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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 7
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Changes and effects yet to be applied to Regulation 7:
- Sch. para. 1(5) inserted by S.I. 2010/2993 reg. 2(17)(a)
- Sch. para. 5(1A)(1B) inserted by S.I. 2010/2993 reg. 2(17)(d)
- Sch. para. 4(ba) inserted by S.I. 2013/472 Sch. 2 para. 27(e)(ii)
- Sch. para. 5(4)(c) inserted by S.I. 2019/341 reg. 10(d)(iii)
- Regulations amendment to earlier affecting provision S.I. 2021/716, reg. 5 by S.I. 2023/1399 reg. 4
- Regulations applied (with modifications) by S.I. 2009/317 art. 3 Sch.
- Regulations applied (with modifications) by S.I. 2011/245 Sch. 6 Pt. 1
- Regulations applied (with modifications) by S.I. 2021/716 Sch. 3 para. 2 3
- Regulations power to amend or revoke conferred by 2023 c. 29 s. 15 17
- Regulations power to modify conferred by 2023 c. 29 s. 3 Sch. 1 Pt. 2
- Regulations power to modify conferred by 2023 c. 29 s. 13 17
- Regulations revoked by 2023 c. 29 Sch. 1 Pt. 2
- reg. 2(2)(za) inserted by S.I. 2017/80 Sch. para. 23
- reg. 2(2A)(2B) inserted by S.I. 2014/3348 Sch. 3 para. 7
- reg. 2(2A) words omitted by S.I. 2019/341 reg. 5(3)(a)
- reg. 2(2A)(a) words substituted by S.I. 2019/341 reg. 5(3)(b)
- reg. 2(2A)(b) word substituted by S.I. 2019/341, reg. 5(3)(c) (as inserted) by S.I. 2019/710 reg. 20(2)
- reg. 2(2B)(b) omitted by S.I. 2019/341 reg. 5(4)
- reg. 2(2B)(b) words inserted by S.I. 2020/1350 reg. 26(2)
- reg. 2(5) inserted by S.I. 2013/504 reg. 32(2)(c)
- reg. 2(5)(d) inserted by S.I. 2019/341 reg. 5(6)
- reg. 2(6) inserted by S.I. 2019/341 reg. 5(7)
- reg. 2(7) inserted by S.I. 2019/341 reg. 5(8)
- reg. 4(6) inserted by S.I. 2015/347 reg. 2(3)
- reg. 4(6) omitted by S.I. 2019/341 reg. 6(1)
- reg. 4(6) word substituted by S.I. 2016/1095 reg. 2(3)
- reg. 6(3)(4) 6(3)(4) subtituted for 6(3) by S.I. 2017/1064 Sch. para. 22(2)(b)
- reg. 6(3) inserted by S.I. 2013/504 reg. 32(3)(b)
- reg. 6(3) words omitted by S.I. 2019/341 reg. 6(2)(b)
- reg. 7(1)(b) words inserted by S.I. 2010/2993 reg. 2(5)(a)
- reg. 7(1)(b) words substituted by S.I. 2010/2993 reg. 2(5)(b)
- reg. 7(2) words substituted by S.I. 2017/1064 Sch. para. 22(3)(a)
- reg. 7(2)(c) omitted by S.I. 2013/472 Sch. 2 para. 27(c)(i)
- reg. 7(2)(d) substituted by S.I. 2013/472 Sch. 2 para. 27(c)(ii)
- reg. 7(2)(d) substituted by S.I. 2017/1064 Sch. para. 22(3)(c)
- reg. 7(2)(ba) inserted by S.I. 2017/1064 Sch. para. 22(3)(b)
- reg. 7(4) words inserted by S.I. 2010/2993 reg. 2(6)
- reg. 9(2) inserted by S.I. 2010/2993 reg. 2(8)(b)
- reg. 10(1A) inserted by S.I. 2019/341 reg. 6(4)(b)
- reg. 10(4A) inserted by S.I. 2013/504 reg. 32(4)(b)
- reg. 10(4B) inserted by S.I. 2019/341 reg. 6(4)(d)
- reg. 13(2)(c) inserted by S.I. 2010/2993 reg. 2(10)(c)
- reg. 13(4) inserted by S.I. 2010/2993 reg. 2(10)(d)
- reg. 13(4) words substituted by S.I. 2013/504 reg. 32(5)(a)
- reg. 13(4)(a)(b) omitted by S.I. 2013/504 reg. 32(5)(b)
- reg. 14(5)(a)(v) words inserted by S.I. 2010/2993 reg. 2(11)(f)
