PART 4 U.K.Transitional provisions and review

Transitional and saving provisions for OperatorsU.K.

11.—(1) The transition period for a CSD Operator begins with commencement.

(2) The transition period for a CSD Operator ends immediately after—

(a)the Bank of England determines its application under section 288A of the 2000 Act in accordance with Article 17 of the CSD regulation and any directly applicable EU regulation made under that Article, or

(b)if the CSD Operator has not made an application under section 288A of the 2000 Act before the end of that period, the end of the six month period specified in Article 69(2) of the CSD regulation.

(3) Regulations 2 to 9 do not apply in respect of a CSD Operator during its transition period.

(4) Nothing in these Regulations affects the validity of a CSD Operator's approval as an Operator under the Uncertificated Securities Regulations 2001 during its transition period.

(5) Where—

(a)a CSD Operator has made an application under section 288A of the 2000 Act, and

(b)the Bank of England has determined that application in accordance with Article 17 of the CSD regulation and any directly applicable EU regulation made under that Article,

any previous approval as an Operator under the Uncertificated Securities Regulations 2001 shall cease to have effect.

(6) Following any decision of the Bank under paragraph (5)—

(a)such decision shall not itself invalidate or otherwise affect any act of the CSD Operator carried out in its capacity as an approved Operator before such decision, and

(b)unless the context requires otherwise, any such act shall be treated as an act of the CSD Operator in its capacity as an Operator as defined in regulation 3(1) of the Uncertificated Securities Regulations 2001.

Commencement Information