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Over the Counter Derivatives, Central Counterparties and Trade Repositories (Amendment, etc., and Transitional Provision) (EU Exit) Regulations 2019 [SI 2019 No. 335]Introductory TextPart 1 Preliminary (reg. 1)Regulation 1 Citation, commencement and interpretationPart 2 Amendment of subordinate legislation (regs. 2-8)Regulation 2 Amendments to the Financial Services and Markets Act 2000 (Over the Counter Derivatives, Central Counterparties and Trade Repositories) Regulations 2013Regulation 3 InterpretationRegulation 4 Designation of competent authoritiesRegulation 5 Applications, notifications and reports to the FCARegulation 6 Penalties and statementsRegulation 7 Investigatory powers of ESMA with regard to trade repositoriesRegulation 8 Transitional provisionPart 3 Amendment and revocation of retained direct EU legislation (regs. 9-63)Chapter 1 Amendment of the EMIR Regulation (regs. 9-61)Regulation 9 Amendments to the EMIR regulationRegulation 10 Subject matter and scopeRegulation 11 DefinitionsRegulation 12 Equivalence decisions for the purposes of the definition of OTC derivativesRegulation 13 Intragroup transactionsRegulation 14 Clearing obligationRegulation 15 Clearing obligation procedureRegulation 16 Public registerRegulation 17 Access to a CCPRegulation 18 Access to a trading venueRegulation 19 Reporting obligationRegulation 20 Non-financial counterpartiesRegulation 21 Risk-mitigation techniques for OTC derivative contracts not cleared by a CCPRegulation 22 PenaltiesRegulation 23 Mechanism to avoid duplicative or conflicting rulesRegulation 24 Conditions for making technical standardsRegulation 25 Authorisation of a CCPRegulation 26 Extension of activities and servicesRegulation 27 Capital requirementsRegulation 28 Procedure for granting and refusing authorisationRegulation 29 CollegeRegulation 30 Opinion of the collegeRegulation 31 Withdrawal of authorisationRegulation 32 Review and evaluationRegulation 33 Competent authorityRegulation 34 CooperationRegulation 35 Organisational requirements: general provisionsRegulation 36 Record keepingRegulation 37 InformationRegulation 38 AssessmentRegulation 39 Business continuityRegulation 40 OutsourcingRegulation 41 TransparencyRegulation 42 Segregation and portabilityRegulation 43 Margin requirementsRegulation 44 Default fundRegulation 45 Liquidity risk controlsRegulation 46 Default waterfallRegulation 47 Collateral requirementsRegulation 48 Investment policyRegulation 49 Default proceduresRegulation 50 Review of models, stress testing and back testingRegulation 51 Calculation of KccpRegulation 52 Reporting of informationRegulation 53 Risk managementRegulation 54 Provision of margins among CCPsRegulation 55 Approval of interoperability arrangementsRegulation 56 Trade RepositoriesRegulation 57 Professional secrecyRegulation 58 Exchange of informationRegulation 59 Transitional and final provisionsRegulation 60 List of infringements referred to in paragraph 1 of Article 65Regulation 61 List of the coefficients linked to aggravating and mitigating factors for the application of paragraph 3 of Article 65Chapter 2 Revocation of Commission Delegated Regulations made under the EMIR Regulation (regs. 62-63)Regulation 62 Commission Delegated Regulation (EU) No. 1003/2013Regulation 63 Commission Delegated Regulation (EU) No. 667/2014Part 4 Specific provision for trade repositories (regs. 64-78)Chapter 1 Preliminary (reg. 64)Regulation 64 Interpretation of Part 4Chapter 1A Supervision of Ttade Repositories (reg. 64A)Regulation 64A Supervision of trade repositoriesChapter 2 Enforcement provisions relating to trade repositories (regs. 65-72)Regulation 65 Warning noticeRegulation 66 Decision noticeRegulation 67 Public censureRegulation 68 Financial penaltiesRegulation 69 Statement of policyRegulation 70 Statement of policy: procedureRegulation 71 Powers to issue guidanceRegulation 72 InjunctionsChapter 3 Application of the FSMA for the purposes of this Part, the EMIR Regulation and the Tratp Regulations (regs. 73-78)Regulation 73 Application of Part 9 of the FSMA (hearings and appeals)Regulation 74 Application of Part 9A of the FSMA (rules and guidance)Regulation 75 Application of Part 11 of the FSMA (information gathering and investigations)Regulation 76 Application of Part 26 of the FSMA (notices)Regulation 77 Application of Part 27 of the FSMA (offences)Regulation 78 Application of Schedule 1ZA to the FSMA (the Financial Conduct Authority)Part 5 Transitional provisions: intragroup transactions (regs. 79-84)Regulation 79 InterpretationRegulation 80 Continuation of exemptions from certain clearing obligations and risk-management obligationsRegulation 81 Relevant day for the purposes of regulation 80Regulation 82 New exemptions from certain clearing obligations and risk-management obligationsRegulation 83 Relevant day for the purposes of regulation 82Regulation 84 RegulationsSignatureExplanatory NoteExplanatory Memorandum
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Version status: In force | Document consolidation status: Updated to reflect all known changes
Version date: 31 December 2020 - onwards
Version 2 of 2

Regulation 48 Investment policy

In Article 47, in paragraph 8 -

(a) for the words from the beginning to "regulatory" where it first appears substitute "The Bank of England may make";

(b) omit from "ESMA shall submit" to the end of the paragraph.

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