The Financial Services and Markets Act 2023 (Commencement No. 15 and Saving and Transitional Provisions) Regulations 2026
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Change 1
6 Saving provision relating to article 497(2) of the Capital Requirements Regulation
(1) This regulation applies to a CCP which, on and after 1st January 2027, is treated as a QCCP by virtue of regulation 4 or 5. (2) Despite its revocation brought into force by regulation 2, Article 497(2) of the Capital Requirements Regulation continues to have effect, on and after 1st January 2027, subject to the following modifications— (a) the reference to the expiration of the deadline in Article 497(1) is to be read as a reference to the end of the period specified in— (i) regulation 4(2) in the case of a CCP to which regulation 4 applies; (ii) regulation 5(3) in the case of a CCP to which regulation 5 applies; (b) the reference to a CCP referred to in Article 497(1) is to be read as a reference to a CCP to which regulation 4 or 5 applies; (c) the reference to Article 308(2) is to be read as a reference to Article 308(2) of the Counterparty Credit Risk (CRR) Part of the PRA Rulebook. (3) In this regulation, “PRA Rulebook” means the Rulebook published by the Prudential Regulation Authority containing rules made by that Authority under the Financial Services and Markets Act 2000 as that Rulebook has effect on the day on which these Regulations are made.
6 Saving provision relating to article 497(2) of the Capital Requirements Regulation
(1) This regulation applies to a CCP which, on and after 1st January 2027, is treated as a QCCP by virtue of regulation 4 or 5. (2) Despite its revocation brought into force by regulation 2, Article 497(2) of the Capital Requirements Regulation continues to have effect, on and after 1st January 2027, subject to the following modifications— (a) the reference to the expiration of the deadline in Article 497(1) is to be read as a reference to the end of the period specified in— (i) regulation 4(2) in the case of a CCP to which regulation 4 applies; (ii) regulation 5(3) in the case of a CCP to which regulation 5 applies; (b) the reference to a CCP referred to in Article 497(1) is to be read as a reference to a CCP to which regulation 4 or 5 applies; (c) the reference to Article 308(2) is to be read as a reference to Article 308(2) of the Counterparty Credit Risk (CRR) Part of the PRA Rulebook. (3) In this regulation, “PRA Rulebook” means the Rulebook published by the Prudential Regulation Authority containing rules made by that Authority under the Financial Services and Markets Act 2000 as that Rulebook has effect on the day on which these Regulations are made.
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