(1) An authorisation under these Regulations to operate a regulated market shall be -
(a) reserved to a person using, for the operation of the regulated market, a system which complies with these Regulations, and
(b) granted only if the person satisfies the Bank that both the person, as market operator, 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 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.
(3) [deleted]