{
  "url": "https://openlegislation.uk/financial-markets-and-insolvency-settlement-finality-regulations-1999/schedule/paragraph-1",
  "json_url": "https://openlegislation.uk/financial-markets-and-insolvency-settlement-finality-regulations-1999/schedule/paragraph-1.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": "schedule/paragraph/1",
  "kind": "paragraph",
  "number": "1",
  "heading": "Establishment, participation and governing law",
  "text": "(1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .\n(2) There must be not less than three institutions participating in the system, unless otherwise determined by the designating authority in any case where—\n(a) there are two institutions participating in a system; and\n(b) the designating authority considers that designation is required on the grounds of systemic risk.\n(3) The system must be a system through which transfer orders are effected.\n(4) Where orders relating to financial instruments other than securities are effected through the system—\n(a) the system must primarily be a system through which securities transfer orders are effected; and\n(b) the designating authority must consider that designation is required on grounds of systemic risk.\n(5) An arrangement entered into between interoperable systems shall not constitute a system.",
  "extent": null,
  "status": null,
  "version": "current",
  "annotations": [
    {
      "type": "F",
      "label": "F1",
      "text": "Sch. para. 1(1) 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), 10(a) (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)"
    },
    {
      "type": "F",
      "label": "F2",
      "text": "Sch. para. 1(5) 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(17)(a) (with reg. 3)"
    }
  ],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/uksi/1999/2979/schedule/paragraph/1",
    "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."
}