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The Financial Markets and Insolvency (Settlement Finality) Regulations 1999
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- UK Statutory Instruments
- 1999 No. 2979
- PART II
- Regulation 4
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Grant and refusal of designation
4.—(1) Where—
(a)an application has been duly made under regulation 3;
(b)the applicant has paid any fee charged by virtue of regulation 5(1); and
(c)the designating authority is satisfied that the requirements of the Schedule are satisfied with respect to the system to which the application relates;
the designating authority may make an order (a “designation order”) declaring the system to be a designated system for the purposes of these Regulations.
(2) In determining whether to make a designation order, the designating authority shall have regard to systemic risks.
(3) Where an application has been made to the Financial Services Authority under regulation 3 in relation to a system through which both securities transfer orders and payment transfer orders are effected, the Authority shall consult the Bank of England before deciding whether to make a designation order.
(4) A designation order shall state the date on which it takes effect.
(5) Where the designating authority refuses an application for a designation order it shall give the applicant a written notice to that effect stating the reasons for the refusal.
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