- reg. 14(5)(a)(iii)(iv)(v) substituted for reg. 14(5)(a)(ii) by S.I. 2009/1972 reg. 4(d)(iii)
- reg. 14(5)(a)(iv) substituted by S.I. 2010/2993 reg. 2(11)(e)
- reg. 14(6)(c) inserted by S.I. 2009/1972 reg. 4(e)(ii)
- reg. 15(4) inserted by S.I. 2009/1972 reg. 5(b)
- reg. 19(1A) inserted by S.I. 2006/50 reg. 2(10)(a)
- reg. 19(1A) words inserted by S.I. 2007/832 reg. 2(4)(a)
- reg. 19(1A) words substituted by S.I. 2007/832 reg. 2(4)(c)
- reg. 19(1A)(a)-(b) substituted by S.I. 2007/832 reg. 2(4)(b)
- reg. 19(1B) inserted by S.I. 2009/1972 reg. 7(b)
- reg. 19(1ZA) inserted by S.I. 2009/1972 reg. 7(a)
- reg. 19(2A) inserted by S.I. 2003/2096 Sch. para. 76(b)
- reg. 19(2A) words inserted by S.I. 2007/832 reg. 2(5)
- reg. 19(4) inserted by S.I. 2009/1972 reg. 7(c)
- reg. 19(4) omitted by 2020 c. 12 Sch. 3 para. 35
- reg. 20(1)(aa) inserted by S.I. 2019/341 reg. 8(1)(a)
- reg. 20(4)(5) inserted by S.I. 2013/504 reg. 32(6)(c)
- reg. 20(4)(a) words omitted by S.I. 2019/341 reg. 8(1)(c)
- reg. 20(5)(a) words omitted by S.I. 2019/341 reg. 8(1)(d)
- reg. 22(3) inserted by S.I. 2016/1095 reg. 2(4)(b)
- reg. 22(3) omitted by S.I. 2019/341 reg. 8(2)(b)
- reg. 26(2)(b)(i) word omitted by S.I. 2019/341 reg. 8(6)(c)(i)
- reg. 26(2)(b)(ii) omitted by S.I. 2019/341 reg. 8(6)(c)(ii)
- reg. 27 inserted by S.I. 2019/341 reg. 9
- reg. 27 words substituted in earlier amending provision S.I. 2019/341, reg. 9 by S.I. 2020/1301 reg. 3 Sch. para. 23(a)
- reg. 27(1) reg. 27 renumbered as reg. 27(1) in earlier amending provision S.I. 2019/341, reg. 9 by S.I. 2019/710 reg. 20(3)(a)
- reg. 27(2) inserted in earlier amending provision S.I. 2019/341, reg. 9 by S.I. 2019/710 reg. 20(3)(b)
- reg. 27(2) words substituted in earlier amending provision S.I. 2019/341, reg. 9 (as amended by S.I. 2019/710, reg. 20(3)(b)) by S.I. 2020/1301 reg. 3 Sch. para. 43(e)
Changes and effects yet to be applied to the whole Instrument associated Parts and Chapters:
Whole provisions yet to be inserted into this Instrument (including any effects on those provisions):
- Sch. para. 1(5) inserted by S.I. 2010/2993 reg. 2(17)(a)
- Sch. para. 5(1A)(1B) inserted by S.I. 2010/2993 reg. 2(17)(d)
- Sch. para. 4(ba) inserted by S.I. 2013/472 Sch. 2 para. 27(e)(ii)
- Sch. para. 5(4)(c) inserted by S.I. 2019/341 reg. 10(d)(iii)
- reg. 2(2)(za) inserted by S.I. 2017/80 Sch. para. 23
- reg. 2(2A)(2B) inserted by S.I. 2014/3348 Sch. 3 para. 7
- reg. 2(2A) words omitted by S.I. 2019/341 reg. 5(3)(a)
- reg. 2(2A)(a) words substituted by S.I. 2019/341 reg. 5(3)(b)
- reg. 2(2A)(b) word substituted by S.I. 2019/341, reg. 5(3)(c) (as inserted) by S.I. 2019/710 reg. 20(2)
- reg. 2(2B)(b) omitted by S.I. 2019/341 reg. 5(4)
- reg. 2(2B)(b) words inserted by S.I. 2020/1350 reg. 26(2)
- reg. 2(5) inserted by S.I. 2013/504 reg. 32(2)(c)
- reg. 2(5)(d) inserted by S.I. 2019/341 reg. 5(6)
- reg. 2(6) inserted by S.I. 2019/341 reg. 5(7)
- reg. 2(7) inserted by S.I. 2019/341 reg. 5(8)
- reg. 4(6) inserted by S.I. 2015/347 reg. 2(3)
- reg. 4(6) omitted by S.I. 2019/341 reg. 6(1)
