SCHEDULEMinor and consequential amendments to primary and secondary legislation

PART 2Minor and consequential amendments to secondary legislation

Financial Markets and Insolvency (Settlement Finality) Regulations 1999

22.

(1)

The Financial Markets and Insolvency (Settlement Finality) Regulations 1999 M1 are amended as follows.

(2)

In regulation 6 (certain bodies deemed to satisfy requirements for designation)—

(a)

for paragraph (1) substitute—

“(1)

Subject to paragraph (2), a recognised body, an EEA central counterparty, a third country central counterparty, an EEA CSD and a third country CSD shall be deemed to satisfy the requirements in paragraphs 2 and 3 of the Schedule.”;

(b)

for paragraph (3) substitute—

“(3)

“EEA central counterparty”, “third country central counterparty”, “EEA CSD” and “third country CSD” have the meanings given by section 285 of the 2000 Act.

(4)

“recognised body” has the meaning given by section 313 of the 2000 Act.”.

(3)

In regulation 7 (revocation of designation), in paragraph (2)—

(a)

for “Subsections (1) to (7)” substitute “ Subsections (1) to (6) ”;

(b)

after paragraph (b) insert—

“(ba)

any reference to the appropriate regulator shall be taken to be a reference to the designating authority;”;

(c)

for sub-paragraph (d) substitute—

“(d)

subsection (4) has effect as if the period for making representations specified in the notice must be at least three months.”.