There are outstanding changes not yet made by the legislation.gov.uk editorial team to The Financial Markets and Insolvency (Settlement Finality) Regulations 1999. Any changes that have already been made by the team appear in the content and are referenced with annotations.
7.—(1) A designation order may be revoked by a further order made by the designating authority if at any time it appears to the designating authority—
(a)that any requirement of the Schedule is not satisfied in the case of the system to which the designation order relates; or
(b)that the system has failed to comply with any obligation to which it is subject by virtue of these Regulations.
(2) [F1Subsections (1) to (7) of section 298 of the 2000 Act] shall apply in relation to the revocation of a designation order under paragraph (1) as they apply in relation to the revocation of a recognition order [F2section 297(2) of that Act]; and in those subsections as they so apply—
[F3(a)any reference to a recognised body shall be taken to be a reference to a designated system;
(b)any reference to members of a recognised body shall be taken to be a reference to participants in a designated system;
(c)references to the Authority shall, in cases where the Bank of England is the designating authority, be taken to be a reference to the Bank of England; and
(d)subsection (4)(a) shall have effect as if for “two months” there were substituted “three months”.]
[F4(3) An order revoking a designation order—
(a)shall state the date on which it takes effect, being no earlier than three months after the day on which the revocation order is made; and
(b)may contain such transitional provisions as the designating authority thinks necessary or expedient.
(4) A designation order may be revoked at the request or with the consent of the designated system, and any such revocation shall not be subject to the restriction imposed by paragraph (3)(a), or to the requirements imposed by subsections (1) to (6) of section 298 of the 2000 Act.]
Textual Amendments
F1Words in reg. 7(2) substituted (3.7.2002) by The Financial Services and Markets Act 2000 (Consequential Amendments) Order 2002 (S.I. 2002/1555), arts. 1, 39(4)(a)
F2Words in reg. 7(2) substituted (3.7.2002) by The Financial Services and Markets Act 2000 (Consequential Amendments) Order 2002 (S.I. 2002/1555), arts. 1, 39(4)(b)
F3Reg. 7(2)(a)-(d) substituted for reg. 7(2)(a)(b) (3.7.2002) by The Financial Services and Markets Act 2000 (Consequential Amendments) Order 2002 (S.I. 2002/1555), arts. 1, 39(4)(c)
F4Reg. 7(3)(4) inserted (3.7.2002) by The Financial Services and Markets Act 2000 (Consequential Amendments) Order 2002 (S.I. 2002/1555), arts. 1, 39(5)
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