1. Where a third-country CCP applies for recognition in accordance with Article 25 of Regulation (EU) No 648/2012, institutions may consider that CCP as a QCCP from the date on which it submitted its application for recognition to the Bank and until one of the following dates:
(a) where the Treasury have made regulations under Article 25(6) of Regulation (EU) No 648/2012 in relation to the third country in which the CCP is established and that implementing act has entered into force, two years after the date of submission of the application;
(b) where the Treasury have not yet made regulations under Article 25(6) of Regulation (EU) No 648/2012 in relation to the third country in which the CCP is established or where that implementing act has not yet entered into force, the earlier of the following dates:
(i) two years after the date of entry into force of the regulations;
(ii) for CCPs that submitted the application after 27 June 2019, four years after the date of submission of the app
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