Regulation 4(1)

Establishment, participation and governing law

1.

(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.