On 4 April 2014, UK amending regulations were published which exempt recognized overseas clearing houses from the requirement to produce and maintain recovery plans while their application for recognition as a CCP under EMIR is being considered. The Regulations come into effect on 1 May 2014. UK-incorporated recognized clearing houses will be required to have and maintain recovery plans from 1 May 2014 regardless of their application for recognition under EMIR.
The Regulations are available at: http://www.legislation.gov.uk/uksi/2014/905/pdfs/uksi_20140905_en.pdf.
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.