Draft of the Over the Counter Derivatives, Central Counterparties and Trade Repositories (Amendment, etc., and Transitional Provision) (EU Exit) Regulations 2020
Draft text of a statutory instrument which makes amendments to retained EU law relating to the supervision framework for third country central counterparties, to be laid under the European Union (Withdrawal) Act 2018 as amended by the European Union (Withdrawal Agreement) Act 2020.
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The European Market Infrastructure Regulation (EMIR) was introduced in the EU following the financial crisis. It implemented a mandatory requirement for some derivative trades to be cleared through central counterparties (CCPs). EMIR 2.2, the latest amendment to the EMIR framework, entered in application on 1st January 2020 and introduced a new supervisory regime for third country CCPs. The European Union (Withdrawal) Act 2018 (EUWA 2018), as amended by the European Union (Withdrawal Agreement) Act 2020 (EUWAA 2020), converts into UK domestic law the existing body of directly applicable EU law at the end of the Transition Period. HM Treasury is publishing this SI in draft alongside an explanatory note to provide Parliament and stakeholders with further details on our approach to this piece of retained EU law. HM Treasury plans to lay this instrument before Parliament in the Spring.