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Version status: | Document consolidation status: Updated to reflect all known changes
Version date: 13 November 2018 - onwards

Explanatory Note

(This note is not part of the Regulations)

These Regulations are made in exercise of the powers in the European Union (Withdrawal) Act 2018 (c.16) in order to address failures of retained EU law to operate effectively and other deficiencies arising from the withdrawal of the United Kingdom from the European Union, and to make provision for the charging of fees in connection with the exercise of functions conferred upon the Bank of England by these Regulations.

Part 3 amends Regulation (EU) No 648/2012 of the European Parliament and of the Council of 4 July 2012 on OTC derivatives, central counterparties and trade repositories ("EMIR"), and Part 2 makes consequential amendments to Part 18 of, and Schedule 17A to, the Financial Services and Markets Act 2000 (c.8).

Part 4 revokes any implementing acts made under Article 25.6 of EMIR which are in force immediately before exit day. Part 5 provides that any recognition decisions made by the European Securities and Markets Authority in respect of central counterparties under Article 25 before exit day are to cease to have effect on exit day.

Part 6 makes transitional provision in relation to the provision of clearing services in the United Kingdom by central counterparties who are established outside of the United Kingdom and makes provision for the charging of fees.