[F18 A company is excluded from being eligible if—N.I.
(a)it is a participant in a designated system, within the meaning of the Financial Markets and Insolvency (Settlement Finality) Regulations 1999 (S.I. 1999/2979) (see regulation 2 of those Regulations), or
(b)any of its property is subject to a collateral security charge within the meaning of those Regulations (see regulation 2 of those Regulations).]