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Article 19 Equivalence and recognition of trade repositories

United Kingdom

Original text. Later amendments are not shown.

1.

F1The Treasury may F2make provision, by regulations, determining that the legal and supervisory arrangements of a third country ensure that:

(a)

trade repositories authorised in that third country comply with legally binding requirements which are equivalent to those laid down in this Regulation F3including compliance with the requirements to give direct and immediate access to the data to the entities referred to in Article 12(2);

(b)

effective supervision of trade repositories and effective enforcement of their obligations takes place in that third country on an ongoing basis;

(c)

guarantees of professional secrecy exist, including the protection of business secrets shared with third parties by the authorities, and those guarantees are at least equivalent to those laid down in this Regulation; and

F4(d)

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

The implementing act referred to in the first subparagraph shall also specify the relevant third-country authorities that are entitled to access the data on SFTs held in trade repositories established in the F5United Kingdom.

F6Regulations made under this paragraph must also specify the relevant authorities in third countries which are entitled to access the data on SFTs held in trade repositories established in the United Kingdom.

F72.

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

3.

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 4 only after its recognition by F8the FCA in accordance with the requirements laid down in paragraph 4 of this Article.

4.

A trade repository referred to in paragraph 3 shall submit to the FCA either of the following:

(a)

an application for recognition;

(b)

an application for extension of the registration for the purposes of Article 4 of this Regulation in the case of a trade repository already recognised in accordance with Regulation (EU) No 648/2012.

5.

An application as referred to in paragraph 4 shall be accompanied by 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 which satisfies all of the following criteria:

(a)

the Treasury has determined, by means of F9regulations pursuant to paragraph 1, that the third country has an equivalent and enforceable regulatory and supervisory framework;

(b)

the relevant authorities of the third country have entered into cooperation arrangements with the FCA specifying at least:

  1. (i)

    a mechanism for the exchange of information between the FCA F10... on the one hand and the relevant competent authorities of the third country concerned on the other; and

  2. (ii)

    procedures concerning the coordination of supervisory activities.

F11...

6.

Within 30 working days of receipt of the application, the FCA shall assess whether the application is complete. If the FCA determines that the application is not complete, it shall set a deadline by which the applicant trade repository is to provide additional information.

7.

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.

8.

The FCA shall publish on its website a list of the trade repositories recognised in accordance with this Article.

Annotations

Textual amendments

F1

Words in Art. 19 substituted (31.12.2020) by The Transparency of Securities Financing Transactions and of Reuse (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/542), regs. 1, 21(a) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)

F2

Words in Art. 19(1) substituted (31.12.2020) by The Transparency of Securities Financing Transactions and of Reuse (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/542), regs. 1, 21(b)(i) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)

F3

Words in Art. 19(1)(a) inserted (31.12.2020) by The Transparency of Securities Financing Transactions and of Reuse (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/542), regs. 1, 21(b)(ii) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)

F4

Art. 19(1)(d) omitted (31.12.2020) by virtue of The Transparency of Securities Financing Transactions and of Reuse (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/542), regs. 1, 21(b)(iii) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)

F5

Words in Arts. 2-20 substituted (31.12.2020) by The Transparency of Securities Financing Transactions and of Reuse (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/542), regs. 1, 5(1)(3) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)

F6

Words in Art. 19(1) substituted (31.12.2020) by The Transparency of Securities Financing Transactions and of Reuse (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/542), regs. 1, 21(b)(iv) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)

F7

Art. 19(2) omitted (31.12.2020) by virtue of The Transparency of Securities Financing Transactions and of Reuse (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/542), regs. 1, 21(c) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)

F8

Words in Arts. 4-20 substituted (31.12.2020) by The Transparency of Securities Financing Transactions and of Reuse (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/542), regs. 1, 5(2) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)

F9

Word in Art. 19(5)(a) substituted (31.12.2020) by The Transparency of Securities Financing Transactions and of Reuse (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/542), regs. 1, 21(d)(i) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)

F10

Words in Art. 19(5)(b)(i) omitted (31.12.2020) by virtue of The Transparency of Securities Financing Transactions and of Reuse (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/542), regs. 1, 21(d)(ii) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)

F11

Words in Art. 19(5) omitted (31.12.2020) by virtue of The Transparency of Securities Financing Transactions and of Reuse (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/542), regs. 1, 21(d)(iii) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)