{
  "url": "https://openlegislation.uk/financial-markets-and-insolvency-settlement-finality-regulations-1999/regulation-4",
  "json_url": "https://openlegislation.uk/financial-markets-and-insolvency-settlement-finality-regulations-1999/regulation-4.json",
  "legislation": "uksi/1999/2979",
  "legislation_title": "The Financial Markets and Insolvency (Settlement Finality) Regulations 1999",
  "legislation_url": "https://openlegislation.uk/financial-markets-and-insolvency-settlement-finality-regulations-1999",
  "path": "regulation/4",
  "kind": "regulation",
  "number": "4",
  "heading": "Grant and refusal of designation",
  "text": "(1) Where—\n(a) an application has been duly made under regulation 3;\n(b) the applicant has paid any fee charged by virtue of regulation 5(1); and\n(c) the designating authority is satisfied that the requirements of the Schedule are satisfied with respect to the system to which the application relates;\nthe designating authority may make an order (a “designation order”) declaring the system to be a designated system and identifying the system operator of that system for the purposes of these Regulations.\n(2) In determining whether to make a designation order, the designating authority shall have regard to systemic risks.\n(3) Where an application has been made to the FCA 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.\n(4) A designation order shall state the date on which it takes effect.\n(5) 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.\n(6) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .",
  "extent": null,
  "status": null,
  "version": "current",
  "annotations": [
    {
      "type": "F",
      "label": "F1",
      "text": "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)"
    },
    {
      "type": "F",
      "label": "F2",
      "text": "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)"
    },
    {
      "type": "F",
      "label": "F3",
      "text": "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)"
    }
  ],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/uksi/1999/2979/regulation/4",
    "retrieved_at": "2026-10-29T09:36:14.649792+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."
}