Words in Title 3 Ch. 3 s. 3 heading inserted (31.12.2020) by The Central Securities Depositories (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1320), regs. 1(3), 19(7) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)

Words in Art. 53 heading inserted (31.12.2020) by The Central Securities Depositories (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1320), regs. 1(3), 19(8)(a) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)

Words in Art. 53(3) omitted (31.12.2020) by virtue of The Central Securities Depositories (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1320), regs. 1(3), 19(8)(c)(i) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)

Words in Art. 53(3) omitted (31.12.2020) by virtue of The Central Securities Depositories (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1320), regs. 1(3), 19(8)(c)(ii) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)

Word in Art. 53(3) omitted (31.12.2020) by virtue of The Central Securities Depositories (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1320), regs. 1(3), 19(8)(c)(iv) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)

Words in Art. 53(4) substituted (31.12.2020) by The Central Securities Depositories (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1320), regs. 1(3), 19(8)(d)(i)(aa) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)

Words in Art. 53(5) substituted (31.12.2020) by The Central Securities Depositories (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1320), regs. 1(3), 19(8)(e)(i) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)

Words in Art. 53(1) substituted (31.12.2020) by The Central Securities Depositories (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1320), regs. 1(3), 19(8)(b) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)

Words in Art. 53(3) omitted (31.12.2020) by virtue of The Central Securities Depositories (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1320), regs. 1(3), 19(8)(c)(iii) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)

Words in Art. 53(4) substituted (31.12.2020) by The Central Securities Depositories (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1320), regs. 1(3), 19(8)(d)(i)(bb) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)

Words in Art. 53(4) omitted (31.12.2020) by virtue of The Central Securities Depositories (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1320), regs. 1(3), 19(8)(d)(ii) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)

Words in Art. 53(5) omitted (31.12.2020) by virtue of The Central Securities Depositories (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1320), regs. 1(3), 19(8)(e)(ii) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)

Art. 53(6) inserted (31.12.2020) by The Central Securities Depositories (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1320), regs. 1(3), 19(8)(f) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)

