69. (1) This section applies to a relevant arrangement where—

(a) immediately before the relevant date, the relevant arrangement was an arrangement—

(i) designated for the purposes of the laws of the United Kingdom giving effect to the Settlement Finality Directive, and

(ii) in respect of which the notifications required to be made to the European Securities and Markets Authority pursuant to those laws have been made,

(b) one or more of the participants in the arrangement is an Irish participant,

(c) the arrangement is governed by the laws of the United Kingdom, and

(d) the rules of the arrangement would, if the arrangement were a system, comply with Regulation 7 of the Regulations of 2010.

(2) The operator of a relevant arrangement shall, not later than 3 months from the date on which the operator becomes aware that this section applies to the arrangement, notify the Bank and the Minister that this section so applies.

(3) Where the Minister receives a notification under subsection (2), he or she shall notify the European Securities and Markets Authority of—

(a) the receipt of the notification, and

(b) the name of the operator of the relevant arrangement concerned.

(4) The Minister may issue a notice (in this section referred to as a “withdrawal notice”) in respect of a relevant arrangement where the Bank has notified the Minister that the Bank is not satisfied that—

(a) the rules of the arrangement would, if the arrangement were a system, comply with Regulation 7 of the Regulations of 2010, or

(b) the laws of the United Kingdom applicable to the matters to which the Settlement Finality Directive applies are equivalent to the laws of the State applicable to those matters.

(5) This section shall cease to apply to a relevant arrangement on the date that is the earliest of—

(a) the date on which the Bank issues a withdrawal notice in respect of the arrangement,

(b) the date that is 9 months from the relevant date, and

(c) the date on which there ceases to be an Irish participant in the arrangement.