{
  "url": "https://openlegislation.uk/financial-markets-and-insolvency-amendment-and-transitional-provision-eu-exit-regulations-2019/regulation-3",
  "json_url": "https://openlegislation.uk/financial-markets-and-insolvency-amendment-and-transitional-provision-eu-exit-regulations-2019/regulation-3.json",
  "legislation": "uksi/2019/341",
  "legislation_title": "The Financial Markets and Insolvency (Amendment and Transitional Provision) (EU Exit) Regulations 2019",
  "legislation_url": "https://openlegislation.uk/financial-markets-and-insolvency-amendment-and-transitional-provision-eu-exit-regulations-2019",
  "path": "regulation/3",
  "kind": "regulation",
  "number": "3",
  "heading": "The Banking Act 2009",
  "text": "(1) The Banking Act 2009 is amended as follows.\n(2) In section 48D(1) (general interpretation of section 48B), for the definition of “designated settlement system” substitute—\n““designated settlement system” means a system which is designated in accordance with the Financial Markets and Insolvency (Settlement Finality) Regulations 1999 (S.I. 1999/2979);”.\n(3) In section 255 (regulations about financial collateral arrangements)—\n(a) in subsection (3)—\n(i) omit paragraph (a);\n(ii) in paragraph (b), for “provision required in connection with the Directive, and” substitute “ doing things done or purported to be done by the Financial Collateral Arrangements (No. 2) Regulations 2003 (S.I. 2003/3226), but ”;\n(b) in subsection (4)(h), for “Directive” substitute “ Financial Collateral Arrangements (No. 2) Regulations 2003 ”.",
  "extent": "E+W+S+N.I.",
  "status": null,
  "version": "current",
  "annotations": [
    {
      "type": "M",
      "label": "M1",
      "text": "2009 c.1."
    },
    {
      "type": "M",
      "label": "M2",
      "text": "S.48D was inserted by the Financial Services (Banking Reform) Act 2013 c.33, section 17(1), Schedule 2, Part 1, paragraphs 1 and 4."
    },
    {
      "type": "I",
      "label": "I1",
      "text": "Reg. 3 in force at 31.12.2020 on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(3)"
    }
  ],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/uksi/2019/341/regulation/3",
    "retrieved_at": "2026-10-28T22:46:48.004590+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."
}