http://www.legislation.gov.uk/eur/2014/909/article/53Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (Text with EEA relevance)Regulation (EU) No 909/2014 of the European Parliament and of the CouncilRegulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (Text with EEA relevance)King's Printer of Acts of Parliamenthttps://webarchive.nationalarchives.gov.uk/eu-exit/https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX:02014R0909-20160701texttext/xmlen2024-05-19Expert Participation2024-01-08<num>TITLE III</num><heading><strong>CENTRAL SECURITIES DEPOSITORIES</strong></heading><chapter eId="title-III-chapter-III" period="#period1"><num><em>CHAPTER III</em></num><heading><strong><em>Access to CSDs</em></strong></heading><section eId="title-III-chapter-III-section-3" period="#period1"><num><inline name="expanded">Section 3</inline></num><heading><strong><inline name="expanded">Access between a CSD <ins class="key-b53249b34cc5adf2d345a921a6ee6fdb-1700831963743 first last"><noteRef href="#key-b53249b34cc5adf2d345a921a6ee6fdb" marker="F1" class="commentary attribute F"/>or third-country CSD</ins> and another market infrastructure</inline></strong></heading><article eId="article-53" period="#period1"><num>Article 53</num><heading>Access between a CSD <ins class="key-b675b071602fc4fb0c462adffa59187b-1700832023000 first last"><noteRef href="#key-b675b071602fc4fb0c462adffa59187b" marker="F2" class="commentary attribute F"/>or third-country CSD</ins> and another market infrastructure</heading><paragraph eId="article-53-1"><num>1</num><content><p><ins class="substitution key-b36ee09aa06fadf0f203fe3368ef3dee-1700832102457 first last"><noteRef href="#key-b36ee09aa06fadf0f203fe3368ef3dee" marker="F8" class="commentary attribute F"/>A UK CCP and a UK trading venue shall provide transaction feeds on a non-discriminatory and transparent basis to a CSD or third-country CSD upon request by the CSD or third-country CSD and may charge a reasonable commercial fee for such transaction feeds to the CSD or third-country CSD on a cost-plus basis unless otherwise agreed by both parties.</ins></p><p>A CSD shall provide access to its securities settlement systems on a non-discriminatory and transparent basis to a CCP or a trading venue and may charge a reasonable commercial fee for such access on a cost-plus basis, unless otherwise agreed by both parties.</p></content></paragraph><paragraph eId="article-53-2"><num>2</num><content><p>When a party submits a request for access to another party in accordance with paragraph 1, such request shall be treated promptly and a response to the requesting party shall be provided within three months.</p></content></paragraph><paragraph eId="article-53-3"><num>3</num><content><p>The receiving party shall deny access only where such access would affect the smooth and orderly functioning of the financial markets or cause systemic risk. It shall not deny a request on the grounds of loss of market share.</p><p>A party that refuses access shall provide the requesting party with full written reasons for such refusal based on a comprehensive risk assessment. In the case of a refusal, the requesting party has the right to complain to the competent authority <noteRef href="#key-bcffa32e3ae7332ccc39b979dea53396" marker="F3" class="commentary F"/>....</p><p>The competent authority <noteRef href="#key-5549e8b56788af5b473b09a0c62ed089" marker="F4" class="commentary F"/>... shall duly examine the complaint by assessing the reasons for refusal and shall provide the requesting party with a reasoned reply.</p><p><noteRef href="#key-9ac61b2e6d5bd85a48defd515eec85f4" marker="F9" class="commentary F"/>...</p><p>Where the refusal by a party to grant access is deemed to be unjustified, the <noteRef href="#key-b8df35cdda01228adac0f76c5d7c5745" marker="F5" class="commentary F"/>... competent authority shall issue an order requiring that party to grant access to its services within three months.