TITLE IIICENTRAL SECURITIES DEPOSITORIES

CHAPTER IIIAccess to CSDs

Section 3Access between a CSD F1or third-country CSD and another market infrastructure

Article 53Access between a CSD F2or third-country CSD and another market infrastructure

1

F8A 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.

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.

2

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.

3

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.

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 F3....

The competent authority F4... shall duly examine the complaint by assessing the reasons for refusal and shall provide the requesting party with a reasoned reply.

F9...

Where the refusal by a party to grant access is deemed to be unjustified, the F5... competent authority shall issue an order requiring that party to grant access to its services within three months.

4

F6The relevant authority may make regulatory technical standards to specify the risks to be taken into account by CSDs when carrying out a comprehensive risk assessment, and by F10the relevant authority when assessing the reasons for refusal in accordance with paragraph 3, and the elements of the procedure referred to in paragraph 3.

F11...

F11...

5

F7The relevant authority may make implementing technical standards to establish standard forms and templates for the procedure referred to in paragraphs 2 and 3.

F12...

F12...

F136

For the purposes of paragraphs 4 and 5, “the relevant authority” means—

a

the Bank of England in the case of requests made to CSDs and UK CCPs;

b

the FCA in the case of requests made to UK trading venues.