The Financial Markets and Insolvency (Amendment and Transitional Provision) (EU Exit) Regulations 2019

Designated systems

6.—(1) Omit regulation 4(6) (grant and refusal of designation).

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

(a) in paragraph (1), omit “, an EEA central counterparty” and “, an EEA CSD”;

(b) in paragraph (3), omit ““EEA central counterparty” ,” and “, “EEA CSD””.

(3) In regulation 8(1)(b) (undertakings treated as institutions), omit “and through which securities transfer orders are effected”.

(4) Regulation 10 (provision of information by designated systems) is amended as follows—

(a) in paragraph (1), after the first reference to “designated system” insert “governed by the law of the United Kingdom”;

(b) after paragraph (1), insert—

“(1A) The system operator of a designated system governed by the law of a third country must, when that system is declared to be a designated system—

(a) provide to the designating authority in writing a list of any participants in the designated system that are established in the United Kingdom (including any indirect participants in the designated system that are established in the United Kingdom); and

(b) give written notice to the designating authority of any amendment to that list within 7 days of such amendment.”;

(c) in paragraph (4), after the first reference to “designated system” insert “governed by the law of the United Kingdom”;

(d) after paragraph (4A), insert—

“(4B) When the system operator of a designated system governed by the law of a third country amends, revokes or adds to its default arrangements, it must within 7 days give written notice to the designating authority of the amendment, revocation or addition.”;

(e) in paragraph (5), after the first reference to “designated system” insert “governed by the law of the United Kingdom”.