</p></content></paragraph><paragraph eId="article-53-4"><num>4</num><content><p><ins class="substitution key-90d20f10f9381489598769648649cd2c-1700832023007 first last"><noteRef href="#key-90d20f10f9381489598769648649cd2c" marker="F6" class="commentary attribute F"/>The relevant authority may make</ins> regulatory technical standards to specify the risks to be taken into account by CSDs when carrying out a comprehensive risk assessment, and by <ins class="substitution key-d09b3ad99ffdd11d53ecced0456d799f-1700832200765 first last"><noteRef href="#key-d09b3ad99ffdd11d53ecced0456d799f" marker="F10" class="commentary attribute F"/>the relevant authority</ins> when assessing the reasons for refusal in accordance with paragraph 3, and the elements of the procedure referred to in paragraph 3.</p><p><noteRef href="#key-040e34f09bea230b8aa8639d045edb6d" marker="F11" class="commentary F"/>...</p><p><noteRef href="#key-040e34f09bea230b8aa8639d045edb6d" marker="F11" class="commentary F"/>...</p><p/></content></paragraph><paragraph eId="article-53-5"><num>5</num><content><p><ins class="substitution key-c6704367668b73678d86615cae620d5a-1700832023010 first last"><noteRef href="#key-c6704367668b73678d86615cae620d5a" marker="F7" class="commentary attribute F"/>The relevant authority may make</ins> implementing technical standards to establish standard forms and templates for the procedure referred to in paragraphs 2 and 3.</p><p><noteRef href="#key-1933d9d97805f3a7337824473eb2bac3" marker="F12" class="commentary F"/>...</p><p><noteRef href="#key-1933d9d97805f3a7337824473eb2bac3" marker="F12" class="commentary F"/>...</p><p/></content></paragraph><paragraph eId="article-53-6"><num><ins class="key-b9c468837aa8e273adbab54a0c6bb3e2-1700832286797 first"><noteRef href="#key-b9c468837aa8e273adbab54a0c6bb3e2" marker="F13" class="commentary attribute F"/>6</ins></num><intro><p><ins class="key-b9c468837aa8e273adbab54a0c6bb3e2-1700832286797">For the purposes of paragraphs 4 and 5, “</ins><term refersTo="#term-the-relevant-authority"><ins class="key-b9c468837aa8e273adbab54a0c6bb3e2-1700832286797">the relevant authority</ins></term><ins class="key-b9c468837aa8e273adbab54a0c6bb3e2-1700832286797">” means—</ins></p></intro><subparagraph eId="article-53-6-a"><num><ins class="key-b9c468837aa8e273adbab54a0c6bb3e2-1700832286797">a</ins></num><content><p><ins class="key-b9c468837aa8e273adbab54a0c6bb3e2-1700832286797">the Bank of England in the case of requests made to CSDs and UK CCPs;</ins></p></content></subparagraph><subparagraph eId="article-53-6-b"><num><ins class="key-b9c468837aa8e273adbab54a0c6bb3e2-1700832286797">b</ins></num><content><p><ins class="key-b9c468837aa8e273adbab54a0c6bb3e2-1700832286797 last">the FCA in the case of requests made to UK trading venues.</ins></p></content></subparagraph></paragraph></article></section></chapter>
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<note class="commentary F" eId="key-b53249b34cc5adf2d345a921a6ee6fdb">
<p>
Words in
<ref href="http://www.legislation.gov.uk/id/eur/2014/909/title/3/chapter/3/section/3">Title 3 Ch. 3 s. 3</ref>
heading inserted (31.12.2020) by
<ref href="http://www.legislation.gov.uk/id/uksi/2018/1320">The Central Securities Depositories (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1320)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2018/1320/regulation/1/3">regs. 1(3)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2018/1320/regulation/19/7">19(7)</ref>
(with savings in
<ref href="http://www.legislation.gov.uk/id/uksi/2019/680">S.I. 2019/680</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2019/680/regulation/11">reg. 11</ref>
);
<ref href="http://www.legislation.gov.uk/id/ukpga/2020/1">2020 c. 1</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/2020/1/schedule/5/paragraph/1/1">Sch. 5 para. 1(1)</ref>
</p>
</note>
<note class="commentary F" eId="key-b675b071602fc4fb0c462adffa59187b">
<p>
Words in
<ref href="http://www.legislation.gov.uk/id/eur/2014/909/article/53">Art. 53</ref>
heading inserted (31.12.2020) by
<ref href="http://www.legislation.gov.uk/id/uksi/2018/1320">The Central Securities Depositories (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1320)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2018/1320/regulation/1/3">regs. 1(3)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2018/1320/regulation/19/8/a">19(8)(a)</ref>
(with savings in
<ref href="http://www.legislation.gov.uk/id/uksi/2019/680">S.I. 2019/680</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2019/680/regulation/11">reg. 11</ref>
