# The Financial Markets and Insolvency (Amendment and Transitional Provision) (EU Exit) Regulations 2019, Regulation 3: The Banking Act 2009

Extent: E+W+S+N.I.

(1) The Banking Act 2009 is amended as follows.
(2) In section 48D(1) (general interpretation of section 48B), for the definition of “designated settlement system” substitute—
““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);”.
(3) In section 255 (regulations about financial collateral arrangements)—
(a) in subsection (3)—
(i) omit paragraph (a);
(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 ”;
(b) in subsection (4)(h), for “Directive” substitute “ Financial Collateral Arrangements (No. 2) Regulations 2003 ”.

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Source: https://www.legislation.gov.uk/uksi/2019/341/regulation/3 (the official version)
Page: https://openlegislation.uk/financial-markets-and-insolvency-amendment-and-transitional-provision-eu-exit-regulations-2019/regulation-3
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.