{
  "url": "https://openlegislation.uk/financial-markets-and-insolvency-settlement-finality-regulations-1999/regulation-7",
  "json_url": "https://openlegislation.uk/financial-markets-and-insolvency-settlement-finality-regulations-1999/regulation-7.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/7",
  "kind": "regulation",
  "number": "7",
  "heading": "Revocation of designation",
  "text": "(1) A designation order may be revoked by a further order made by the designating authority if at any time it appears to the designating authority—\n(a) that any requirement of the Schedule is not satisfied in the case of the system to which the designation order relates; or\n(b) that the system or the system operator of that system has failed to comply with any obligation to which they are subject by virtue of these Regulations.\n(2) Subsections (1) to (6) of section 298 of the 2000 Act shall apply in relation to the revocation of a designation order under paragraph (1) as they apply in relation to the revocation of a recognition order section 297(2) of that Act; and in those subsections as they so apply—\n(a) any reference to a recognised body shall be taken to be a reference to a designated system;\n(b) any reference to members of a recognised body shall be taken to be a reference to participants in a designated system;\n(ba) any reference to the appropriate regulator shall be taken to be a reference to the designating authority;\n(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .\n(d) subsection (4) has effect as if the period for making representations specified in the notice must be at least three months.\n(3) An order revoking a designation order—\n(a) shall state the date on which it takes effect, being no earlier than three months after the day on which the revocation order is made; and\n(b) may contain such transitional provisions as the designating authority thinks necessary or expedient.\n(4) A designation order may be revoked at the request or with the consent of the system operator of the designated system, and any such revocation shall not be subject to the restriction imposed by paragraph (3)(a), or to the requirements imposed by subsections (1) to (6) of section 298 of the 2000 Act.",
  "extent": null,
  "status": null,
  "version": "current",
  "annotations": [
    {
      "type": "F",
      "label": "F1",
      "text": "Words in reg. 7(1)(b) 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(5)(a) (with reg. 3)"
    },
    {
      "type": "F",
      "label": "F2",
      "text": "Words in reg. 7(1)(b) substituted (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(5)(b) (with reg. 3)"
    },
    {
      "type": "F",
      "label": "F3",
      "text": "Words in reg. 7(2) substituted (3.7.2002) by The Financial Services and Markets Act 2000 (Consequential Amendments) Order 2002 (S.I. 2002/1555), arts. 1, 39(4)(a)"
    },
    {
      "type": "F",
      "label": "F4",
      "text": "Words in reg. 7(2) substituted (28.11.2017) by The Central Securities Depositories Regulations 2017 (S.I. 2017/1064), reg. 1, Sch. para. 22(3)(a) (with regs. 7(4), 9(1))"
    },
    {
      "type": "F",
      "label": "F5",
      "text": "Words in reg. 7(2) substituted (3.7.2002) by The Financial Services and Markets Act 2000 (Consequential Amendments) Order 2002 (S.I. 2002/1555), arts. 1, 39(4)(b)"
    },
    {
      "type": "F",
      "label": "F6",
      "text": "Reg. 7(2)(a)-(d) substituted for reg. 7(2)(a)(b) (3.7.2002) by The Financial Services and Markets Act 2000 (Consequential Amendments) Order 2002 (S.I. 2002/1555), arts. 1, 39(4)(c)"
    },
    {
      "type": "F",
      "label": "F7",
      "text": "Reg. 7(2)(ba) inserted (28.11.2017) by The Central Securities Depositories Regulations 2017 (S.I. 2017/1064), reg. 1, Sch. para. 22(3)(b) (with regs. 7(4), 9(1))"
    },
    {
      "type": "F",
      "label": "F8",
      "text": "Reg. 7(2)(c) omitted (1.4.2013) by virtue of The Financial Services Act 2012 (Consequential Amendments and Transitional Provisions) Order 2013 (S.I. 2013/472), reg. 1(1), Sch. 2 para. 27(c)(i) (with Sch. 2 para. 28)"
    },
    {
      "type": "F",
      "label": "F9",
      "text": "Reg. 7(2)(d) substituted (28.11.2017) by The Central Securities Depositories Regulations 2017 (S.I. 2017/1064), reg. 1, Sch. para. 22(3)(c) (with regs. 7(4), 9(1))"
    },
    {
      "type": "F",
      "label": "F10",
      "text": "Reg. 7(3)(4) inserted (3.7.2002) by The Financial Services and Markets Act 2000 (Consequential Amendments) Order 2002 (S.I. 2002/1555), arts. 1, 39(5)"
    },
    {
      "type": "F",
      "label": "F11",
      "text": "Words in reg. 7(4) 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(6) (with reg. 3)"
    }
  ],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/uksi/1999/2979/regulation/7",
    "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."
}