Suggest a correction

Cases where specified person is prohibited unless certain consent is obtained, from reporting counterparty information on specified derivatives contract under laws or requirements of jurisdiction specified in Fifth Schedule

Securities and Futures (Reporting of Derivatives Contracts) Regulations 2013

Match the official source exactly.

What needs fixing?

Wrong or mistyped textWrong structure or numberingWrong title or detailsDuplicated content

Proposed text

—(1) A specified person who —(a)is a party to a specified derivatives contract that is entered into before the specified date A;(b)is bound by a requirement of the law of any jurisdiction specified in the Fifth Schedule, or a requirement of any authority of any jurisdiction specified in the Fifth Schedule, to report any counterparty information set out in Part 1 of the First Schedule in respect of the specified derivatives contract only with the consent of the counterparty to the specified derivatives contract; and(c)had the requirement of the law or of the authority mentioned in sub-paragraph (b) not come into force, would have been completely prohibited under a requirement of a law or of an authority of the jurisdiction mentioned in sub-paragraph (b) from reporting the counterparty information,need not report the counterparty information at such time or times and in the form and manner specified in regulations 7 and 9, but must report the counterparty information in accordance with paragraph (2).(2) Subject to paragraph (3), a specified person to whom paragraph (1) applies must report the counterparty information set out in Part 1 of the First Schedule in respect of the specified derivatives contract not later than —(a)the specified date A; or(b)if the specified person has been making reasonable efforts to obtain the requisite consent of the counterparty, the later of the following dates:(i)the specified date A;(ii)the last day of the one-month period after the occurrence of either of the following events, whichever occurs first:(A)the requisite consent is obtained;(B)the requirement of the law or of the authority for consent is revoked.(3) A specified person need not comply with paragraph (2) if the specified derivatives contract ceases to be in force before the date mentioned in paragraph (2)(a) or (b)(i) or (ii), as the case may be.(4) A specified person who —(a)executes or causes to be executed a specified derivatives contract as an agent of a party to the specified derivatives contract before the specified date B;(b)is bound by a requirement of the law of any jurisdiction specified in the Fifth Schedule, or a requirement of any authority of any jurisdiction specified in the Fifth Schedule, to report any counterparty information set out in Part 1 of the First Schedule in respect of the specified derivatives contract only with the consent of —(i)the counterparty to the specified derivatives contract;(ii)the party for whom the specified person has entered into the specified derivatives contract; or(iii)both the persons mentioned in sub-paragraphs (i) and (ii); and(c)had the requirement of the law or of the authority mentioned in sub-paragraph (b) not come into force, would have been completely prohibited under a requirement of a law or of an authority of the jurisdiction mentioned in sub-paragraph (b) from reporting the counterparty information,need not report the counterparty information at such time or times and in the form and manner specified in regulations 7 and 9, but must report the counterparty information in accordance with paragraph (5).(5) Subject to paragraph (6), a specified person to whom paragraph (4) applies must report the counterparty information set out in Part 1 of the First Schedule in respect of the specified derivatives contract not later than —(a)the specified date B; or(b)if the specified person has been making reasonable efforts to obtain the requisite consent of the person or persons mentioned in paragraph (4)(b)(i), (ii) or (iii), as the case may be, the later of the following dates:(i)the specified date B;(ii)the last day of the one-month period after the occurrence of either of the following events, whichever occurs first:(A)the requisite consent is obtained;(B)the requirement of the law or of the authority for consent is revoked.(6) A specified person need not comply with paragraph (5) if the specified derivatives contract ceases to be in force before the date mentioned in paragraph (5)(a) or (b)(i) or (ii), as the case may be.(7) In this regulation —“specified date A” means 1 July of the year immediately following the date on which the requirement of the law or of the authority mentioned in paragraph (1)(b) came into force;“specified date B” means 1 July of the year immediately following the date on which the requirement of the law or of the authority mentioned in paragraph (4)(b) came into force.

What's the problem? (required)

Source link (optional)

Describe the problem (and edit the text or pick an issue type) to submit.

Suggestions are submitted anonymously. No account or personal information is required or sent.