Procedure for granting and refusing authorisation
This section has no associated Explanatory Memorandum
28.—(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 1999(1)”;
(b)omit from “The competent authority shall duly consider” to the end of the paragraph.
(6) Omit paragraphs 5 and 6.
(1)