The Central Counterparties (Transitional Provision) (Extension and Amendment) Regulations 2024

• Citation: S.I. 2024/923
• Sections: 3

Section 1 Citation, commencement and extent

(1) These Regulations may be cited as the Central Counterparties (Transitional Provision) (Extension and Amendment) Regulations 2024.

(2) These Regulations come into force on 29th November 2024.

(3) These Regulations extend to England and Wales, Scotland and Northern Ireland.

Section 2 Extension of the transitional period for third-country central counterparties under Article 497 of Regulation (EU) 575/2013 of the European Parliament and of the Council of 26 June 2013 on prudential requirements for credit institutions and investment firms and amending Regulation No 648/2012

In Article 497 (own funds requirements for exposures to CCPs) of Regulation (EU) 575/2013 , the transitional period referred to in paragraph 1(b)(ii) is extended by 12 months so that it ends five years after the date of the submission of the application.

Section 3 Amendment to the Central Counterparties (Amendment, etc, and Transitional Provision) (EU Exit) Regulations 2018

In regulation 18(1) (temporary deemed recognition period) of the Central Counterparties (Amendment, etc, and Transitional Provision) (EU Exit) Regulations 2018 , for “five years” substitute “six years” .