Regulation 4 Grant and refusal of designation
Where—
an application has been duly made under regulation 3;
the applicant has paid any fee charged by virtue of regulation 5(1); and
the designating authority is satisfied that the requirements of the Schedule are satisfied with respect to the system to which the application relates;
the designating authority may make an order (a “designation order”) declaring the system to be a designated system F1and identifying the system operator of that system for the purposes of these Regulations.
In determining whether to make a designation order, the designating authority shall have regard to systemic risks.
Where an application has been made to the F2FCA under regulation 3 in relation to a system through which both securities transfer orders and payment transfer orders are effected, the Authority shall consult the Bank of England before deciding whether to make a designation order.
A designation order shall state the date on which it takes effect.
Where the designating authority refuses an application for a designation order it shall give the applicant a written notice to that effect stating the reasons for the refusal.
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Annotations
Textual amendments
- F1
Words in reg. 4(1) inserted (6.4.2011) by The Financial Markets and Insolvency (Settlement Finality and Financial Collateral Arrangements) (Amendment) Regulations 2010 (S.I. 2010/2993), regs. 1, 2(3) (with reg. 3)
- F2
Word in reg. 4(3) substituted (1.4.2013) by The Financial Services Act 2012 (Consequential Amendments and Transitional Provisions) Order 2013 (S.I. 2013/472), reg. 1(1), Sch. 2 para. 27(b)
- F3
Reg. 4(6) omitted (31.12.2020) by virtue of The Financial Markets and Insolvency (Amendment and Transitional Provision) (EU Exit) Regulations 2019 (S.I. 2019/341), regs. 1(3), 6(1) (with reg. 21) (as amended by S.I. 2020/1301, regs. 1, 3, Sch. para. 23(b) and with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)