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Statutory Instruments

2023 No. 999

Financial Services

The Central Counterparties (Transitional Provision) (Extension and Amendment) Regulations 2023

Made

13th September 2023

Laid before Parliament

14th September 2023

Coming into force

1st November 2023

The Treasury make these Regulations in exercise of the powers conferred by Article 497(3) of of the European Parliament and of the Council of 26 June 2013 on prudential requirements for credit institutions and investment firms and amending Regulation No 648/2012( Regulation (EU) 575/2013 1 ) (the “ Capital Requirements Regulation ”), and by regulation 18(2) of the Central Counterparties (Amendment, etc., and Transitional Provisions) (EU Exit) Regulations 2018( 2 ) (the “ CCP Regulations ”).

The Treasury are satisfied that it is necessary and proportionate to extend the transitional provisions in paragraph 1 of Article 497 of the Capital Requirements Regulation in order to avoid disruption to international financial markets, and that it is necessary and proportionate to extend the temporary recognition period in regulation 18(1) of the CCP Regulations in order to avoid disruption to the financial stability of the United Kingdom.

Citation, commencement and extent

1. —(1) These Regulations may be cited as the Central Counterparties (Transitional Provision) (Extension and Amendment) Regulations 2023.

(2) These Regulations come into force on 1st November 2023.

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

Extension of the transitional period for third-country central counterparties under Article 497 of Regulation (EU) 575/2013 of the European Parliament and of the Council of 26 June 2013 on prudential requirements for credit institutions and investment firms and amending Regulation No. 648/2012

2. In Article 497 (own funds requirements for exposures to CCPs) of ( Regulation (EU) 575/2013 3 ), the transitional period referred to in paragraph 1(b)(ii)( 4 ) is extended by 12 months so that it ends four years after the date of the submission of the application.

Amendment to the Central Counterparties (Amendment, etc., and Transitional Provision) (EU Exit) Regulations 2018

3. In regulation 18(1) (temporary deemed recognition period) of the Central Counterparties (Amendment, etc., and Transitional Provision) (EU Exit) Regulations 2018( 5 ), for “four years” substitute “five years” .

Scott Mann

Stuart Anderson

Two Lords Commissioners of His Majesty’s Treasury

13th September 2023

( 1 )

EUR 2013/575.

( 3 )

As amended by S.I. 2019/1232 , 2021/1078 and 2022/1244 .

( 4 )

This transitional period was extended by S.I. 2022/1244 to end three years after the date of submission of the application.

( 5 )

As amended by S.I. 2020/56 and 2022/1244 .

Status: This is the original version (as it was originally made). This item of legislation is currently only available in its original format.
The Central Counterparties (Transitional Provision) (Extension and Amendment) Regulations 2023 (2023/999)

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