system
Defined in Article 2, Directive 98/26/EC
Definitions over time (2)
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‘system’ shall mean a formal arrangement: between three or more participants, excluding the system operator of that system, a possible settlement agent, a possible central counterparty, a possible clearing house or a possible indirect participant, with common rules and standardised arrangements for the clearing, whether or not through a central counterparty, or execution of transfer orders between the participants governed by the law of a Member State chosen by the participants; the participants may, however, only choose the law of a Member State in which at least one of them has its head office, and designated, without prejudice to other more stringent conditions of general application laid down by national law, as a system and notified to the European Securities and Markets Authority by the Member State whose law is applicable, after that Member State is satisfied as to the adequacy of the rules of the system.
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30/06/2009 – 17/09/2014 Article 2, Directive 98/26/EC Scope: Whole act
‘system’ shall mean a formal arrangement: between three or more participants, excluding the system operator of that system, a possible settlement agent, a possible central counterparty, a possible clearing house or a possible indirect participant, with common rules and standardised arrangements for the clearing, whether or not through a central counterparty, or execution of transfer orders between the participants governed by the law of a Member State chosen by the participants; the participants may, however, only choose the law of a Member State in which at least one of them has its head office, and designated, without prejudice to other more stringent conditions of general application laid down by national law, as a system and notified to the Commission by the Member State whose law is applicable, after that Member State is satisfied as to the adequacy of the rules of the system.
Used in (145 places in 27 provisions on 12/11/2026)
Directive 98/26/EC (145 in 27)
Recital 13 · Recital 23 · Recital 42 · Recital 63 · Recital 72 · Recital 83 · Recital 92 · Recital 124 · Recital 132 · Recital 14 · Recital 15 · Recital 16 · Recital 172 · Recital 19 · Recital 202 · Recital 22 · Preamble · Article 14 · Article 237 · Article 320 · Article 47 · Article 59 · Article 74 · Article 82 · Article 914 · Article 1011 · Article 12a3