Schedule 2: Transitional amendments Part 5 – Amendments to the Central Counterparties (Amendment, etc., and Transitional Provision) (EU Exit) Regulations 2018 Paragraph 51: Amendments relating to central counterparties
Paragraph 51 extends the maximum period for which a non-UK CCP can be placed in the run-off regime to the Temporary Recognition Regime for overseas CCPs. It amends the Central Counterparties (Amendment, etc., and Transitional Provision) (EU Exit) Regulations 2018 (the "CCP Regulations").
	Sub-paragraph (2) amends regulation 19B(2) of the CCP Regulations to provide that the maximum duration of the ‘run-off' period for an overseas CCP is 3 years and 6 months, rather than one year.
	Sub-paragraph (3) inserts new paragraphs 4 to 8 into Regulation 19B of the CCP Regulations. New paragraph 4 clarifies that the Bank of England may make a new determination varying the length of the run-off period for a particular firm, in addition to any determination it has already made.
	New paragraphs 5 to 7 allow the Bank of England to extend the period for a CCP which leaves the run-off regime before these provisions come into force. They give the Bank of England the ability to determine that the CCP’s run-off period is to be treated as not having expired from the making of the determination onwards, and therefore to exercise its power to vary that CCP’s run-off period up to the maximum period of 3 years and 6 months.
	New paragraph 8 provides that new paragraphs 5 to 7 expire at the end of 31 December 2025 and clarifies that this expiry will not affect previous determinations made under these paragraphs.