40 Over the counter derivatives: clearing and procedures for reporting
Financial Services Act 2021 (2021 c 22) | Legislation

40  Over the counter derivatives: clearing and procedures for reporting

(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 (the “European Market Infrastructure Regulation”) is amended as follows.

(2)     In Article 4 (clearing obligation)—

(a)     after paragraph 3 insert—

“3A     Clearing members and clients which provide clearing services, whether directly or indirectly, must—

(a)     provide those services under fair, reasonable, non-discriminatory and transparent commercial terms, and

(b)     take all reasonable measures to identify, prevent, manage and monitor conflicts of interest, in particular between the trading unit and the clearing unit, that may adversely affect the fair, reasonable, non-discriminatory and transparent provision of clearing services.

3B     The duty under paragraph 3A(a)—

(a)     does not oblige clearing members or clients to contract, and

(b)     does

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