On 18 June 2019, the Financial Services and Markets Act 2000 (Over the Counter Derivatives, Central Counterparties and Trade Repositories) (Amendment) Regulations 2019 were published on legislation.gov.uk, together with an explanatory memorandum.
These Regulations make the necessary changes to UK legislation to implement Regulation (EU) No 2019/834 of the European Parliament and of the Council amending Regulation (EU) No 648/2012 as regards the clearing obligation, the suspension of the clearing obligation, the reporting requirements, the risk-mitigation techniques for OTC derivative contracts not cleared by a central counterparty, the registration and supervision of trade repositories and the requirements for trade repositories (more commonly known as EMIR REFIT).
The Regulations make changes to the Financial Services and Markets Act 2000 (Over the Counter Derivatives, Central Counterparties and Trade Repositories) Regulations 2013 (S.I. 2013/504), which implemented EMIR in the UK, in order to ensure that EMIR REFIT is fully effective and enforceable in the United Kingdom.
The Regulations come into force on 9 July 2019.