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Rules applicable to arrangement to which section 80 or 81 applies
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82. (1) The Regulations of 2010, as modified in accordance with subsection (2), shall apply to a relevant arrangement to which section 80 or 81 applies as if the arrangement were a system designated by the Minister under Regulation 4(1) of those Regulations.
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(2) For the purposes of the application of the Regulations of 2010 in accordance with subsection (1), those Regulations shall be modified as follows:
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(a) the definition of “central bank” in Regulation 2(1) shall be construed as if “or the United Kingdom” were inserted after “of a Member State”;
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(b) the definition of “system” in Regulation 2(1) shall be construed as if the following subparagraph were substituted for subparagraph (c) of that definition:
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“(c) governed by the law of a country, chosen by the participants, that is a Member State or the United Kingdom (being a country in which at least one of those participants has its head office),”;
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(c) Regulation 11 shall be construed as if the following paragraph were substituted for paragraph (3):
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“(3) If—
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(a) securities are provided as collateral security to any one or more of a participant, a system operator or a central bank, and
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(b) the right of the participant, system operator or central bank with respect to the securities is legally recorded in a register, account or centralised deposit system located in a Member State or in the United Kingdom,
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the law of that Member State or the United Kingdom, as the case may be, governs the determination of the rights of the participant or central bank as a holder of collateral security in relation to those securities.”.
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