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(1) These Regulations may be cited as the Financial Services (Miscellaneous Amendments) Regulations 2022.
(2) These Regulations come into force at 11.00 p.m. on 31st December 2022.
(3) These Regulations extend to England and Wales, Scotland and Northern Ireland.
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Regulation 11(5) (saving for certain financial services legislation relating to Gibraltar) of the Gibraltar (Miscellaneous Amendments) (EU Exit) Regulations 2019 is amended as follows—
(a) in sub-paragraph (d), at the end insert “(except for regulation 8(1))”;
(b) in sub-paragraph (f), for “28(10)” substitute “28(7), (8)(a) and (c), and (10),”;
(c) in sub-paragraph (w), at the end insert “(except for regulations 7(2) and (3), and 8)”.
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(1) Regulation (EU) No 648/2012 of the European Parliament and of the Council of 4 July 2012 on OTC derivatives, central counterparties and trade repositories is amended as follows.
(2) In Article 4(5A)(a) (clearing obligation), for “two years” substitute “four years”.
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. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Nigel Huddleston
Amanda Solloway
Two of the Lords Commissioners of His Majesty’s Treasury
21st November 2022