1. A CSD shall ensure that the securities settlement system it operates offers adequate protection to participants. The competent authority shall designate and notify the securities settlement systems operated by CSDs according to the procedures referred to in regulation 4 of the Financial Markets and Insolvency (Settlement Finality) Regulations 1999.

2. A CSD shall ensure that each securities settlement system that it operates defines the moments of entry and of irrevocability of transfer orders in that securities settlement system in accordance with regulation 20 of, and paragraph 5 of the Schedule to, the Financial Markets and Insolvency (Settlement Finality) Regulations 1999[Regulation 20 was amended by S.I. 2010/2993 and S.I. 2013/504. Paragraph 5 of the Schedule was amended by S.I. 2010/2993.].

3. A CSD shall disclose the rules governing the finality of transfers of securities and cash in a securities settlement system.