(1) Subject to Regulation 9, if insolvency proceedings are commenced against a person who participates, or has participated, in a system designated for the purposes of the Settlement Finality Directive, any question that
(a) relates to the rights and obligations arising from, or in connection with, that participation, and
(b) falls to be determined by a court in the State,
is to be decided in accordance with the law governing the system.
(2) If an equivalent overseas order is subject to the insolvency law of the State, these Regulations apply to and in relation to that order in the same way as they apply to and in relation to a transfer order.
(3) If an equivalent overseas security is subject to the insolvency law of the State, these Regulations apply to and in relation to that security in the same way as they apply to and in relation to a collateral security connected with a designated system.
(4) In this Regulation -
"equivalent overseas order" means an order that has the equivalent
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