(1) A central counterparty is, on or after IP completion day, to cease to be taken to be recognised pursuant to Article 25 of the EMIR Regulation in accordance with regulation 17 where any of the following conditions are met.

(2) [deleted]

(3) [deleted]

(4) The first condition is that the Bank of England directs that the central counterparty is to cease to be taken to be recognised pursuant to Article 25 of the EMIR Regulation in accordance with regulation 17.

(5) The second condition is that, in the case of a central counterparty who has submitted an application under regulation 12 or Article 25.4 of the EMIR Regulation -

(a) the central counterparty withdraws their application; or

(b) the application is determined by the Bank of England.