http://www.legislation.gov.uk/eur/2014/909/title/III/chapter/II/section/2/2020-12-31Regulation (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 Participation2020-12-31 TITLE III <Strong>CENTRAL SECURITIES DEPOSITORIES</Strong> CHAPTER II <Strong> <Emphasis>Requirements for CSDs</Emphasis> </Strong> Section 2 <Strong> <Expanded>Conduct of business rules</Expanded> </Strong> General provisions Article 32 1 A CSD shall have clearly defined goals and objectives that are achievable, such as in the areas of minimum service levels, risk-management expectations and business priorities. 2 A CSD shall have transparent rules for the handling of complaints. Requirements for participationArticle 331For each securities settlement system it operates a CSD shall have publicly disclosed criteria for participation which allow fair and open access for all legal persons that intend to become participants. Such criteria shall be transparent, objective, and non-discriminatory so as to ensure fair and open access to the CSD with due regard to risks to financial stability and the orderliness of markets. Criteria that restrict access shall be permitted only to the extent that their objective is to justifiably control a specified risk for the CSD.2A CSD shall treat requests for access promptly by providing a response to such requests within one month at the latest and shall make the procedures for treating access requests publicly available.3A CSD shall deny access to a participant meeting the criteria referred to in paragraph 1 only where duly justified in writing and based on a comprehensive risk assessment.In the event of a refusal, the requesting participant has the right to complain to the competent authority of the CSD that has refused access.The competent authority shall duly examine the complaint by assessing the reasons for refusal and shall provide the requesting participant with a reasoned reply....Where the refusal by the CSD to grant access to the requesting participant is deemed to be unjustified, the competent authority of the CSD that has refused access shall issue an order requiring that CSD to grant access to the requesting participant.4A CSD shall have objective and transparent procedures for the suspension and orderly exit of participants that no longer meet the criteria for participation referred to in paragraph 1.5The Bank of England 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 the competent authority when assessing the reasons for refusal in accordance with paragraph 3 and the elements of the procedure referred to in paragraph 3.......6The Bank of England may make implementing technical standards to establish standard forms and templates for the procedure referred to in paragraph 3....... TransparencyArticle 341For each securities settlement system it operates, as well as for each of the other core services it performs, a CSD shall publicly disclose the prices and fees associated with the core services listed in Section A of the Annex that they provide. It shall disclose the prices and fees of each service and function provided separately, including discounts and rebates and the conditions to benefit from those reductions. It shall allow its clients separate access to the specific services provided.2A CSD shall publish its price list so as to facilitate the comparison of offers and to allow clients to anticipate the price they shall have to pay for the use of services.3A CSD shall be bound by its published pricing policy for its core services.4A CSD shall provide its clients with information that allows reconciling invoices with the published price lists.5A CSD shall disclose to all clients information that allows them to assess the risks associated with the services provided.6A CSD shall account separately for costs and revenues of the core services provided and shall disclose that information to the competent authority.7A CSD shall account