ARTICLE
30 March 2015

UK Legislation Implementing The EU Regulation On Settlement And Central Securities Depositories

SS
Shearman & Sterling LLP

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On February 24, 2015, UK legislation implementing part of the EU Regulation on Settlement and Central Securities Depositories was enacted.
United Kingdom Finance and Banking

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.

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.

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