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

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

(b) there is a designation notice in effect in relation to that arrangement, and

(c) one or more of the participants in the arrangement is an Irish participant.

(2) The Minister may issue a notice (in this section referred to as a “designation notice”) in respect of a relevant arrangement where the Bank has notified the Minister that the Bank is satisfied that—

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

(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.

(3) 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 no longer 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.

(4) A designation notice shall—

(a) have effect in relation to a relevant arrangement from the date of issue of the notice, and

(b) cease to have effect in relation to a relevant arrangement on the date immediately following the date on which a withdrawal notice is issued in respect of the arrangement.

(5) Where the rules of a relevant arrangement in relation to which a designation notice has effect are amended or revoked, the operator of that arrangement shall, not later than 14 days from the date of that amendment or revocation, as the case may be, notify the Bank in writing that those rules have been amended or revoked, as the case may be.

(6) Where an operator of the relevant arrangement in relation to which a designation notice has effect becomes aware that the laws of the United Kingdom applicable to the matters to which the Settlement Finality Directive applies are not equivalent to the laws of the State applicable to those matters, the operator shall, not later than 14 days from the date on which it becomes so aware, notify the Bank in writing that it has become so aware.

(7) Where the Minister issues a designation or withdrawal notice he or she shall notify the European Securities and Markets Authority of—

(a) the issue of the notice, and

(b) the name of the operator of the relevant arrangement to which the notice relates.