);
<ref href="http://www.legislation.gov.uk/id/ukpga/2020/1">2020 c. 1</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/2020/1/schedule/5/paragraph/1/1">Sch. 5 para. 1(1)</ref>
</p>
</note>
<note class="commentary F" eId="key-bcffa32e3ae7332ccc39b979dea53396">
<p>
Words in
<ref href="http://www.legislation.gov.uk/id/eur/2014/909/article/53/3">Art. 53(3)</ref>
omitted (31.12.2020) by virtue of
<ref href="http://www.legislation.gov.uk/id/uksi/2018/1320">The Central Securities Depositories (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1320)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2018/1320/regulation/1/3">regs. 1(3)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2018/1320/regulation/19/8/c/i">19(8)(c)(i)</ref>
(with savings in
<ref href="http://www.legislation.gov.uk/id/uksi/2019/680">S.I. 2019/680</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2019/680/regulation/11">reg. 11</ref>
);
<ref href="http://www.legislation.gov.uk/id/ukpga/2020/1">2020 c. 1</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/2020/1/schedule/5/paragraph/1/1">Sch. 5 para. 1(1)</ref>
</p>
</note>
<note class="commentary F" eId="key-5549e8b56788af5b473b09a0c62ed089">
<p>
Words in
<ref href="http://www.legislation.gov.uk/id/eur/2014/909/article/53/3">Art. 53(3)</ref>
omitted (31.12.2020) by virtue of
<ref href="http://www.legislation.gov.uk/id/uksi/2018/1320">The Central Securities Depositories (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1320)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2018/1320/regulation/1/3">regs. 1(3)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2018/1320/regulation/19/8/c/ii">19(8)(c)(ii)</ref>
(with savings in
<ref href="http://www.legislation.gov.uk/id/uksi/2019/680">S.I. 2019/680</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2019/680/regulation/11">reg. 11</ref>
);
<ref href="http://www.legislation.gov.uk/id/ukpga/2020/1">2020 c. 1</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/2020/1/schedule/5/paragraph/1/1">Sch. 5 para. 1(1)</ref>
</p>
</note>
<note class="commentary F" eId="key-b8df35cdda01228adac0f76c5d7c5745">
<p>
Word in
<ref href="http://www.legislation.gov.uk/id/eur/2014/909/article/53/3">Art. 53(3)</ref>
omitted (31.12.2020) by virtue of
<ref href="http://www.legislation.gov.uk/id/uksi/2018/1320">The Central Securities Depositories (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1320)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2018/1320/regulation/1/3">regs. 1(3)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2018/1320/regulation/19/8/c/iv">19(8)(c)(iv)</ref>
(with savings in
<ref href="http://www.legislation.gov.uk/id/uksi/2019/680">S.I. 2019/680</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2019/680/regulation/11">reg. 11</ref>
);
<ref href="http://www.legislation.gov.uk/id/ukpga/2020/1">2020 c. 1</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/2020/1/schedule/5/paragraph/1/1">Sch. 5 para. 1(1)</ref>
</p>
</note>
<note class="commentary F" eId="key-90d20f10f9381489598769648649cd2c">
<p>
Words in
<ref href="http://www.legislation.gov.uk/id/eur/2014/909/article/53/4">Art. 53(4)</ref>
substituted (31.12.2020) by
<ref href="http://www.legislation.gov.uk/id/uksi/2018/1320">The Central Securities Depositories (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1320)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2018/1320/regulation/1/3">regs. 1(3)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2018/1320/regulation/19/8/d/i/aa">19(8)(d)(i)(aa)</ref>
(with savings in
<ref href="http://www.legislation.gov.uk/id/uksi/2019/680">S.I. 2019/680</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2019/680/regulation/11">reg. 11</ref>
);
<ref href="http://www.legislation.gov.uk/id/ukpga/2020/1">2020 c. 1</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/2020/1/schedule/5/paragraph/1/1">Sch. 5 para. 1(1)</ref>
</p>
</note>
<note class="commentary F" eId="key-c6704367668b73678d86615cae620d5a">
<p>
Words in
<ref href="http://www.legislation.gov.uk/id/eur/2014/909/article/53/5">Art. 53(5)</ref>
substituted (31.12.2020) by
