SCHEDULEREQUIREMENTS FOR DESIGNATION OF SYSTEM
Establishment, participation and governing law
1.
(1)
The head office of at least one of the participants in the system must be in Great Britain and the law of England and Wales or Scotland must be the governing law of the system.
(2)
There must be not less than three institutions participating in the system, unless otherwise determined by the designating authority in any case where—
(a)
there are two institutions participating in a system; and
(b)
the designating authority considers that designation is required on the grounds of systemic risk.
(3)
The system must be a system through which transfer orders are effected.
(4)
Where orders relating to financial instruments other than securities are effected through the system—
(a)
the system must primarily be a system through which securities transfer orders are effected; and
(b)
the designating authority must consider that designation is required on grounds of systemic risk.