for the cost and revenue of the ancillary services provided as a whole and shall disclose that information to the competent authority.8In order to ensure effective application of United Kingdom competition rules and enable the identification, inter alia, of cross-subsidisation of ancillary services by core services, a CSD shall maintain analytical accounting for its activities. Such analytical accounts shall at least separate the costs and revenues associated with each of its core services from those associated with ancillary services. Communication procedures with participants and other market infrastructures Article 35 CSDs shall use in their communication procedures with participants of the securities settlement systems they operate, and with the market infrastructures they interface with international open communication procedures and standards for messaging and reference data in order to facilitate efficient recording, payment and settlement. Word in Art. 33(3) substituted (31.12.2020) by The Central Securities Depositories (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1320), regs. 1(3), 15(1)(a)(i) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)Words in Art. 33(5) substituted (31.12.2020) by The Central Securities Depositories (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1320), regs. 1(3), 15(1)(b)(i)(aa) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)Words in Art. 33(6) substituted (31.12.2020) by The Central Securities Depositories (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1320), regs. 1(3), 15(1)(c)(i) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)Words in Art. 33(3) omitted (31.12.2020) by virtue of The Central Securities Depositories (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1320), regs. 1(3), 15(1)(a)(ii) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)Words in Art. 33(5) omitted (31.12.2020) by virtue of The Central Securities Depositories (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1320), regs. 1(3), 15(1)(b)(ii) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)Words in Art. 33(5) substituted (31.12.2020) by The Central Securities Depositories (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1320), regs. 1(3), 15(1)(b)(i)(bb) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)Words in Art. 33(6) omitted (31.12.2020) by virtue of The Central Securities Depositories (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1320), regs. 1(3), 15(1)(c)(ii) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)Words in Art. 34(8) substituted (31.12.2020) by The Central Securities Depositories (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1320), regs. 1(3), 15(2) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)
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<Text>For each securities settlement system it operates a CSD shall have publicly disclosed criteria for participation which allow fair and open access for all legal persons that intend to become participants. Such criteria shall be transparent, objective, and non-discriminatory so as to ensure fair and open access to the CSD with due regard to risks to financial stability and the orderliness of markets. Criteria that restrict access shall be permitted only to the extent that their objective is to justifiably control a specified risk for the CSD.</Text>
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</P2para>
</P2>
<P2 DocumentURI="http://www.legislation.gov.uk/eur/2014/909/article/34/6/2020-12-31" IdURI="http://www.legislation.gov.uk/id/eur/2014/909/article/34/6" id="article-34-6">
<Pnumber PuncBefore="" PuncAfter=".">6</Pnumber>
<P2para>
<Text>A CSD shall account separately for costs and revenues of the core services provided and shall disclose that information to the competent authority.</Text>
</P2para>
</P2>