<ref href="http://www.legislation.gov.uk/id/uksi/2018/1320">The Central Securities Depositories (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1320)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2018/1320/regulation/1/3">regs. 1(3)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2018/1320/regulation/19/8/e/i">19(8)(e)(i)</ref>
(with savings in
<ref href="http://www.legislation.gov.uk/id/uksi/2019/680">S.I. 2019/680</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2019/680/regulation/11">reg. 11</ref>
);
<ref href="http://www.legislation.gov.uk/id/ukpga/2020/1">2020 c. 1</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/2020/1/schedule/5/paragraph/1/1">Sch. 5 para. 1(1)</ref>
</p>
</note>
<note class="commentary F" eId="key-b36ee09aa06fadf0f203fe3368ef3dee">
<p>
Words in
<ref href="http://www.legislation.gov.uk/id/eur/2014/909/article/53/1">Art. 53(1)</ref>
substituted (31.12.2020) by
<ref href="http://www.legislation.gov.uk/id/uksi/2018/1320">The Central Securities Depositories (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1320)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2018/1320/regulation/1/3">regs. 1(3)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2018/1320/regulation/19/8/b">19(8)(b)</ref>
(with savings in
<ref href="http://www.legislation.gov.uk/id/uksi/2019/680">S.I. 2019/680</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2019/680/regulation/11">reg. 11</ref>
);
<ref href="http://www.legislation.gov.uk/id/ukpga/2020/1">2020 c. 1</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/2020/1/schedule/5/paragraph/1/1">Sch. 5 para. 1(1)</ref>
</p>
</note>
<note class="commentary F" eId="key-9ac61b2e6d5bd85a48defd515eec85f4">
<p>
Words in
<ref href="http://www.legislation.gov.uk/id/eur/2014/909/article/53/3">Art. 53(3)</ref>
omitted (31.12.2020) by virtue of
<ref href="http://www.legislation.gov.uk/id/uksi/2018/1320">The Central Securities Depositories (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1320)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2018/1320/regulation/1/3">regs. 1(3)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2018/1320/regulation/19/8/c/iii">19(8)(c)(iii)</ref>
(with savings in
<ref href="http://www.legislation.gov.uk/id/uksi/2019/680">S.I. 2019/680</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2019/680/regulation/11">reg. 11</ref>
);
<ref href="http://www.legislation.gov.uk/id/ukpga/2020/1">2020 c. 1</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/2020/1/schedule/5/paragraph/1/1">Sch. 5 para. 1(1)</ref>
</p>
</note>
<note class="commentary F" eId="key-d09b3ad99ffdd11d53ecced0456d799f">
<p>
Words in
<ref href="http://www.legislation.gov.uk/id/eur/2014/909/article/53/4">Art. 53(4)</ref>
substituted (31.12.2020) by
<ref href="http://www.legislation.gov.uk/id/uksi/2018/1320">The Central Securities Depositories (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1320)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2018/1320/regulation/1/3">regs. 1(3)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2018/1320/regulation/19/8/d/i/bb">19(8)(d)(i)(bb)</ref>
(with savings in
<ref href="http://www.legislation.gov.uk/id/uksi/2019/680">S.I. 2019/680</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2019/680/regulation/11">reg. 11</ref>
);
<ref href="http://www.legislation.gov.uk/id/ukpga/2020/1">2020 c. 1</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/2020/1/schedule/5/paragraph/1/1">Sch. 5 para. 1(1)</ref>
</p>
</note>
<note class="commentary F" eId="key-040e34f09bea230b8aa8639d045edb6d">
<p>
Words in
<ref href="http://www.legislation.gov.uk/id/eur/2014/909/article/53/4">Art. 53(4)</ref>
omitted (31.12.2020) by virtue of
<ref href="http://www.legislation.gov.uk/id/uksi/2018/1320">The Central Securities Depositories (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1320)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2018/1320/regulation/1/3">regs. 1(3)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2018/1320/regulation/19/8/d/ii">19(8)(d)(ii)</ref>
(with savings in
<ref href="http://www.legislation.gov.uk/id/uksi/2019/680">S.I. 2019/680</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2019/680/regulation/11">reg. 11</ref>
);
<ref href="http://www.legislation.gov.uk/id/ukpga/2020/1">2020 c. 1</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/2020/1/schedule/5/paragraph/1/1">Sch. 5 para. 1(1)</ref>
