A one-year transitional period will commence on the date the Regulation comes into force. System Operators and Settlement Institutions of existing LVPS operating in the State may continue operating throughout the transitional period without being regarded as contravening this Regulation. Nevertheless, they are required to obtain a license from the Central Bank to operate their LVPS before the expiration of the transition period.
If the Central Bank considers that a Financial Infrastructure System fulfills the criteria for designation as provided for under the Central Bank Law, the Central Bank shall have the power to require any such system to obtain a license within a reasonable period to be determined by the Central Bank prior to the expiration of the transition period.