Regulation 16 I1

(1)

In Article 37—

(a)

in paragraph 2, after “other CSDs” insert “ , third-country CSDs ”;

(b)

in paragraph 4—

(i)

in the first sub-paragraph, for the words from the beginning to “develop draft” substitute “ The Bank of England may make ”;

(ii)

omit the second and third sub-paragraphs.

(2)

In Article 38, in paragraph 5, omit the second sub-paragraph.

(3)

In Article 39—

(a)

in paragraph 1—

(i)

for “Member States” substitute “ The competent authority ”;

(ii)

for “point (a) of Article 2 of Directive 98/26/EC” substitute “ regulation 4 of the Financial Markets and Insolvency (Settlement Finality) Regulations 1999 ”;

(b)

in paragraph 2, for “Articles 3 and 5 of Directive 98/26/EC” substitute “ regulation 20 of, and paragraph 5 of the Schedule to, the Financial Markets and Insolvency (Settlement Finality) Regulations 1999 M1 ”.

(4)

In Article 41, omit paragraph 4.

Annotations

Marginal citations

M1: Regulation 20 was amended by S.I. 2010/2993 and S.I. 2013/504. Paragraph 5 of the Schedule was amended by S.I. 2010/2993.

Commencement

I1: Reg. 16 in force at 31.12.2020 on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(3)