UK Treasury publishes FSMA (OTC derivatives, CCPs and TRs) Regulations

05 August 2013

The Financial Services and Markets Act 2000 (FSMA) (OTC Derivatives, Central Counterparties (CCPs) and Trade Repositories (TRs)) (No. 2) Regulations 2013 SI 2013/1908 were published on 5th August. The majority of the regulations will come into force on 26th August.

The regulations relate to the clearing of financial transactions through recognised clearing houses. The regulations implement in part Regulation (EU) No 648/2012 on OTC derivatives, central counterparties and trade repositories (EMIR) and amend the following:

• Supervisory, investigatory and enforcement powers of the Bank of England and the Financial Conduct Authority.
• Companies Act 1989 to facilitate segregation and transfer of indirect clients' assets and positions.
• Financial Services and Markets Act 2000 (Recognition Requirements for Investment Exchanges and Clearing Houses) Regulations 2001 (S.I. 2001/995) (the Recognition Requirements Regulations). They impose new requirements on recognised central counterparties and recognised clearing houses, which are not central counterparties.

Full Regulations

Further reporting by Lexology

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