(1) A system shall be taken to be a designated system for the purposes of these Regulations if -
(a) the Minister had, before the commencement of these Regulations, designated the system as a relevant system within the meaning of the European Communities (Settlement Finality) Regulations 2008 (S.I. No. 88 of 2008), and
(b) that designation had not been revoked before that commencement.
(2) A transfer order which entered a system referred to in paragraph (1) before the commencement of these Regulations but is settled after that commencement shall be taken to be a transfer order for the purposes of these Regulations.