On 10 November 2020, there was published on legislation.gov.uk The Central Counterparties (Equivalence) Regulations 2020 together with an explanatory memorandum.
The statutory instrument is being made in order to specify that the legal and supervisory arrangements for central counterparties (CCPs) in the European Economic Area (EEA) meet at least equivalent outcomes to the UK’s corresponding regime. This instrument, and the subsequent recognition by the Bank of England that it enables, will allow UK businesses and trading venues to continue using the clearing services of EEA CCPs under the European Market Infrastructure Regulation after the end of the Temporary Recognition Regime. The statutory instrument comes into force at 10:59pm on 31 December 2020.