Regulation 55 Approval of interoperability arrangements

(1)

Article 54 is amended as follows.

(2)

In paragraph 1, for “competent authorities of the CCPs involved” substitute “CCP’s competent authority”.

(3)

In paragraph 2—

(a)

for “competent authorities” substitute “competent authority”;

(b)

omit the words from “or authorised” to “three years”.

(4)

For paragraph 3 substitute—

“3.

Where the competent authority considers that the requirements laid down in paragraph 2 are not met, it shall provide explanations in writing regarding its risk considerations to the CCPs involved.”.

(5)

Omit paragraph 4.