Statutory Instruments
2023 No. 599
Financial Services
The Central Counterparties (Equivalence) (India) (Reserve Bank of India) Regulations 2023
Made
5th June 2023
Laid before Parliament
6th June 2023
Coming into force
28th June 2023
The Treasury, in exercise of the powers conferred by Articles 25(6) and 84a(2) 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( 1 ), make the following Regulations.
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.
Andrew Stephenson
Steve Double
Two of the Lords Commissioners of His Majesty’s Treasury
5th June 2023
EUR 648/2012, as amended by S.I. 2018/1184 , 2019/335 and 2020/646 ; there are other amending instruments but none is relevant.
“CCP” is defined in Article 2 of EUR 648/2012.