Designation of competent authoritiesU.K.
This section has no associated Explanatory Memorandum
3.—(1) Subject to paragraph (2), the FCA is responsible for the functions of the competent authority for the purposes of the SFT regulation.
(2) The Bank is responsible for the functions of the competent authority for the purposes of the SFT regulation in relation to any financial counterparty which is a recognised central counterparty [F1or a recognised CSD].
Textual Amendments
F1Words in reg. 3(2) inserted (28.11.2017) by The Central Securities Depositories Regulations 2017 (S.I. 2017/1064), reg. 1, Sch. para. 43(3) (with regs. 7(4), 9(1))