Regulation 16 Central securities depositories

(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^f1”.

(4)

In Article 41, omit paragraph 4.

Annotations

Footnotes

f1: 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.