Statutory Instruments
2020 No. 1244
Financial Services
The Central Counterparties (Equivalence) Regulations 2020
Made
9th November 2020
Laid before Parliament
10th November 2020
Coming into force
at 10.59 p.m. on 31st December 2020
The Treasury, in exercise of the powers conferred by regulation 14(1) of the Central Counterparties (Amendment, etc., and Transitional Provision) (EU Exit) Regulations 2018( 1 ), make the following Regulations.
Citation, commencement and interpretation
1. —(1) These Regulations may be called the Central Counterparties (Equivalence) Regulations 2020.
(2) These Regulations come into force at 10.59 p.m. on 31st December 2020.
(3) In these Regulations—
“EMIR” means Regulation (EU) 648/2012 of the European Parliament and of the Council of 4 July 2012 on OTC derivatives, central counterparties and trade repositories as it has effect in EU law as amended from time to time.
Equivalence
2. The Treasury specify that—
(a) the legal and supervisory arrangements of each EEA state ensure that central counterparties authorised in that EEA state comply with legally binding requirements which are equivalent to the requirements laid down in Title IV of EMIR;
(b) central counterparties referred to in subparagraph (a) are subject to effective supervision and enforcement in each EEA state on an ongoing basis; and
(c) the legal framework of each EEA state provides for an effective equivalent system for the recognition of central counterparties authorised under the legal regimes of other countries.
David Duguid
Michael Tomlinson
Two of the Lords Commissioners of Her Majesty’s Treasury
9th November 2020
S.I. 2018/1184 , as amended by S.I. 2020/56 and 2020/628 ; there are other amendments that are not relevant.