A third country central counterparty may apply to the Bank of England for an order recognising that the relevant provisions of its default rules satisfy the relevant requirements.
The application must be made in such manner, and must be accompanied by such information, documents and reports, as the Bank of England may direct.
Information, documents and reports required under subsection (2) must be provided in English and be given at such times, in such form and at such place, and verified in such manner, as the Bank of England may direct.
The Bank of England may make an order recognising that the relevant provisions of the default rules satisfy the relevant requirements.
The Bank of England may by order revoke an order made under subsection (4) if—
An order made under subsection (4) or (5) must state the time and date when it is to have effect.
An order made under subsection (5) may contain such transitional provision as the Bank of England considers appropriate.
The Bank of England must—
Section 298 of the Financial Services and Markets Act 2000 applies to a refusal to make an order under subsection (4) or the making of a revocation order under subsection (5)(b), (c) or (d) as it applies to the making of a revocation order under section 297(2) of the Financial Services and Markets Act 2000, but with the following modifications—
If the Bank of England refuses to make an order under subsection (4) or makes an order under subsection (5)(b), (c) or (d), the ... third country central counterparty may refer the matter to the Upper Tribunal.
The Bank of England may rely on information or advice from an overseas competent authority... in its determination of an application under subsection (1) or the making of a revocation order under subsection (5)(d).