The Central Counterparties (Transitional Provision) (Extension and Amendment) Regulations 2023

The Central Counterparties (Transitional Provision) (Extension and Amendment) Regulations 2023 as regards transitional provisions relating to central counterparties (CCP) established outside the UK were published on legislation.gov.uk, the official platform of the UK government for publicizing legal texts.
The regulations modify Article 18(1) of the Central Counterparties (Amendment, etc., and Transitional Provision) (EU Exit) Regulations 2018 to extend the Temporary Recognition Regime (TRR) for such third country CCPs that have applied for and are still awaiting recognition by the Bank of England (BoE) up to December 31, 2025. This means that they are permitted to further provide services in the UK up to this date.
The Regulations also modify Article 497 of the Retained Capital Requirements Regulation (UK CRR) to prolong the temporary recognition of third country CCPs for which there’s no equivalence decision, but which have applied for recognition with the BoE (so-called qualifying central counterparties (QCCPs)) from three to now four years for purposes of determining own funds requirements of UK firms having exposures to such CCPs. The valid time period begins with the application date for recognition of a QCCP.