The Financial Services and Markets Act 2023 (Commencement No. 15 and Saving and Transitional Provisions) Regulations 2026
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5 Transitional provision for CCPs treated as QCCPs where the CCPs apply for EMIR recognition on or after 1st January 2027
(1) This regulation applies to a CCP which, on or after 1st January 2027, makes an application for recognition under Article 25 of EMIR. (2) On or after 1st January 2027, an institution may treat a CCP to which this regulation applies as a QCCP during the period— (a) beginning with the day on which the CCP made the application for recognition under Article 25 of EMIR (“application day”), and (b) ending in accordance with paragraph (3). (3) For the purposes of paragraph (2), the period ends— (a) if EMIR regulations are in force on the application day, two years after the application day; (b) if no EMIR regulations are in force on the application day, on the earlier of the following— (i) two years after the day on which EMIR regulations come into force, or (ii) six years after the application day. (4) In paragraph (3)— (a) the period of two years specified in sub-paragraph (a) includes the application day, (b) the period of two years specified in sub-paragraph (b)(i) includes the day on which EMIR regulations come into force, and (c) the period of six years specified in sub-paragraph (b)(ii) includes the application day. (5) In this regulation— “credit institution” has the same meaning as in section 417(1) (definitions) of the Financial Services and Markets Act 2000; “EMIR regulations” means regulations which— are or may be made by the Treasury under Article 25(6) of EMIR, and relate to the country in which a CCP which applies for recognition under Article 25 of EMIR is established; “institution” means— a credit institution, or an investment firm; “investment firm” has the same meaning as in section 258A (investment firm) of the Banking Act 2009.
5 Transitional provision for CCPs treated as QCCPs where the CCPs apply for EMIR recognition on or after 1st January 2027
(1) This regulation applies to a CCP which, on or after 1st January 2027, makes an application for recognition under Article 25 of EMIR. (2) On or after 1st January 2027, an institution may treat a CCP to which this regulation applies as a QCCP during the period— (a) beginning with the day on which the CCP made the application for recognition under Article 25 of EMIR (“application day”), and (b) ending in accordance with paragraph (3). (3) For the purposes of paragraph (2), the period ends— (a) if EMIR regulations are in force on the application day, two years after the application day; (b) if no EMIR regulations are in force on the application day, on the earlier of the following— (i) two years after the day on which EMIR regulations come into force, or (ii) six years after the application day. (4) In paragraph (3)— (a) the period of two years specified in sub-paragraph (a) includes the application day, (b) the period of two years specified in sub-paragraph (b)(i) includes the day on which EMIR regulations come into force, and (c) the period of six years specified in sub-paragraph (b)(ii) includes the application day. (5) In this regulation— “credit institution” has the same meaning as in section 417(1) (definitions) of the Financial Services and Markets Act 2000; “EMIR regulations” means regulations which— are or may be made by the Treasury under Article 25(6) of EMIR, and relate to the country in which a CCP which applies for recognition under Article 25 of EMIR is established; “institution” means— a credit institution, or an investment firm; “investment firm” has the same meaning as in section 258A (investment firm) of the Banking Act 2009.
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