<P2 DocumentURI="http://www.legislation.gov.uk/eur/2014/909/article/34/7/2020-12-31" IdURI="http://www.legislation.gov.uk/id/eur/2014/909/article/34/7" id="article-34-7">
<Pnumber PuncBefore="" PuncAfter=".">7</Pnumber>
<P2para>
<Text>A CSD shall account for the cost and revenue of the ancillary services provided as a whole and shall disclose that information to the competent authority.</Text>
</P2para>
</P2>
<P2 DocumentURI="http://www.legislation.gov.uk/eur/2014/909/article/34/8/2020-12-31" IdURI="http://www.legislation.gov.uk/id/eur/2014/909/article/34/8" id="article-34-8">
<Pnumber PuncBefore="" PuncAfter=".">8</Pnumber>
<P2para>
<Text>
In order to ensure effective application of
<Substitution ChangeId="key-89ee32f802cdaa033a8debc2452d953d-1700824850000" CommentaryRef="key-89ee32f802cdaa033a8debc2452d953d">United Kingdom</Substitution>
competition rules and enable the identification, inter alia, of cross-subsidisation of ancillary services by core services, a CSD shall maintain analytical accounting for its activities. Such analytical accounts shall at least separate the costs and revenues associated with each of its core services from those associated with ancillary services.
</Text>
</P2para>
</P2>
</P1para>
</P1>
</P1group>
<P1group RestrictStartDate="2014-07-23" RestrictExtent="E+W+S+N.I.">
<Title>Communication procedures with participants and other market infrastructures</Title>
<P1 DocumentURI="http://www.legislation.gov.uk/eur/2014/909/article/35/2020-12-31" IdURI="http://www.legislation.gov.uk/id/eur/2014/909/article/35" id="article-35">
<Pnumber>Article 35</Pnumber>
<P1para>
<Text>CSDs shall use in their communication procedures with participants of the securities settlement systems they operate, and with the market infrastructures they interface with international open communication procedures and standards for messaging and reference data in order to facilitate efficient recording, payment and settlement.</Text>
</P1para>
</P1>
</P1group>
</EUSection>
</EUChapter>
</EUTitle>
</EUBody>
</EURetained>
<Commentaries>
<Commentary id="key-7c8ad42fa336f7b58a967709a8aebe67" Type="F">
<Para>
<Text>
Word in
<CitationSubRef id="c6yrzsm55-00006" SectionRef="article-33-3" URI="http://www.legislation.gov.uk/id/eur/2014/909/article/33/3">Art. 33(3)</CitationSubRef>
substituted (31.12.2020) by
<Citation URI="http://www.legislation.gov.uk/id/uksi/2018/1320" id="c6yrzsm55-00007" Class="UnitedKingdomStatutoryInstrument" Year="2018" Number="1320" Title="The Central Securities Depositories (Amendment) (EU Exit) Regulations 2018">The Central Securities Depositories (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1320)</Citation>
,
<CitationSubRef CitationRef="c6yrzsm55-00007" id="c6yrzsm55-00008" SectionRef="regulation-1-3" URI="http://www.legislation.gov.uk/id/uksi/2018/1320/regulation/1/3">regs. 1(3)</CitationSubRef>
,
<CitationSubRef CitationRef="c6yrzsm55-00007" id="c6yrzsm55-00009" SectionRef="regulation-15-1-a-i" URI="http://www.legislation.gov.uk/id/uksi/2018/1320/regulation/15/1/a/i" Operative="true">15(1)(a)(i)</CitationSubRef>
(with savings in
<Citation URI="http://www.legislation.gov.uk/id/uksi/2019/680" id="c6yrzsm55-00010" Class="UnitedKingdomStatutoryInstrument" Year="2019" Number="680">S.I. 2019/680</Citation>
,
<CitationSubRef CitationRef="c6yrzsm55-00010" id="c6yrzsm55-00011" SectionRef="regulation-11" URI="http://www.legislation.gov.uk/id/uksi/2019/680/regulation/11">reg. 11</CitationSubRef>
);
<Citation URI="http://www.legislation.gov.uk/id/ukpga/2020/1" id="c6yrzsm55-00012" Year="2020" Class="UnitedKingdomPublicGeneralAct" Number="1">2020 c. 1</Citation>
,
<CitationSubRef CitationRef="c6yrzsm55-00012" id="c6yrzsm55-00013" SectionRef="schedule-5-paragraph-1-1" URI="http://www.legislation.gov.uk/id/ukpga/2020/1/schedule/5/paragraph/1/1">Sch. 5 para. 1(1)</CitationSubRef>
</Text>
</Para>
</Commentary>
<Commentary id="key-b4af19344986670daf7d1c9eb53dabdf" Type="F">
<Para>
<Text>
Words in
