(This note is not part of the Regulations)

These Regulations are made in exercise of the powers in section 8(1) of the European Union (Withdrawal) Act 2018 (c.16) in order to address failures of retained EU law to operate effectively (see in particular paragraphs (a) to (e) and (g) of section 8(2) of that Act) and other deficiencies arising from the withdrawal of the United Kingdom from the European Union.

Part 2 amends subordinate legislation. In particular, it amends the Financial Services and Markets Act 2000 (Over the Counter Derivatives, Central Counterparties and Trade Repositories) Regulations 2013 (S.I. 2013/504) which implemented 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 ("the EMIR regulation").

Part 3 both amends the EMIR regulation and revokes two pieces of subordinate legislation made under that regulation.

Part 4 prescribes enforcement provisions relating to trade repositories replacing those in the EMIR regulation which are revoked by Part 2. It also modifies the Financial Services and Markets Act 2000 (c.8) so that the relevant provisions in that Act may apply, both to those enforcement provisions and those in the EMIR regulation.