(1) This regulation applies to a central counterparty established in a third country where it -

(a) meets the conditions in regulation 17(1)(a); and

(b) is not taken to be recognised pursuant to Article 25 of the EMIR Regulation in accordance with regulation 13 or 17.

(2)This regulation also applies to a central counterparty established in a third country which ceases to be taken to be recognised pursuant to Article 25 of the EMIR Regulation in accordance with regulation 17 where -

(a) the conditions in regulation 19(4), 19(5)(a) or 19(6) apply, or