<CitationSubRef id="ccd8e220231124111854159Z" URI="http://www.legislation.gov.uk/id/eur/2014/909/article/33/5" SectionRef="article-33-5">Art. 33(5)</CitationSubRef>
substituted (31.12.2020) by
<Citation URI="http://www.legislation.gov.uk/id/uksi/2018/1320" id="d10e5" Class="UnitedKingdomStatutoryInstrument" Year="2018" Number="1320" Title="The Central Securities Depositories (Amendment) (EU Exit) Regulations 2018">The Central Securities Depositories (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1320)</Citation>
,
<CitationSubRef CitationRef="d10e5" id="ccd8e820231124111854159Z" URI="http://www.legislation.gov.uk/id/uksi/2018/1320/regulation/1/3" SectionRef="regulation-1-3">regs. 1(3)</CitationSubRef>
,
<CitationSubRef CitationRef="d10e5" id="ccd8e1120231124111854159Z" URI="http://www.legislation.gov.uk/id/uksi/2018/1320/regulation/15/1/b/i/aa" Operative="true" SectionRef="regulation-15-1-b-i-aa">15(1)(b)(i)(aa)</CitationSubRef>
(with savings in
<Citation URI="http://www.legislation.gov.uk/id/uksi/2019/680" id="d10e14" Class="UnitedKingdomStatutoryInstrument" Year="2019" Number="680">S.I. 2019/680</Citation>
,
<CitationSubRef CitationRef="d10e14" id="ccd8e1820231124111854159Z" URI="http://www.legislation.gov.uk/id/uksi/2019/680/regulation/11" SectionRef="regulation-11">reg. 11</CitationSubRef>
);
<Citation URI="http://www.legislation.gov.uk/id/ukpga/2020/1" id="d10e21" Year="2020" Class="UnitedKingdomPublicGeneralAct" Number="1">2020 c. 1</Citation>
,
<CitationSubRef CitationRef="d10e21" id="ccd8e2420231124111854159Z" URI="http://www.legislation.gov.uk/id/ukpga/2020/1/schedule/5/paragraph/1/1" SectionRef="schedule-5-paragraph-1-1">Sch. 5 para. 1(1)</CitationSubRef>
</Text>
</Para>
</Commentary>
<Commentary id="key-8783178aab5c10b5891e3fb89cec6c1d" Type="F">
<Para>
<Text>
Words in
<CitationSubRef id="c6yrzsm55-00075" SectionRef="article-33-6" URI="http://www.legislation.gov.uk/id/eur/2014/909/article/33/6">Art. 33(6)</CitationSubRef>
substituted (31.12.2020) by
<Citation URI="http://www.legislation.gov.uk/id/uksi/2018/1320" id="c6yrzsm55-00076" Class="UnitedKingdomStatutoryInstrument" Year="2018" Number="1320" Title="The Central Securities Depositories (Amendment) (EU Exit) Regulations 2018">The Central Securities Depositories (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1320)</Citation>
,
<CitationSubRef CitationRef="c6yrzsm55-00076" id="c6yrzsm55-00077" SectionRef="regulation-1-3" URI="http://www.legislation.gov.uk/id/uksi/2018/1320/regulation/1/3">regs. 1(3)</CitationSubRef>
,
<CitationSubRef CitationRef="c6yrzsm55-00076" id="c6yrzsm55-00078" SectionRef="regulation-15-1-c-i" URI="http://www.legislation.gov.uk/id/uksi/2018/1320/regulation/15/1/c/i" Operative="true">15(1)(c)(i)</CitationSubRef>
(with savings in
<Citation URI="http://www.legislation.gov.uk/id/uksi/2019/680" id="c6yrzsm55-00079" Class="UnitedKingdomStatutoryInstrument" Year="2019" Number="680">S.I. 2019/680</Citation>
,
<CitationSubRef CitationRef="c6yrzsm55-00079" id="c6yrzsm55-00080" SectionRef="regulation-11" URI="http://www.legislation.gov.uk/id/uksi/2019/680/regulation/11">reg. 11</CitationSubRef>
);
<Citation URI="http://www.legislation.gov.uk/id/ukpga/2020/1" id="c6yrzsm55-00081" Year="2020" Class="UnitedKingdomPublicGeneralAct" Number="1">2020 c. 1</Citation>
,
<CitationSubRef CitationRef="c6yrzsm55-00081" id="c6yrzsm55-00082" SectionRef="schedule-5-paragraph-1-1" URI="http://www.legislation.gov.uk/id/ukpga/2020/1/schedule/5/paragraph/1/1">Sch. 5 para. 1(1)</CitationSubRef>
</Text>
</Para>
</Commentary>
<Commentary id="key-19436fce14643571eb768527b07306ec" Type="F">
<Para>
<Text>
Words in
<CitationSubRef id="ccd8e220231124111826329Z" URI="http://www.legislation.gov.uk/id/eur/2014/909/article/33/3" SectionRef="article-33-3">Art. 33(3)</CitationSubRef>
omitted (31.12.2020) by virtue of
