A relevant system is an approved relevant system if it is approved by the F2FCA under subsection (2) for the purposes of Article 25.5 of the markets in financial instruments directive; and references in this section and section 412B to an “approved relevant system” are to be read accordingly.

The F3FCA must approve a relevant system if, on an application by the operator of the system, it is satisfied that the arrangements established by the system for reporting transactions comply with Article 12(1) of Commission Regulation 1287/2006 of 10 August 2006 F4 (“the Regulation”).

Section 51(3) and (4) applies to an application under this section as it applies to an application under Part 4.

If, at any time after approving a relevant system under subsection (2), the F5FCA is not satisfied as mentioned in that subsection, it may suspend or withdraw the approval.

The F6FCA must keep under review the arrangements established by an approved relevant system for reporting transactions for the purpose of ensuring that the arrangements comply with Article 12(1) of the Regulation; and for the purposes of this subsection the F6FCA must have regard to information provided to it under subsections (6) and (7).

The F8FCA may by written notice require the operator of an approved relevant system to provide such additional information as may be specified in the notice, by such reasonable time as may be so specified, about any of the matters mentioned in subsection (6).

The recipient of a notice under subsection (7) must provide the information by the time specified in the notice.

In this section and section 412B, “relevant system” means a trade-matching or reporting system of a kind described in Article 12 of the Regulation.