# The Financial Markets and Insolvency (Settlement Finality) Regulations 1999, Paragraph 1: Establishment, participation and governing law


(1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(2) There must be not less than three institutions participating in the system, unless otherwise determined by the designating authority in any case where—
(a) there are two institutions participating in a system; and
(b) the designating authority considers that designation is required on the grounds of systemic risk.
(3) The system must be a system through which transfer orders are effected.
(4) Where orders relating to financial instruments other than securities are effected through the system—
(a) the system must primarily be a system through which securities transfer orders are effected; and
(b) the designating authority must consider that designation is required on grounds of systemic risk.
(5) An arrangement entered into between interoperable systems shall not constitute a system.

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Source: https://www.legislation.gov.uk/uksi/1999/2979/schedule/paragraph/1 (the official version)
Page: https://openlegislation.uk/financial-markets-and-insolvency-settlement-finality-regulations-1999/schedule/paragraph-1
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.