There has been published on the legislation.gov.uk website the Financial Services and Markets Act 2000 (Over the Counter Derivatives, Central Counterparties and Trade Repositories) (Amendment) Regulations 2015 (the Regulations).

The purpose of the Regulations are to amend the transitional provision in the Financial Services and Markets Act 2000 (Over-the-Counter Derivatives, Central Counterparties and Trade Repositories) Regulations 2013 (the Principal Regulations) with the effect that, from the date upon which the Regulations come into force until the end of the transitional period provided for in regulation 52 of the Principal Regulations, the special resolution regime provided for in Part 1 of the Banking Act 2009 will apply to any clearing house incorporated in, or formed under any part of the UK, that immediately before 15 March 2013: (i) was the subject of a valid recognition order made under Part 18 of the Financial Services and Markets Act 2000; and (ii) provided clearing services as a central counterparty. The omission of the transitional provision to this effect in the Principal Regulations when originally enacted was an error which the Regulations correct.

View The Financial Services and Markets Act 2000 (Over-the-Counter Derivatives, Central Counterparties and Trade Repositories) (Amendment) Regulations 2015, 25 February 2015