(This note is not part of the Regulations)
These Regulations extend transitional provisions provided for in Regulation (EU) 575/2013 of the European Parliament and of the Council on prudential requirements for credit institutions and amending Regulation (EU) No 648/2012 (the "Capital Requirements Regulation") and the Central Counterparties (Amendment, etc, and Transitional Provision) (EU Exit) Regulations 2018 (the "CCP Regulations") as extended by: i) the Central Counterparties (Transitional Provision) (Extension and Amendment) Regulations 2022; and ii) the Central Counterparties (Transitional Provision) (Extension and Amendment) Regulations 2023.
These Regulations extend the transitional provisions in relation to central counterparties which are established outside of the United Kingdom.
Regulation 2 provides that the transitional period provided for in Article 497(1)(b)(ii) of the Capital Requirements Regulation is extended by 12 months. Article 497(1)(b)(ii) sets out this transitio
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