This Part applies to transactions settled through ... a third country CSD by a UK member of the central securities depository as it applies to transactions settled through a recognised CSD, but subject to subsections (2), (3) and (4).
The definition of "authorised central securities depository services" in section 155(3D) applies to third country CSDs as if it read—
Section 157 does not apply to ... a third country CSD.
Section 162 does not apply to ... a third country CSD unless it has been notified by the Bank of England that a report under that section is required for the purposes of insolvency proceedings in any part of the United Kingdom. Where ... a third country CSD has been so notified, the appropriate regulator for the purposes of section 162 shall be the Bank of England.
In this section "UK member" means a member of ... a third country CSD to which the law of a part of the United Kingdom will apply for the purposes of an insolvent reorganisation or winding up.