</p>
</note>
<note class="commentary F" eId="key-1933d9d97805f3a7337824473eb2bac3">
<p>
Words in
<ref href="http://www.legislation.gov.uk/id/eur/2014/909/article/53/5">Art. 53(5)</ref>
omitted (31.12.2020) by virtue of
<ref href="http://www.legislation.gov.uk/id/uksi/2018/1320">The Central Securities Depositories (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1320)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2018/1320/regulation/1/3">regs. 1(3)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2018/1320/regulation/19/8/e/ii">19(8)(e)(ii)</ref>
(with savings in
<ref href="http://www.legislation.gov.uk/id/uksi/2019/680">S.I. 2019/680</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2019/680/regulation/11">reg. 11</ref>
);
<ref href="http://www.legislation.gov.uk/id/ukpga/2020/1">2020 c. 1</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/2020/1/schedule/5/paragraph/1/1">Sch. 5 para. 1(1)</ref>
</p>
</note>
<note class="commentary F" eId="key-b9c468837aa8e273adbab54a0c6bb3e2">
<p>
<ref href="http://www.legislation.gov.uk/id/eur/2014/909/article/53/6">Art. 53(6)</ref>
inserted (31.12.2020) by
<ref href="http://www.legislation.gov.uk/id/uksi/2018/1320">The Central Securities Depositories (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1320)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2018/1320/regulation/1/3">regs. 1(3)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2018/1320/regulation/19/8/f">19(8)(f)</ref>
(with savings in
<ref href="http://www.legislation.gov.uk/id/uksi/2019/680">S.I. 2019/680</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2019/680/regulation/11">reg. 11</ref>
);
<ref href="http://www.legislation.gov.uk/id/ukpga/2020/1">2020 c. 1</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/2020/1/schedule/5/paragraph/1/1">Sch. 5 para. 1(1)</ref>
</p>
</note>
</notes>
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<portionBody eId="body" period="#period2">
<title eId="title-III" period="#period2">
<num>TITLE III</num>
<heading>
<strong>CENTRAL SECURITIES DEPOSITORIES</strong>
</heading>
<chapter eId="title-III-chapter-III" period="#period1">
<num>
<em>CHAPTER III</em>
</num>
<heading>
<strong>
<em>Access to CSDs</em>
</strong>
</heading>
<section eId="title-III-chapter-III-section-3" period="#period1">
<num>
<inline name="expanded">Section 3</inline>
</num>
<heading>
<strong>
<inline name="expanded">
Access between a CSD
<ins class="key-b53249b34cc5adf2d345a921a6ee6fdb-1700831963743 first last">
<noteRef href="#key-b53249b34cc5adf2d345a921a6ee6fdb" marker="F1" class="commentary attribute F"/>
or third-country CSD
</ins>
and another market infrastructure
</inline>
</strong>
</heading>
<article eId="article-53" period="#period1">
<num>Article 53</num>
<heading>
Access between a CSD
<ins class="key-b675b071602fc4fb0c462adffa59187b-1700832023000 first last">
<noteRef href="#key-b675b071602fc4fb0c462adffa59187b" marker="F2" class="commentary attribute F"/>
or third-country CSD
</ins>
and another market infrastructure
</heading>
<paragraph eId="article-53-1">
<num>1</num>
<content>
<p>
<ins class="substitution key-b36ee09aa06fadf0f203fe3368ef3dee-1700832102457 first last">
<noteRef href="#key-b36ee09aa06fadf0f203fe3368ef3dee" marker="F8" class="commentary attribute F"/>
A UK CCP and a UK trading venue shall provide transaction feeds on a non-discriminatory and transparent basis to a CSD or third-country CSD upon request by the CSD or third-country CSD and may charge a reasonable commercial fee for such transaction feeds to the CSD or third-country CSD on a cost-plus basis unless otherwise agreed by both parties.
</ins>
</p>
<p>A CSD shall provide access to its securities settlement systems on a non-discriminatory and transparent basis to a CCP or a trading venue and may charge a reasonable commercial fee for such access on a cost-plus basis, unless otherwise agreed by both parties.</p>
</content>
</paragraph>
<paragraph eId="article-53-2">
<num>2</num>
<content>
<p>When a party submits a request for access to another party in accordance with paragraph 1, such request shall be treated promptly and a response to the requesting party shall be provided within three months.</p>
</content>
</paragraph>
