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On February 24, 2015, secondary legislation was enacted which amends the Financial Services and Markets Act 2000 (Over the Counter Derivatives, Central Counterparties and Trade Repositories) Regulations 2013.
On February 24, 2015, secondary legislation was enacted which
amends the Financial Services and Markets Act 2000 (Over the
Counter Derivatives, Central Counterparties and Trade Repositories)
Regulations 2013. The amending regulations correct the original
legislation and ensure that the special resolution regime under the
Banking Act 2009 applies to UK-based CCPs regardless of whether or
not they are authorized under the European Market Infrastructure
Regulation, from March 18, 2015 until such time as the CCP becomes
authorized. The amending regulations come into force on March 18,
2015. The special resolution regime under the Banking Act 2009 will
apply to all EMIR authorized CCPs upon that authorization.
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
