On 29 October 2019, there was published on the legislation.gov.uk website the Over the Counter Derivatives, Central Counterparties and Trade Repositories (Amendment etc and Transitional Provision) (EU Exit) (No 2) Regulations 2019, together with an explanatory memorandum.
The Regulations are being made to address deficiencies in retained EU law in the Regulation on over-the-counter derivative transactions, central counterparties and trade repositories (EMIR), as amended by the EMIR Refit Regulation (REFIT), so that it operates effectively following the withdrawal of the United Kingdom from the European Union.
The Regulations make the following changes:
- Part 2 of the Regulations amends the definition of EMIR in Part 18 of the Financial Services and Markets Act 2000 so that it refers to EMIR as it has been amended by REFIT;
- Part 3 of the Regulations changes a number of EU exit statutory instruments made under section 8 of the EU (Withdrawal) Act 2018 as amended by EMIR and related legislation; and
- Part 4 of the Regulations addresses deficiencies in EMIR, as amended by REFIT, and related UK legislation to ensure that the UK continues to have an effective regulatory framework for over-the-counter derivatives and central counterparties after the UK has left the EU.
Parts 1 (commencement) and 3 of the Regulations come into force on 30 October 2019. Parts 2 and 4 come into force on exit day.
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