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Temporary designation of relevant arrangement
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80. (1) This section applies to a relevant arrangement where—
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(a) immediately before the relevant date, the relevant arrangement was an arrangement—
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(i) designated for the purposes of the laws of the United Kingdom giving effect to the Settlement Finality Directive, and
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(ii) in respect of which the notifications required to be made to the European Securities and Markets Authority pursuant to those laws have been made,
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(b) one or more of the participants in the arrangement is an Irish participant,
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(c) the arrangement is governed by the laws of the United Kingdom, and
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(d) the rules of the arrangement would, if the arrangement were a system, comply with Regulation 7 of the Regulations of 2010.
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(2) The operator of a relevant arrangement shall, not later than 3 months from the date on which the operator becomes aware that this section applies to the arrangement, notify the Bank and the Minister that this section so applies.
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(3) Where the Minister receives a notification under subsection (2), he or she shall notify the European Securities and Markets Authority of—
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(a) the receipt of the notification, and
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(b) the name of the operator of the relevant arrangement concerned.
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(4) The Minister may issue a notice (in this section referred to as a “withdrawal notice”) in respect of a relevant arrangement where the Bank has notified the Minister that the Bank is not satisfied that—
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(a) the rules of the arrangement would, if the arrangement were a system, comply with Regulation 7 of the Regulations of 2010, or
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(b) the laws of the United Kingdom applicable to the matters to which the Settlement Finality Directive applies are equivalent to the laws of the State applicable to those matters.
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(5) This section shall cease to apply to a relevant arrangement on the date that is the earliest of—
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(a) the date on which the Bank issues a withdrawal notice in respect of the arrangement,
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(b) the date that is 9 months from the relevant date, and
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(c) the date on which there ceases to be an Irish participant in the arrangement.
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