1. The Central Bank will initiate the designation process under the designation framework as stipulated in Article (126) (3) of the Central Bank Law if it considers an RPS is meeting, or is likely to meet the criteria for designation. It is important to note that designation of an RPS does not in any way represent or imply that the Central Bank endorses such system. Designation of an RPS is to provide for such system to be subject to oversight by the Central Bank, with a view to maintaining and promoting the general safety and efficiency of such system.
    
2. For the Central Bank to determine whether an RPS is eligible to be designated and whether it satisfies the designation criteria for the purposes of this Regulation, the Central Bank will request information or documents regarding the RPS from any Person who is holding, or whom the Central Bank reasonably believes holds such information or documents or is a SO and/or SI of the RPS or a Participant Person in the RPS. This power to request information or documents applies to RPS, individuals or corporations established, located or incorporated in the State and/or outside the State. The Central Bank will coordinate with any competent Regulatory Authority in the State or other competent authorities in other jurisdictions for the purpose of requesting and securing such information and documents.
    
3. Generally speaking, the Central Bank will seek to request information or documents as set out in the Annexes of this Regulation and may, where necessary, seek additional information as is required in order to assist the Central Bank in making such determination. The types of information or documents that the Central Bank will require might vary from RPS to RPS.
    
4. During the designation process, the Central Bank may discuss with the SO and/or SI of such system where necessary to understand the features and the design of the system and determine the RPS’s eligibility for designation.
    
5. The time for the designation process may vary depending on the particular situation of each case, including the nature and complexity of the prospective designated RPS, the completeness of information and documents submitted to the Central Bank.
    
6. The SO and/or SI of the designated RPS may submit a grievance against the designation decision by applying to the Grievances & Appeal Committee. Details on the appeal mechanism as set out in Article (11) of this Regulation.
    
7. If the Central Bank intends to designate any of the RPS licensed by a competent Regulatory Authority in the State or competent regulatory authorities in other jurisdictions as systemically important RPS, the Central Bank shall implement the process provided for under Article (126) (6) of the Central Bank Law.
    

RPS deemed to have been licensed and designated

8. As stipulated in Article (126) (5) of the Central Bank Law, the RPS established, developed, and/or operated by the Central Bank are deemed to have been licensed and designated.
    
9. The RPSs that are deemed to have been designated are required to observe all the obligations and requirements imposed on designated RPSs under this Regulation in the same manner as other designated RPSs.