(1) An investment firm or market operator operating an MTF in the State may enter into appropriate arrangements with a central counterparty or clearing house and a settlement system of another Member State with a view to providing for the clearing or settlement of some or all trades concluded by the members or participants under the systems of the MTF.
(2) The Bank may prohibit the use of central counterparty, clearing houses or settlement systems in another Member State by investment firms and market operators operating an MTF in the State where it is demonstrably necessary in order to maintain the orderly functioning of the MTF, taking into account the conditions for settlement systems established under Regulation 46(3).
(3) In order to avoid undue duplication of control, the Bank shall take into account the oversight and supervision of the clearing and settlement system already exercised by relevant supervisory authorities of other Member States as overseers of clearing and settleme
…