{
  "url": "https://openlegislation.uk/otc-derivatives-risk-mitigation-and-central-counterparties-equivalence-switzerland-regulations-2025/note",
  "json_url": "https://openlegislation.uk/otc-derivatives-risk-mitigation-and-central-counterparties-equivalence-switzerland-regulations-2025/note.json",
  "legislation": "uksi/2025/898",
  "legislation_title": "The OTC Derivatives Risk Mitigation and Central Counterparties (Equivalence) (Switzerland) Regulations 2025",
  "legislation_url": "https://openlegislation.uk/otc-derivatives-risk-mitigation-and-central-counterparties-equivalence-switzerland-regulations-2025",
  "path": "note",
  "kind": "note",
  "number": null,
  "heading": "Explanatory note",
  "text": "(This note is not part of the Regulations)\nThese Regulations set out the Treasury’s equivalence determination in respect of the regulatory framework in Switzerland that applies to risk mitigation techniques for OTC derivative contracts not cleared by a CCP and the regulatory framework that applies to CCPs that are established in Switzerland.\nThese Regulations are made in exercise of the powers conferred by 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, amended by regulations made under section 8 of that Act (EMIR). Article 13(2) of EMIR provides that the Treasury may determine by regulations that the legal, supervisory and enforcement arrangements of a third country are equivalent to the requirements under Article 11 of EMIR. Article 25(1) of EMIR provides that a CCP established overseas may only provide clearing services to clearing members or trading venues established in the United Kingdom where that CCP is recognised by the Bank of England. The Bank of England is only able to recognise a CCP where the legal and supervisory arrangements of the overseas market in which they operate have been determined, by the Treasury in regulations, as equivalent to those of the United Kingdom.\nRegulation 2 sets out the Treasury’s determination that the regulatory framework of Switzerland, in relation to Article 11 of EMIR, is equivalent to that of the United Kingdom subject to the satisfaction of the conditions set out in regulation 3.\nRegulation 3 sets out the requirements that must be satisfied in relation to an OTC derivative contract, in order for the determination in regulation 2(a) to apply.\nRegulation 4 sets out the Treasury’s determination that the regulatory framework in relation to Swiss authorised CCPs is equivalent to that of the United Kingdom’s framework.\nA full impact assessment has not been produced for this instrument as no, or no significant, impact on the private, voluntary or public sector is forseen. A de minimis impact assessment is available from HM Treasury, 1 Horse Guards Road, London, SW1A 2HQ and is published with the Explanatory Memorandum alongside this instrument at www.legislation.gov.uk.",
  "extent": null,
  "status": null,
  "version": "current",
  "annotations": [],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/uksi/2025/898/note",
    "retrieved_at": "2026-10-28T21:12:53.049434+00:00"
  },
  "licence": "Open Government Licence v3.0",
  "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
  "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
}