Entrada en vigor y aplicación

1. This Regulation shall enter into force on the twentieth day following that of its publication in the Official Journal of the European Union.

2. It shall apply from [OP: please insert the date 18 months after the date of entry into force of this Regulation], with the exception of Articles 3, 4, 6(1), 8(1), 11(1), 15 and 16 and Article 17(1), which shall apply from the date of entry into force for preparatory administration. A designation decision adopted during that period shall take effect on the date of general application. The period under Article 5(3)(b) and the warrant under Article 5(1) shall arise no earlier than that date. Liquidity events completed before that date shall not crystallise a warrant. The Commission shall complete the initial valuation appointment arrangements before that date.

3. This Regulation shall be binding in its entirety and directly applicable in all Member States.