The activities of CCPs in the United Kingdom are subject to
regulation by the Bank under EU law, namely the European
Regulation on OTC derivatives, central counterparties and
trade repositories of 4 July 2012, commonly known as the
European Market Infrastructure Regulation (EMIR). The EMIR
authorisation process is described in more detail in Box 4 of
this report. The Central Securities Depositories Regulation
(CSDR) will establish common EU laws for central securities
depositories. The Bank is a member of the Task Force helping
the European Securities and Markets Authority (ESMA) and the
European Banking Authority (EBA) to develop the technical
standards that will provide detail on how CSDR rules will be
implemented.