Regulation 12 states:
“A central counterparty established in a third country”,
that,
“intends to provide clearing services … on and after exit day”,
has to make an application and that the application “must” be submitted before exit day. I do not think that is quite what the Minister said. I realise that time is short now, and there are quite a few things that the Minister has had to gloss over. I hope he will review what I have said, and I would welcome a written response.