Treasury has made the Financial Services and Markets Act 2000 (OTC Derivatives, CCPs and Trade Repositories) (No.2) Regulations 2013. The bulk of implementation work on EMIR was covered by Regulations in March 2013 (see FReD 15 March). These new Regulations amend the Companies Act 1989 to facilitate the segregation and porting of indirect clients' assets and positions, and impose new requirements on recognised CCPs to maintain effective loss allocation arrangements and recovery plans for preserving the continuity of service. Responding to stakeholders' concerns, the Treasury clarifies that CCPs have discretion to design loss allocation arrangements that satisfy regulatory expectations without exposing members to unlimited liability. Recognised clearing houses which are not CCPs must also maintain recovery plans. Most of the Regulations come into force on 26 August, but some provisions relating to recognition requirements for clearing houses and CCPs take effect on 1 February and 1 May 2014. (Source: Explanatory Memorandum to FSMA 2000 (EMIR) (No.2) Regulations 2013)