UK:
Bank Of England Publishes Consolidated Version Of Rules For Recognized Clearing Houses
20 May 2015
Shearman & Sterling LLP
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On May 8, 2015, the Bank of England published a consolidated
version of its rules for Recognized Clearing Houses. RCHs are
regulated by the Financial Services and Markets Act 2000 and are
subject to the FSMA 2000 (Recognition Requirements) Regulations
2001, though different recognition requirements will apply under
the European Market Infrastructure Regulation for RCHs that are
also CCPs. RCHs that are also CCPs must comply with domestic
requirements as well as EMIR. All UK RCHs must comply with the BoE
rules.
The BoE RCH rules are available at: http://www.bankofengland.co.uk/financialstability/Pages/fmis/standards/rchreq.aspx.
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.
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