(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) The first condition is that the central counterparty ceases to be -
(a) authorised in accordance with Article 17 of the EMIR Regulation;
(b) recognised in accordance with Article 25 of the EMIR Regulation; or
(c) a central counterparty to which Article 89.4 of the EMIR Regulation applies, unless that central counterparty has been subsequently recognised in accordance with Article 25 of the EMIR Regulation.
(3) In paragraph (2), references to the "EMIR Regulation" are to be read as references to that regulation as it has effect in EU law as amended from time to time.
(4) The second 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
…