71. (1) The Regulations of 2010, as modified in accordance with subsection (2), shall apply to a relevant arrangement to which section 69 or 70 applies as if the arrangement were a system designated by the Minister under Regulation 4(1) of those Regulations.

(2) For the purposes of the application of the Regulations of 2010 in accordance with subsection (1), those Regulations shall be modified as follows:

(a) the definition of “central bank” in Regulation 2(1) shall be construed as if“ or the United Kingdom” were inserted after “of a Member State”;

(b) the definition of “system” in Regulation 2(1) shall be construed as if the following subparagraph were substituted for subparagraph (c) of that definition:

“(c) governed by the law of a country, chosen by the participants, that is a Member State or the United Kingdom (being a country in which at least one of those participants has its head office),”;

(c) Regulation 11 shall be construed as if the following paragraph were substituted for paragraph (3):

“(3) If—

(a) securities are provided as collateral security to any one or more of a participant, a system operator or a central bank, and

(b) the right of the participant, system operator or central bank with respect to the securities is legally recorded in a register, account or centralised deposit system located in a Member State or in the United Kingdom,

the law of that Member State or the United Kingdom, as the case may be, governs the determination of the rights of the participant or central bank as a holder of collateral security in relation to those securities.”.