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Home > Financial Stability > Designated System Requirements

Designated System Requirements

The Financial Markets and Insolvency (Settlement Finality) Regulations 1999 (as amended), ('Settlement Finality Regulations') which implement the EU Settlement Finality Directive in the United Kingdom allow payment and settlement systems to apply for certain protections against the operation of normal insolvency law in respect of transfers through their systems. In order to receive these protections, systems must meet the criteria set out in the Settlement Finality Regulations and be designated by the relevant authority. 

The ongoing obligations on designated systems include notifications of changes to default rules and membership.