(1) A relevant system is an approved relevant system if it is approved by the FCA under subsection (2) for the purposes of Article 25.5 of the markets in financial instruments directive; and references in this section and section 412B to an "approved relevant system" are to be read accordingly.
(2) The FCA must approve a relevant system if, on an application by the operator of the system, it is satisfied that the arrangements established by the system for reporting transactions comply with Article 12(1) of Commission Regulation 1287/2006 of 10 August 2006 [OJ No L 241, 2.9.2006, p. 1.] ("the Regulation").
(3) Section 51(3) and (4) applies to an application under this section as it applies to an application under Part 4.
(4) If, at any time after approving a relevant system under subsection (2), the FCA is not satisfied as mentioned in that subsection, it may suspend or withdraw the approval.
(5) The FCA must keep under review the arrangements established by an approved relevant sy