In the Schedule -

(a) omit paragraph 1(1);

(b) in paragraph 5(2) -

(i) for the first reference to "the system" substitute "a system governed by the law of the United Kingdom";

(ii) after "institution" insert "whose head office is in the United Kingdom";

(c) in paragraph 5(3)(a), for "the Settlement Finality Directive" substitute "these Regulations";

(d) in paragraph 5(4) -

(ai) for the first reference to "the system" substitute "a system governed by the law of the United Kingdom";

(i) after "participant" insert "established in the United Kingdom";

(ii) omit the "or" at the end of sub-paragraph (a);

(iii) at the end of sub-paragraph (b) insert "or" and insert a new sub-paragraph (c) as follows -

"(c) the appointment of an administrator under paragraph 14 or paragraph 22 of Schedule B1 to the Insolvency Act 1986 taking effect,";

(iv) for the text following the new sub-paragraph (c) substitute -

"to notify forthwith both the system and the designating authority that such a resolution has been passed, that the such a trust deed has become a protected trust deed or, as the case may be, that such appointment has taken effect.".