Regulation 16 Effect of acknowledgment of notificationI1

United Kingdom

(1)

Where P has made a notification under paragraph (1) of regulation 15, which has been acknowledged by the designating authority in accordance with paragraph (3) of regulation 15, S is a temporarily designated system.

(2)

F1Subject to regulation 17, a temporarily designated system has temporary designation, from F2IP completion day to the end of the temporary designation period.

(3)

Regulations 5 (fees) and 10 (provision of information by designated systems) of the 1999 Regulations do not apply to a temporarily designated system until such time as it makes an application under regulation 3 (application for designation) of the 1999 Regulations.

(4)

The designating authority must publish on its website a list of temporarily designated systems.

Annotations

Textual amendments

F1: Words in reg. 16(2) inserted (1.7.2021) by The Financial Markets and Insolvency (Transitional Provision) (EU Exit) (Amendment) Regulations 2021 (S.I. 2021/782), regs. 1(2), 2(2)
F2: Words in reg. 16 substituted (31.1.2020 immediately before exit day) by The Financial Services (Consequential Amendments) Regulations 2020 (S.I. 2020/56), regs. 1, 13(c)

Commencement

I1: Reg. 16 in force at 22.2.2019, see reg. 1(2)