On February 24, 2015, UK legislation implementing part of the EU Regulation on Settlement and Central Securities Depositories was enacted. The Financial Markets and Insolvency (Settlement Finality) (Amendment) Regulations 2015 amend relevant UK legislation to reflect the change brought in by the EU Regulation that requires national regulators to notify ESMA of any designation of a payment or securities settlement system. In the past, such notifications were made to the European Commission.

The UK designated national regulators for these purposes are the Bank of England and the FCA. The UK legislation is available at: http://www.legislation.gov.uk/uksi/2015/347/pdfs/uksi_20150347_en.pdf.

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