(1) Subject to paragraph (2), the Bank may decide -
(a) that a person that participates in a relevant system and is responsible for discharging financial obligations arising from transfer orders made through the system be treated as a participant, or
(b) that any persons belonging to a class of persons that participate in a relevant system and are responsible for discharging financial obligations arising from transfer orders made through the relevant system be treated as participants.
(2) The Bank may make a decision treating a person as a participant, or persons belonging to a class of persons as participants, only if it -
(a) considers that the treatment is required on the grounds of systemic risk, and
(b) the relevant system is one in which at least 3 participants (other than a person treated as a participant because of this paragraph) participate and through which transfer orders of the type defined in paragraph (c) of the definition of "transfer order" in Regulation 2(1) are