<Citation URI="http://www.legislation.gov.uk/id/uksi/2018/1320" id="d10e5" Class="UnitedKingdomStatutoryInstrument" Year="2018" Number="1320" Title="The Central Securities Depositories (Amendment) (EU Exit) Regulations 2018">The Central Securities Depositories (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1320)</Citation>
,
<CitationSubRef CitationRef="d10e5" id="ccd8e820231124111826329Z" URI="http://www.legislation.gov.uk/id/uksi/2018/1320/regulation/1/3" SectionRef="regulation-1-3">regs. 1(3)</CitationSubRef>
,
<CitationSubRef CitationRef="d10e5" id="ccd8e1120231124111826329Z" URI="http://www.legislation.gov.uk/id/uksi/2018/1320/regulation/15/1/a/ii" Operative="true" SectionRef="regulation-15-1-a-ii">15(1)(a)(ii)</CitationSubRef>
(with savings in
<Citation URI="http://www.legislation.gov.uk/id/uksi/2019/680" id="d10e14" Class="UnitedKingdomStatutoryInstrument" Year="2019" Number="680">S.I. 2019/680</Citation>
,
<CitationSubRef CitationRef="d10e14" id="ccd8e1820231124111826329Z" URI="http://www.legislation.gov.uk/id/uksi/2019/680/regulation/11" SectionRef="regulation-11">reg. 11</CitationSubRef>
);
<Citation URI="http://www.legislation.gov.uk/id/ukpga/2020/1" id="d10e21" Year="2020" Class="UnitedKingdomPublicGeneralAct" Number="1">2020 c. 1</Citation>
,
<CitationSubRef CitationRef="d10e21" id="ccd8e2420231124111826329Z" URI="http://www.legislation.gov.uk/id/ukpga/2020/1/schedule/5/paragraph/1/1" SectionRef="schedule-5-paragraph-1-1">Sch. 5 para. 1(1)</CitationSubRef>
</Text>
</Para>
</Commentary>
<Commentary id="key-e8cc905e56d6592bdcec28ee1dcc4905" Type="F">
<Para>
<Text>
Words in
<CitationSubRef id="c6yrzsm55-00062" SectionRef="article-33-5" URI="http://www.legislation.gov.uk/id/eur/2014/909/article/33/5">Art. 33(5)</CitationSubRef>
omitted (31.12.2020) by virtue of
<Citation URI="http://www.legislation.gov.uk/id/uksi/2018/1320" id="c6yrzsm55-00063" Class="UnitedKingdomStatutoryInstrument" Year="2018" Number="1320" Title="The Central Securities Depositories (Amendment) (EU Exit) Regulations 2018">The Central Securities Depositories (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1320)</Citation>
,
<CitationSubRef CitationRef="c6yrzsm55-00063" id="c6yrzsm55-00064" SectionRef="regulation-1-3" URI="http://www.legislation.gov.uk/id/uksi/2018/1320/regulation/1/3">regs. 1(3)</CitationSubRef>
,
<CitationSubRef CitationRef="c6yrzsm55-00063" id="c6yrzsm55-00065" SectionRef="regulation-15-1-b-ii" URI="http://www.legislation.gov.uk/id/uksi/2018/1320/regulation/15/1/b/ii" Operative="true">15(1)(b)(ii)</CitationSubRef>
(with savings in
<Citation URI="http://www.legislation.gov.uk/id/uksi/2019/680" id="c6yrzsm55-00066" Class="UnitedKingdomStatutoryInstrument" Year="2019" Number="680">S.I. 2019/680</Citation>
,
<CitationSubRef CitationRef="c6yrzsm55-00066" id="c6yrzsm55-00067" SectionRef="regulation-11" URI="http://www.legislation.gov.uk/id/uksi/2019/680/regulation/11">reg. 11</CitationSubRef>
);
<Citation URI="http://www.legislation.gov.uk/id/ukpga/2020/1" id="c6yrzsm55-00068" Year="2020" Class="UnitedKingdomPublicGeneralAct" Number="1">2020 c. 1</Citation>
,
<CitationSubRef CitationRef="c6yrzsm55-00068" id="c6yrzsm55-00069" SectionRef="schedule-5-paragraph-1-1" URI="http://www.legislation.gov.uk/id/ukpga/2020/1/schedule/5/paragraph/1/1">Sch. 5 para. 1(1)</CitationSubRef>
</Text>
</Para>
</Commentary>
<Commentary id="key-d3c3e9f11c9ccd97bfac3195a4fc938d" Type="F">
<Para>
<Text>
Words in
<CitationSubRef id="ccd8e220231124111901527Z" URI="http://www.legislation.gov.uk/id/eur/2014/909/article/33/5" SectionRef="article-33-5">Art. 33(5)</CitationSubRef>
substituted (31.12.2020) by
<Citation URI="http://www.legislation.gov.uk/id/uksi/2018/1320" id="d10e5" Class="UnitedKingdomStatutoryInstrument" Year="2018" Number="1320" Title="The Central Securities Depositories (Amendment) (EU Exit) Regulations 2018">The Central Securities Depositories (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1320)</Citation>
,
