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Change 1
As published
170B Third country central counterparties: procedure
(1) A third country central counterparty may apply to the Bank of England for an order recognising that the relevant provisions of its default rules satisfy the relevant requirements.
(2) The application must be made in such manner, and must be accompanied by such information, documents and reports, as the Bank of England may direct.
(3) Information, documents and reports required under subsection (2) must be provided in English and be given at such times, in such form and at such place, and verified in such manner, as the Bank of England may direct.
(4) The Bank of England may make an order recognising that the relevant provisions of the default rules satisfy the relevant requirements.
(5) The Bank of England may by order revoke an order made under subsection (4) if—
(a) the ... third country central counterparty consents;
(b) the ... third country central counterparty has failed to pay a fee which is owing to the Bank of England under paragraph 36 of Schedule 17A to the Financial Services and Markets Act 2000;
(c) the ... third country central counterparty is failing or has failed to comply with a requirement of or imposed under section 157 (as modified by section 170A(3)); or
(d) it appears to the Bank of England that the relevant provisions no longer satisfy the relevant requirements.
(6) An order made under subsection (4) or (5) must state the time and date when it is to have effect.
(7) An order made under subsection (5) may contain such transitional provision as the Bank of England considers appropriate.
(8) The Bank of England must—
(a) maintain a register of orders made under subsection (4) which are in force; and
(b) publish the register in such manner as it appears to the Bank of England to be appropriate.
(9) Section 298 of the Financial Services and Markets Act 2000 applies to a refusal to make an order under subsection (4) or the making of a revocation order under subsection (5)(b), (c) or (d) as it applies to the making of a revocation order under section 297(2) of the Financial Services and Markets Act 2000, but with the following modifications—
(a) for “appropriate regulator” substitute “the Bank of England”;
(b) for “recognised body” substitute “... third country central counterparty”; and
(c) in subsection (7), for “give a direction under section 296” substitute “make an order under paragraph (b), (c) or (d) of section 170B(5) of the Companies Act 1989”.
(10) If the Bank of England refuses to make an order under subsection (4) or makes an order under subsection (5)(b), (c) or (d), the ... third country central counterparty may refer the matter to the Upper Tribunal.
(11) The Bank of England may rely on information or advice from an overseas competent authority... in its determination of an application under subsection (1) or the making of a revocation order under subsection (5)(d).
Your change, as a redline
170B Third country central counterparties: procedure
(1) A third country central counterparty may apply to the Bank of England for an order recognising that the relevant provisions of its default rules satisfy the relevant requirements.
(2) The application must be made in such manner, and must be accompanied by such information, documents and reports, as the Bank of England may direct.
(3) Information, documents and reports required under subsection (2) must be provided in English and be given at such times, in such form and at such place, and verified in such manner, as the Bank of England may direct.
(4) The Bank of England may make an order recognising that the relevant provisions of the default rules satisfy the relevant requirements.
(5) The Bank of England may by order revoke an order made under subsection (4) if—
(a) the ... third country central counterparty consents;
(b) the ... third country central counterparty has failed to pay a fee which is owing to the Bank of England under paragraph 36 of Schedule 17A to the Financial Services and Markets Act 2000;
(c) the ... third country central counterparty is failing or has failed to comply with a requirement of or imposed under section 157 (as modified by section 170A(3)); or
(d) it appears to the Bank of England that the relevant provisions no longer satisfy the relevant requirements.
(6) An order made under subsection (4) or (5) must state the time and date when it is to have effect.
(7) An order made under subsection (5) may contain such transitional provision as the Bank of England considers appropriate.
(8) The Bank of England must—
(a) maintain a register of orders made under subsection (4) which are in force; and
(b) publish the register in such manner as it appears to the Bank of England to be appropriate.
(9) Section 298 of the Financial Services and Markets Act 2000 applies to a refusal to make an order under subsection (4) or the making of a revocation order under subsection (5)(b), (c) or (d) as it applies to the making of a revocation order under section 297(2) of the Financial Services and Markets Act 2000, but with the following modifications—
(a) for “appropriate regulator” substitute “the Bank of England”;
(b) for “recognised body” substitute “... third country central counterparty”; and
(c) in subsection (7), for “give a direction under section 296” substitute “make an order under paragraph (b), (c) or (d) of section 170B(5) of the Companies Act 1989”.
(10) If the Bank of England refuses to make an order under subsection (4) or makes an order under subsection (5)(b), (c) or (d), the ... third country central counterparty may refer the matter to the Upper Tribunal.
(11) The Bank of England may rely on information or advice from an overseas competent authority... in its determination of an application under subsection (1) or the making of a revocation order under subsection (5)(d).
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