ARTICLE
20 May 2015

Bank Of England Publishes Consolidated Version Of Rules For Recognized Clearing Houses

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A&O Shearman

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RCHs that are also CCPs must comply with domestic requirements as well as EMIR. All UK RCHs must comply with the BoE rules.
United Kingdom Finance and Banking

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.

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