PART 3AMENDMENT AND REVOCATION OF RETAINED DIRECT EU LEGISLATION
CHAPTER 1AMENDMENT OF THE EMIR REGULATION
Procedure for granting and refusing authorisation28
1
Article 17 is amended as follows.
2
In paragraph 1, omit “of the Member State where it is established”.
3
In paragraph 2, omit the second sentence.
4
In paragraph 3, omit the words from “and the members” to the end of the paragraph.
5
In paragraph 4—
a
for “notified as a system pursuant to Directive 98/26/EEC” substitute “a designated system as defined in regulation 2(1) of the Financial Markets and Insolvency (Settlement Finality) Regulations 199917”;
b
omit from “The competent authority shall duly consider” to the end of the paragraph.
6
Omit paragraphs 5 and 6.