(1) The Financial Markets and Insolvency (Settlement Finality) Regulations 1999 are amended as follows.

(2) In paragraph (1) of regulation 2 (interpretation) -

(a) for the definition of "the 1986 Act" substitute -

""the 2000 Act" means the Financial Services and Markets Act 2000;"; and

(b) in sub-paragraph (a)(i) of the definition of "designating authority" for "the 1986 Act" substitute "the 2000 Act".

(3) In paragraph (1) of regulation 6 (certain bodies deemed to satisfy the requirements for designation) for "the 1986 Act" substitute "the 2000 Act".

(4) In paragraph (2) of regulation 7 (revocation of designation) -

(a) for "Subsections (2) to (9) of section 11 of the 1986 Act" substitute "Subsections (1) to (7) of section 298 of the 2000 Act";

(b) for "under subsection (1) of that section" substitute "section 297(2) of that Act"; and

(c) for sub-paragraphs (a) and (b) substitute -

"(a) any reference to a recognised body shall be taken to be a reference to a designated system;