Regulation 7 Securities settlementI1

for “trading venue” substitute “ UK trading venue ”;

after “CSD” insert “ or third-country CSD ” each time it occurs;

omit “as defined in point (a) of Article 2(1) of Directive 2002/47/EC”.

omit paragraph 1;

for paragraphs 2 and 3 substitute—

“

2

The competent authority shall ensure that the first sub-paragraph of Article 3(2) of this Regulation is applied where transferable securities are admitted to trading or traded on UK trading venues.

3

The competent authority shall ensure that the second sub-paragraph of Article 3(2) of this Regulation is applied where transferable securities admitted to trading or traded on UK trading venues are transferred following a financial collateral arrangement.”.