There has been published on the legislation.gov.uk website the Financial Markets and Insolvency (Settlement Finality) (Amendment) Regulations 2015 (the Regulations) together with an explanatory memorandum.
Article 70 of the EU Regulation on improving securities settlement and regulating central securities depositories (the CSD Regulation) amends the definition of “system” in the Settlement Finality Directive to provide that a Member State designating a payment or securities settlement system for the purposes of the Directive must notify the European Securities and Markets Authority (rather than the European Commission as previously provided).
The Regulations amend the Financial Markets and Insolvency (Settlement Finality) Regulations 1999 (the 1999 Regulations) to include such a notification requirement for the UK designating authorities (the FCA and the Bank of England). The Regulations also amend the definition of “Settlement Finality Directive” in the 1999 Regulations to make it clear that the reference in the 1999 Regulations to the Directive are to the Directive as amended by the CSD Regulation.
The Order will enter into force on 18 March 2015.
View The Financial Markets and Insolvency (Settlement Finality) (Amendment) Regulations 2015, 25 February 2015