(1) Regulation 19B of the Central Counterparties (Amendment, etc., and Transitional Provision) (EU Exit) Regulations 2018 (S.I. 2018/1184) is amended as follows.
(2) In paragraph (2) for "one year" substitute "3 years and 6 months".
(3) After paragraph (3) insert -
"(4) The period determined by the Bank of England in a particular case under paragraph (2) (whenever determined) may be varied by the making of a subsequent determination.
(5) Paragraph (6) applies where -
(a) a central counterparty (A) was taken to be recognised pursuant to Article 25 of the EMIR regulation in accordance with regulation 19A(3), and
(b) A ceased to be taken to be so recognised by virtue of the relevant period in the case of A having expired before the commencement day.
(6) The Bank of England -
(a) may determine that the relevant period in the case of A is (in spite of its expiry) to be treated, as from the making of the determination, as not having expired, and
(b) may accordingly exercise its
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