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Version status: Amended | Document consolidation status: Updated to reflect all known changes
Version date: 27 June 2019 - 7 April 2024
  Version 4 of 5  

Article 2

For the purpose of this Directive:

(a) "system" shall mean a formal arrangement: - between three or more participants, excluding the system operator of that system, a possible settlement agent, a possible central counterparty, a possible clearing house or a possible indirect participant, with common rules and standardised arrangements for the clearing, whether or not through a central counterparty, or execution of transfer orders between the participants, - governed by the law of a Member State chosen by the participants; the participants may, however, only choose the law of a Member State in which at least one of them has its head office, and - designated, without prejudice to other more stringent conditions of general application laid down by national law, as a system and notified to the European Securities and Markets Authority by the Member State whose law is applicable, after that Member State is satisfied as to the adequacy of the rules of the system. Subject to the c

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