3. Terms and conditions of designation

The designation referred to in paragraph 2 is subject to the following terms and conditions:

CLS Bank International shall notify the Authority as soon as practicable of —

any addition or removal of participants to or from the CLS System; and

any amendments to the rules (including any default arrangements) of the CLS System; and

CLS Bank International shall provide to the Authority such information as the Authority may reasonably require for the proper administration of the Act.