Establishment, participation and governing law
(1) [deleted]
(2) There must be not less than three institutions participating in the system, unless otherwise determined by the designating authority in any case where -
(a) there are two institutions participating in a system; and
(b) the designating authority considers that designation is required on the grounds of systemic risk.
(3) The system must be a system through which transfer orders are effected.
(4) Where orders relating to financial instruments other than securities are effected through the system -
(a) the system must primarily be a system through which securities transfer orders are effected; and
(b) the designating authority must consider that designation is required on grounds of systemic risk.
(5) An arrangement entered into between interoperable systems shall not constitute a system.
Arrangements and resources
2. The system must have adequate arrangements and resources for the effective monitoring and
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