S.L. 345.17 Art. 4Applicabilityofthe EMIR Regulation to the competent authority.

(1) The competent authority shall exercise all the functions, obligations and powers and shall satisfy all the requirements imposed on competent authorities by the EMIR

Regulation.

(2) Without prejudice to sub-regulation (1), the competent authority may, for the better implementation of the EMIR Regulation, exercise any of the powers assigned to it under the Act in relation to persons acting as central counterparties or trade repositories and, or who are responsible for clearing and bilateral risk-management requirements for OTC derivatives and, or who are responsible for reporting requirements for derivative contracts.