<paragraph eId="article-53-3">
<num>3</num>
<content>
<p>The receiving party shall deny access only where such access would affect the smooth and orderly functioning of the financial markets or cause systemic risk. It shall not deny a request on the grounds of loss of market share.</p>
<p>
A party that refuses access shall provide the requesting party with full written reasons for such refusal based on a comprehensive risk assessment. In the case of a refusal, the requesting party has the right to complain to the competent authority
<noteRef href="#key-bcffa32e3ae7332ccc39b979dea53396" marker="F3" class="commentary F"/>
....
</p>
<p>
The competent authority
<noteRef href="#key-5549e8b56788af5b473b09a0c62ed089" marker="F4" class="commentary F"/>
... shall duly examine the complaint by assessing the reasons for refusal and shall provide the requesting party with a reasoned reply.
</p>
<p>
<noteRef href="#key-9ac61b2e6d5bd85a48defd515eec85f4" marker="F9" class="commentary F"/>
...
</p>
<p>
Where the refusal by a party to grant access is deemed to be unjustified, the
<noteRef href="#key-b8df35cdda01228adac0f76c5d7c5745" marker="F5" class="commentary F"/>
... competent authority shall issue an order requiring that party to grant access to its services within three months.
</p>
</content>
</paragraph>
<paragraph eId="article-53-4">
<num>4</num>
<content>
<p>
<ins class="substitution key-90d20f10f9381489598769648649cd2c-1700832023007 first last">
<noteRef href="#key-90d20f10f9381489598769648649cd2c" marker="F6" class="commentary attribute F"/>
The relevant authority may make
</ins>
regulatory technical standards to specify the risks to be taken into account by CSDs when carrying out a comprehensive risk assessment, and by
<ins class="substitution key-d09b3ad99ffdd11d53ecced0456d799f-1700832200765 first last">
<noteRef href="#key-d09b3ad99ffdd11d53ecced0456d799f" marker="F10" class="commentary attribute F"/>
the relevant authority
</ins>
when assessing the reasons for refusal in accordance with paragraph 3, and the elements of the procedure referred to in paragraph 3.
</p>
<p>
<noteRef href="#key-040e34f09bea230b8aa8639d045edb6d" marker="F11" class="commentary F"/>
...
</p>
<p>
<noteRef href="#key-040e34f09bea230b8aa8639d045edb6d" marker="F11" class="commentary F"/>
...
</p>
<p/>
</content>
</paragraph>
<paragraph eId="article-53-5">
<num>5</num>
<content>
<p>
<ins class="substitution key-c6704367668b73678d86615cae620d5a-1700832023010 first last">
<noteRef href="#key-c6704367668b73678d86615cae620d5a" marker="F7" class="commentary attribute F"/>
The relevant authority may make
</ins>
implementing technical standards to establish standard forms and templates for the procedure referred to in paragraphs 2 and 3.
</p>
<p>
<noteRef href="#key-1933d9d97805f3a7337824473eb2bac3" marker="F12" class="commentary F"/>
...
</p>
<p>
<noteRef href="#key-1933d9d97805f3a7337824473eb2bac3" marker="F12" class="commentary F"/>
...
</p>
<p/>
</content>
</paragraph>
<paragraph eId="article-53-6">
<num>
<ins class="key-b9c468837aa8e273adbab54a0c6bb3e2-1700832286797 first">
<noteRef href="#key-b9c468837aa8e273adbab54a0c6bb3e2" marker="F13" class="commentary attribute F"/>
6
</ins>
</num>
<intro>
<p>
<ins class="key-b9c468837aa8e273adbab54a0c6bb3e2-1700832286797">For the purposes of paragraphs 4 and 5, “</ins>
<term refersTo="#term-the-relevant-authority">
<ins class="key-b9c468837aa8e273adbab54a0c6bb3e2-1700832286797">the relevant authority</ins>
</term>
<ins class="key-b9c468837aa8e273adbab54a0c6bb3e2-1700832286797">” means—</ins>
</p>
</intro>
<subparagraph eId="article-53-6-a">
<num>
<ins class="key-b9c468837aa8e273adbab54a0c6bb3e2-1700832286797">a</ins>
</num>
<content>
<p>
<ins class="key-b9c468837aa8e273adbab54a0c6bb3e2-1700832286797">the Bank of England in the case of requests made to CSDs and UK CCPs;</ins>
</p>
</content>
</subparagraph>
<subparagraph eId="article-53-6-b">
<num>
<ins class="key-b9c468837aa8e273adbab54a0c6bb3e2-1700832286797">b</ins>
</num>
<content>
<p>
<ins class="key-b9c468837aa8e273adbab54a0c6bb3e2-1700832286797 last">the FCA in the case of requests made to UK trading venues.</ins>
</p>
</content>
</subparagraph>
</paragraph>
</article>
</section>
</chapter>
</title>
</portionBody>
</portion>
</akomaNtoso>