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Article 5 Registration of a trade repositoryC1

United Kingdom

Original text. Later amendments are not shown.

1.

A trade repository shall register with F1the FCA for the purposes of Article 4 under the conditions and the procedure set out in this Article.

2.

To be eligible to be registered under this Article, a trade repository shall be a legal person established in the F2United Kingdom, apply procedures to verify the completeness and correctness of the details reported to it under Article 4(1), and meet the requirements laid down in Articles 78, 79 and 80 of Regulation (EU) No 648/2012. For the purposes of this Article, references in Articles 78 and 80 of Regulation (EU) No 648/2012 to Article 9 thereof shall be construed as references to Article 4 of this Regulation.

3.

The registration of a trade repository shall be effective for the entire territory of the United Kingdom.

4.

A registered trade repository shall comply at all times with the conditions for registration. A trade repository shall, without undue delay, notify the FCA of any material changes to the conditions for registration.

5.

A trade repository shall submit to the FCA either of the following:

(a)

an application for registration;

(b)

an application for an extension of registration for the purposes of Article 4 of this Regulation in the case of a trade repository already registered under Title VI, Chapter 1 of Regulation (EU) No 648/2012.

6.

The FCA shall assess whether the application is complete within 20 working days of receipt of the application.

Where the application is not complete, the FCA shall set a deadline by which the trade repository is to provide additional information.

After assessing an application as complete, the FCA shall notify the trade repository accordingly.

7.

In order to ensure consistent application of this Article, F3the FCA may make technical standards specifying the details of all of the following:

(a)

the procedures referred to in paragraph 2 of this Article and which are to be applied by trade repositories in order to verify the completeness and correctness of the details reported to them under Article 4(1);

(b)

the application for registration referred to in point (a) of paragraph 5;

(c)

a simplified application for an extension of registration referred to in point (b) of paragraph 5 in order to avoid duplicate requirements.

F4...

8.

In order to ensure uniform conditions of application of paragraphs 1 and 2, F5the FCA may make technical standards specifying the format of both of the following:

(a)

the application for registration referred to in point (a) of paragraph 5;

(b)

the application for an extension of registration referred to in point (b) of paragraph 5.

With regard to point (b) of the first subparagraph, the FCA shall develop a simplified format to avoid duplicate procedures.

F6...

Annotations

Textual amendments

F1

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)

F2

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)

F3

Words in Art. 5(7) 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, 9(a)(i) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)

F4

Words in Art. 5(7) 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, 9(a)(ii) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)

F5

Words in Art. 5(8) 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, 9(b)(i) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)

F6

Words in Art. 5(8) 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, 9(b)(ii) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)

Modifications

C1

Arts. 5-10 excluded (27.11.2020) by The Securities Financing Transactions, Securitisation and Miscellaneous Amendments (EU Exit) Regulations 2020 (S.I. 2020/1385), regs. 1(2), 19