Citation, commencement and extent

1. —(1) These Regulations may be cited as the Central Counterparties (Equivalence) (India) (Reserve Bank of India) Regulations 2023.

(2) These Regulations come into force on 28th June 2023.

(3) These Regulations extend to England and Wales, Scotland and Northern Ireland.

Equivalence

2. —(1) The Treasury specify that—

(a) the legal and supervisory arrangements of India, as implemented by the RBI, ensure that specified CCPs comply on an ongoing basis with legally binding requirements which are equivalent to the requirements laid down in Title IV of Regulation (EU) 648/2012 of the European Parliament and of the Council of 4 July 2012 on OTC derivatives, central counterparties and trade repositories;

(b) the specified CCPs are subject to effective supervision and enforcement by the RBI on an ongoing basis;

(c) the legal framework of India, as implemented by the RBI, provides for an effective equivalent system for the recognition of CCPs( 2 ) authorised under legal regimes of other countries.

(2) In this regulation—

(a) “ RBI ” means the Reserve Bank of India;

(b) “ specified CCP ” means a CCP established in India which is—

(i) authorised by the RBI; and

(ii) designated by the RBI as a financial market infrastructure.