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Version status: In force | Document consolidation status: Updated to reflect all known changes
Version date: 3 January 2018 - onwards
Version 2 of 2

Regulation 46 Access to central counterparty, clearing and settlement facilities and right to designate settlement system

(1) Without prejudice to Titles III, IV or V of Regulation (EU) No 648/2012, a Member State investment firm has the right of direct and indirect access to central counterparty, clearing and settlement systems in the State for the purposes of finalising or arranging the finalisation of transactions in financial instruments.

(2) The right of direct and indirect access under paragraph (1) to central counterparty, clearing and settlement systems -

(a) is subject to the same non-discriminatory, transparent and objective criteria as apply to local members or participants, and

(b) is not and must not be restricted to the clearing and settlement of transactions in financial instruments undertaken on a trading venue in the State.

(3) The market operator of a regulated market shall offer to all of the members of, or participants in, the regulated market, the right to designate the system for the settlement of transactions in financial instruments undertaken on that regulated market, subject to -

(a) the links and arrangements between the designated settlement system and any other system or facility that are necessary to ensure the efficient and economic settlement of the transactions, and