On 8 December 2023, there was published on legislation.gov.uk The Central Counterparties (Equivalence) (United States of America) (Commodity Futures Trading Commission) Regulations 2023 (No. 1323).
This statutory instrument is being made to specify that the legal and supervisory arrangements for certain central counterparties (CCPs) authorised by the Commodity Futures Trading Commission (CFTC), an independent federal agency of the government of the United States of America, are equivalent to the UK’s corresponding regime. The determination of equivalence conferred by the statutory instrument is a precondition of a CCP authorised by the CFTC being able to become recognised by the Bank of England (BoE) on a non-time limited basis. Upon being recognised by the BoE, CCPs can provide their clearing services to UK market participants.
The statutory instrument comes into force on 28 December 2023.