(1) The Minister may designate a system as a designated system if -
(a) he or she is satisfied that the rules of the system comply with Regulation 7, and
(b) the system is governed by the law of the State.
(2) If the Minister designates a system he or she -
(a) shall so notify the European Securities and Markets Authority, and
(b) shall notify the European Securities and Markets Authority of the system operator.