UK: The Over the Counter Derivatives, Central Counterparties and Trade Repositories (Amendment, etc., and Transitional Provision) (EU Exit) Regulations 2019

The Over the Counter Derivatives, Central Counterparties and Trade Repositories (Amendment, etc., and Transitional Provision) (EU Exit) Regulations 2019 were made on Wednesday (the 20th) and come into force on exit day: see here or here (pdf). The Regulations are accompanied by an explanatory memorandum (here, pdf) and a shorter explanatory note: see here. The purpose of the Regulations, to quote directly from the explanatory memorandum, is as follows (paras. 2.1 and 2.2):

This instrument is being made in order to address deficiencies in retained European Union (EU) legislation, in particular the European Market Infrastructure Regulation (“EMIR”) - Regulation (EU) No 648/2012 of the European Parliament and of the Council of 4 July 2012 on OTC derivatives, central counterparties and trade repositories, arising from the withdrawal of the United Kingdom (UK) from the EU, ensuring the legislation continues to operate effectively when the UK leaves the EU.
Other aspects of EMIR are being dealt with in separate instruments. Powers to make equivalence and recognition decisions that enable non-UK central counterparties (CCPs) to continue to provide services in the UK after EU exit are provided in the Central Counterparties (Amendment, etc., and Transitional Provision) (EU Exit) Regulations 2018 (S.I. 2018/1184) (the “CCP Regulations”). The Trade Repositories (Amendment and Transitional Provision) (EU Exit) Regulations 2018 (S.I. 2018/1318) transfers powers from the European Securities and Markets Authority (ESMA) to the Financial Conduct Authority (FCA) in relation to UK and non-UK trade repositories (TRs)."

Note - by chance I notice that an amendment to the Regulations is already planned: see regulation 21 in the draft Financial Services (Miscellaneous) (Amendment) (EU Exit) Regulations 2019.