(1) An authorisation under this Part to operate a regulated market shall -
(a) be reserved to a legal person using, for the operation of the regulated market, a system which complies with this Part, and
(b) be granted only if the person satisfies the Bank that both the person and the system comply at least with this Part.
(2) In the case of a regulated market that -
(a) is a legal person, and
(b) is operated or managed by a market operator other than the regulated market itself,
the Bank shall establish how the obligations imposed on the market operator under these Regulations are to be allocated between the regulated market and the market operator.