S.L. 370.35 Art. 3Access to Maltese CCP, clearing and settlementfacilities and right to designate settlement system.

(1) Without prejudice to Titles III, IV or V of the EMIR

Regulation, investment firms, market operators operating an MTF and regulated markets from Member States or EEA States other than Malta shall have the right of direct and indirect access to CCP, clearing and settlement systems in Malta for the purposes of finalising or arranging the finalisation of transactions in financial instruments.

(2) The direct and indirect access of the investment firms, market operators operating an MTF and regulated markets referred to in sub-regulation (1) to such facilities shall be subject to the same non-discriminatory, transparent and objective criteria which apply to local members or participants.

(3) The use of the facilities referred to in sub-regulation (1) to the clearing and settlement of transactions in financial instruments undertaken on a trading venue in Malta shall not be restricted.

(4) Regulated markets shall offer, in Malta, the right to designate the system for the settlement of transactions in financial instruments undertaken on that regulated market to all their members or participants, subject to the following conditions:

(a) such links and arrangements between the designated settlement system and any other system or facility as are necessary to ensure the efficient and economic settlement of the transaction in question;

(b) agreement by the competent authority that technical conditions for settlement of transactions concluded on the regulated market through a settlement system other than that designated by the regulated market are such as to allow the smooth and orderly functioning of financial markets.

(5) Any assessment by the competent authority shall be without prejudice to the competences of the Central Bank of Malta as overseer of settlement systems. The competent authority shall take into account the oversight and, or supervision of the clearing and settlement system already exercised by the Central Bank of Malta as overseer of clearing and settlement systems in order to avoid undue duplication of control.