Temporary Recognition Regime for non-UK CCPs
The Temporary Recognition Regime (TRR) came into effect at the end of the transition period. The TRR was amended on 1 November 2023 to extend until 31 December 2025, and it remains further extendable by HMT. The TRR allows eligible non-UK CCPs to continue to provide clearing services in the UK before recognition is granted, so long as they continue to be eligible for the TRR. Non-UK CCPs in the TRR must submit an application for recognition within 18 months of the end of the transition period (30 June 2022). See application information.
The Bank has published the list of non-UK CCPs that are taken to be eligible for temporary deemed recognition in the UK by virtue of the TRR. Further CCPs cannot enter the TRR. This list may be subject to change if CCPs no longer meet the eligibility criteria or withdraw from the TRR.
There is more information in the letters sent to non-UK CCPs in October 2018 and November 2020, and in the practical guidance for recognition of non-UK CCPs.
Please feel free to contact us at FMIInformation@bankofengland.co.uk.