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 Regulation (EU) 575/2013 on prudential requirements for credit institutions and investment firms and amending Regulation No 648/2012( 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
EUR 2013/575.
As amended by S.I. 2019/1232 , 2021/1078 and 2022/1244 .
This transitional period was extended by S.I. 2022/1244 to end three years after the date of submission of the application.
As amended by S.I. 2020/56 and 2022/1244 .