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Home > Financial Stability > Notifications
 

Notifications

Central Counterparty (CCP) Qualifying Holding notifications

Information for persons proposing to sell a qualifying holding in a UK CCP

Under Article 31 of Regulation No 648/2012 of the European Parliament and of the Council of 4 July 2012 on OTC derivatives, central counterparties and trade repositories (‘EMIR’), persons proposing to dispose, directly or indirectly, of a qualifying holding in a UK Central Counterparty (CCP) are required to notify the Bank in writing before making the disposal. Persons are also required to notify the Bank of a decision to reduce a qualifying holding so that the proportion of the voting rights or of the capital held would fall below 10%, 20%, 30% or 50% or so that the CCP would cease to be your subsidiary. Please send these details by email to FMIInformation@bankofengland.co.uk
The email should include:
·         details of the current and proposed shareholding in the CCP; and
·         to whom the shares are being sold.
·         the date on which the sale is expected to take effect.
The Bank may require additional information.
Information for persons proposing to acquire a qualifying holding in a UK CCP
A person who wishes to acquire or increase, directly or indirectly, their qualifying holding in a UK CCP with the result that their voting rights or capital held reaches or exceeds 10%, 20%, 30% or 50%, or so that the CCP would become their subsidiary, must first notify the Bank of England (‘the Bank’) for approval. A link to the notification form which must be used to notify the Bank of an acquisition is found at the bottom of this page. (If the proposed acquirer is not a body corporate, please contact the Bank by email at FMIInformation@bankofengland.co.uk to discuss the form of the notification).
Under Article 31 of EMIR, approval must be obtained from the Bank before acquiring or increasing a qualifying holding in a UK CCP. A person who fails to comply with an obligation in Article 31 of EMIR, or who provides information to the Bank which is false in a material particular, is guilty of a criminal offence under regulation 15 of the Financial Services and Markets Act 2000 (Over the Counter Derivatives, Central Counterparties and Trade Repositories) Regulations 2013.
However, if, for any reason, the acquisition or disposition has taken place without first notifying the Bank, notification must still be made to the Bank. 
Pre-notification
The pre-notification stage is designed to assist the persons proposing to acquire or increase a qualifying holding to understand the process with a view to increasing the likelihood of submitting a complete notification.
It is recommended that the notifier discusses the necessity of a pre-notification meeting by emailing FMIInformation@bankofengland.co.uk. Notifications may be submitted without prior contact, but this may increase the likelihood of a notification being acknowledged as incomplete.
It is also recommended that the notifier should read Articles 31 and 32 of EMIR (see external links) in conjunction with this notification form.
Submitting
Notifiers should email a copy of their notification and supporting documents to FMIInformation@bankofengland.co.uk] and send two hard copies to:
The Director
Financial Market Infrastructure Directorate
Bank of England
20 Moorgate
London
EC2R 6DA
 
The notification form is available below.
 
There is no fee charged for processing a change in control notification.
 
Notification forms
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