verify that the trade repository is authorised and subject to effective supervision in a third country ...
Within 30 working days of receipt of the application or the date on which a cooperation arrangement with a third country prescribed in accordance with paragraph 3 of Article 75 is entered into, whichever is later, the FCA shall assess whether the application is complete. If the application is not complete, the FCA shall set a deadline by which the applicant trade repository has to provide additional information.
Within 180 working days of the submission of a complete application, the FCA shall inform the applicant trade repository in writing with a fully reasoned explanation whether the recognition has been granted or refused.
The FCA shall publish on its website a list of the trade repositories recognised in accordance with this Regulation.
3. The FCA may grant recognition to a trade repository established in a third country only if:
(a) the trade repository is authorised and subject to supervision in that third country;
(b) the third country is recognised by regulations made by the Treasury as one in which the arrangements for trade repositories are equivalent to those in the United Kingdom (in accordance with paragraph 1 of Article 75); and
(c) cooperation arrangements entered into with the third country (in accordance with paragraph 3 of Article 75) provide for the FCA to have immediate and continuous access to the information needed for the performance of their duties, including information on derivative contracts held in trade repositories established in the third country.
4. The FCA may, on its own initiative, withdraw the recognition of a trade repository granted under paragraph 2 where the trade repository:
(a) no longer meets the conditions for recognition in points (a) to (c) of paragraph 3;
(b) expressly renounces the recognition or has provided no services for the preceding 6 months; or
(c) obtained the recognition by making false statements or by any other irregular means.
5. A trade repository must, without undue delay, notify the FCA of any material changes affecting the condition for recognition in point (a) of paragraph 3.

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Source: https://www.legislation.gov.uk/eur/2012/648/article/77 (the official version)
Page: https://openlegislation.uk/eu-regulation-2012-648/article-77
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.