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Home > Financial Stability > Overseas Clearing Houses requirements

Overseas Clearing Houses requirements

Recognised Overseas Clearing Houses (ROCHs)

A number of central counterparties (CCPs) incorporated in jurisdictions other than the UK currently operate in the UK as recognised overseas clearing houses. The ROCH regime will continue for these CCPs until a decision on their authorisation/recognition under EMIR (the European Market Infrastructure Regulation) is taken by their home competent authority or ESMA, as the case may be. ROCHs must continue to meet the requirements in the Financial Services and Markets Act 2000 until then.

Overseas central counterparties

Under 170B of the Companies Act 1989 EEA or third country central counterparties can apply to the Bank for an order recognising that the relevant provisions of its default rules satisfy the relevant requirements. In order to benefit from the relevant provisions, such CCPs must comply with the ongoing requirements, including notification requirements, contained in that Act.