{
  "url": "https://openlegislation.uk/draft-financial-markets-and-insolvency-amendment-and-transitional-provision-eu-exit-regulations-2019/regulation-17",
  "json_url": "https://openlegislation.uk/draft-financial-markets-and-insolvency-amendment-and-transitional-provision-eu-exit-regulations-2019/regulation-17.json",
  "legislation": "ukdsi/2019/9780111176887",
  "legislation_title": "The Financial Markets and Insolvency (Amendment and Transitional Provision) (EU Exit) Regulations 2019",
  "legislation_url": "https://openlegislation.uk/draft-financial-markets-and-insolvency-amendment-and-transitional-provision-eu-exit-regulations-2019",
  "path": "regulation/17",
  "kind": "regulation",
  "number": "17",
  "heading": "Cessation of temporary designation",
  "text": "(1) A temporarily designated system ceases to be a temporarily designated system where any of the following conditions are met.\n(2) The first condition is that P has not submitted an application under regulation 3(1) of the 1999 Regulations, by the end of the period of 6 months beginning on the day after exit day.\n(3) The second condition is that the temporarily designated system ceases to be specified as included within the scope of the Settlement Finality Directive in accordance with article 10 of that Directive.\n(4) The third condition is that P has submitted an application to the designating authority under regulation 3(1) of the 1999 Regulations and—\n(a) withdraws its application; or\n(b) the application is determined by the designating authority.\n(5) The fourth condition is that the Bank of England directs that the system is to cease to be a temporarily designated system.\n(6) A direction may only be given under paragraph (5) where—\n(a) the Bank of England considers that there would otherwise be an adverse effect on financial stability in the United Kingdom;\n(b) P has expressly renounced the temporary designation; or\n(c) P has submitted an application to the designating authority under regulation 3(1) of the 1999 Regulations, and has made false statements in relation to the application or has sought to obtain designation by any other irregular means.",
  "extent": null,
  "status": null,
  "version": "current",
  "annotations": [],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/ukdsi/2019/9780111176887/regulation/17",
    "retrieved_at": "2026-10-30T15:02:35.711953+00:00"
  },
  "licence": "Open Government Licence v3.0",
  "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
  "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
}