- reg. 4(6) word substituted by S.I. 2016/1095 reg. 2(3)
- reg. 6(3)(4) 6(3)(4) subtituted for 6(3) by S.I. 2017/1064 Sch. para. 22(2)(b)
- reg. 6(3) inserted by S.I. 2013/504 reg. 32(3)(b)
- reg. 6(3) words omitted by S.I. 2019/341 reg. 6(2)(b)
- reg. 7(2)(c) omitted by S.I. 2013/472 Sch. 2 para. 27(c)(i)
- reg. 7(2)(d) substituted by S.I. 2013/472 Sch. 2 para. 27(c)(ii)
- reg. 7(2)(d) substituted by S.I. 2017/1064 Sch. para. 22(3)(c)
- reg. 7(2)(ba) inserted by S.I. 2017/1064 Sch. para. 22(3)(b)
- reg. 7(4) words inserted by S.I. 2010/2993 reg. 2(6)
- reg. 9(2) inserted by S.I. 2010/2993 reg. 2(8)(b)
- reg. 10(1A) inserted by S.I. 2019/341 reg. 6(4)(b)
- reg. 10(4A) inserted by S.I. 2013/504 reg. 32(4)(b)
- reg. 10(4B) inserted by S.I. 2019/341 reg. 6(4)(d)
- reg. 13(2)(c) inserted by S.I. 2010/2993 reg. 2(10)(c)
- reg. 13(4) inserted by S.I. 2010/2993 reg. 2(10)(d)
- reg. 13(4) words substituted by S.I. 2013/504 reg. 32(5)(a)
- reg. 13(4)(a)(b) omitted by S.I. 2013/504 reg. 32(5)(b)
- reg. 14(5)(a)(v) words inserted by S.I. 2010/2993 reg. 2(11)(f)
- reg. 14(5)(a)(iii)(iv)(v) substituted for reg. 14(5)(a)(ii) by S.I. 2009/1972 reg. 4(d)(iii)
- reg. 14(5)(a)(iv) substituted by S.I. 2010/2993 reg. 2(11)(e)
- reg. 14(6)(c) inserted by S.I. 2009/1972 reg. 4(e)(ii)
- reg. 15(4) inserted by S.I. 2009/1972 reg. 5(b)
- reg. 19(1A) inserted by S.I. 2006/50 reg. 2(10)(a)
- reg. 19(1A) words inserted by S.I. 2007/832 reg. 2(4)(a)
- reg. 19(1A) words substituted by S.I. 2007/832 reg. 2(4)(c)
- reg. 19(1A)(a)-(b) substituted by S.I. 2007/832 reg. 2(4)(b)
- reg. 19(1B) inserted by S.I. 2009/1972 reg. 7(b)
- reg. 19(1ZA) inserted by S.I. 2009/1972 reg. 7(a)
- reg. 19(2A) inserted by S.I. 2003/2096 Sch. para. 76(b)
- reg. 19(2A) words inserted by S.I. 2007/832 reg. 2(5)
- reg. 19(4) inserted by S.I. 2009/1972 reg. 7(c)
- reg. 19(4) omitted by 2020 c. 12 Sch. 3 para. 35
- reg. 20(1)(aa) inserted by S.I. 2019/341 reg. 8(1)(a)
- reg. 20(4)(5) inserted by S.I. 2013/504 reg. 32(6)(c)
- reg. 20(4)(a) words omitted by S.I. 2019/341 reg. 8(1)(c)
- reg. 20(5)(a) words omitted by S.I. 2019/341 reg. 8(1)(d)
- reg. 22(3) inserted by S.I. 2016/1095 reg. 2(4)(b)
- reg. 22(3) omitted by S.I. 2019/341 reg. 8(2)(b)
- reg. 26(2)(b)(i) word omitted by S.I. 2019/341 reg. 8(6)(c)(i)
- reg. 26(2)(b)(ii) omitted by S.I. 2019/341 reg. 8(6)(c)(ii)
- reg. 27 inserted by S.I. 2019/341 reg. 9
- reg. 27 words substituted in earlier amending provision S.I. 2019/341, reg. 9 by S.I. 2020/1301 reg. 3 Sch. para. 23(a)
- reg. 27(1) reg. 27 renumbered as reg. 27(1) in earlier amending provision S.I. 2019/341, reg. 9 by S.I. 2019/710 reg. 20(3)(a)
- reg. 27(2) inserted in earlier amending provision S.I. 2019/341, reg. 9 by S.I. 2019/710 reg. 20(3)(b)
- reg. 27(2) words substituted in earlier amending provision S.I. 2019/341, reg. 9 (as amended by S.I. 2019/710, reg. 20(3)(b)) by S.I. 2020/1301 reg. 3 Sch. para. 43(e)
Revocation of designation
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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