<CitationSubRef CitationRef="d10e5" id="ccd8e820231124111901527Z" URI="http://www.legislation.gov.uk/id/uksi/2018/1320/regulation/1/3" SectionRef="regulation-1-3">regs. 1(3)</CitationSubRef>
,
<CitationSubRef CitationRef="d10e5" id="ccd8e1120231124111901527Z" URI="http://www.legislation.gov.uk/id/uksi/2018/1320/regulation/15/1/b/i/bb" Operative="true" SectionRef="regulation-15-1-b-i-bb">15(1)(b)(i)(bb)</CitationSubRef>
(with savings in
<Citation URI="http://www.legislation.gov.uk/id/uksi/2019/680" id="d10e14" Class="UnitedKingdomStatutoryInstrument" Year="2019" Number="680">S.I. 2019/680</Citation>
,
<CitationSubRef CitationRef="d10e14" id="ccd8e1820231124111901527Z" URI="http://www.legislation.gov.uk/id/uksi/2019/680/regulation/11" SectionRef="regulation-11">reg. 11</CitationSubRef>
);
<Citation URI="http://www.legislation.gov.uk/id/ukpga/2020/1" id="d10e21" Year="2020" Class="UnitedKingdomPublicGeneralAct" Number="1">2020 c. 1</Citation>
,
<CitationSubRef CitationRef="d10e21" id="ccd8e2420231124111901527Z" URI="http://www.legislation.gov.uk/id/ukpga/2020/1/schedule/5/paragraph/1/1" SectionRef="schedule-5-paragraph-1-1">Sch. 5 para. 1(1)</CitationSubRef>
</Text>
</Para>
</Commentary>
<Commentary id="key-ccf94179adc27526e1e2db29d21a78ce" Type="F">
<Para>
<Text>
Words in
<CitationSubRef id="c6yrzsm55-00088" SectionRef="article-33-6" URI="http://www.legislation.gov.uk/id/eur/2014/909/article/33/6">Art. 33(6)</CitationSubRef>
omitted (31.12.2020) by virtue of
<Citation URI="http://www.legislation.gov.uk/id/uksi/2018/1320" id="c6yrzsm55-00089" Class="UnitedKingdomStatutoryInstrument" Year="2018" Number="1320" Title="The Central Securities Depositories (Amendment) (EU Exit) Regulations 2018">The Central Securities Depositories (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1320)</Citation>
,
<CitationSubRef CitationRef="c6yrzsm55-00089" id="c6yrzsm55-00090" SectionRef="regulation-1-3" URI="http://www.legislation.gov.uk/id/uksi/2018/1320/regulation/1/3">regs. 1(3)</CitationSubRef>
,
<CitationSubRef CitationRef="c6yrzsm55-00089" id="c6yrzsm55-00091" SectionRef="regulation-15-1-c-ii" URI="http://www.legislation.gov.uk/id/uksi/2018/1320/regulation/15/1/c/ii" Operative="true">15(1)(c)(ii)</CitationSubRef>
(with savings in
<Citation URI="http://www.legislation.gov.uk/id/uksi/2019/680" id="c6yrzsm55-00092" Class="UnitedKingdomStatutoryInstrument" Year="2019" Number="680">S.I. 2019/680</Citation>
,
<CitationSubRef CitationRef="c6yrzsm55-00092" id="c6yrzsm55-00093" SectionRef="regulation-11" URI="http://www.legislation.gov.uk/id/uksi/2019/680/regulation/11">reg. 11</CitationSubRef>
);
<Citation URI="http://www.legislation.gov.uk/id/ukpga/2020/1" id="c6yrzsm55-00094" Year="2020" Class="UnitedKingdomPublicGeneralAct" Number="1">2020 c. 1</Citation>
,
<CitationSubRef CitationRef="c6yrzsm55-00094" id="c6yrzsm55-00095" SectionRef="schedule-5-paragraph-1-1" URI="http://www.legislation.gov.uk/id/ukpga/2020/1/schedule/5/paragraph/1/1">Sch. 5 para. 1(1)</CitationSubRef>
</Text>
</Para>
</Commentary>
<Commentary id="key-89ee32f802cdaa033a8debc2452d953d" Type="F">
<Para>
<Text>
Words in
<CitationSubRef id="c6ys9lnm5-00006" SectionRef="article-34-8" URI="http://www.legislation.gov.uk/id/eur/2014/909/article/34/8">Art. 34(8)</CitationSubRef>
substituted (31.12.2020) by
<Citation URI="http://www.legislation.gov.uk/id/uksi/2018/1320" id="c6ys9lnm5-00007" Class="UnitedKingdomStatutoryInstrument" Year="2018" Number="1320" Title="The Central Securities Depositories (Amendment) (EU Exit) Regulations 2018">The Central Securities Depositories (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1320)</Citation>
,
<CitationSubRef CitationRef="c6ys9lnm5-00007" id="c6ys9lnm5-00008" SectionRef="regulation-1-3" URI="http://www.legislation.gov.uk/id/uksi/2018/1320/regulation/1/3">regs. 1(3)</CitationSubRef>
,
<CitationSubRef CitationRef="c6ys9lnm5-00007" id="c6ys9lnm5-00009" SectionRef="regulation-15-2" URI="http://www.legislation.gov.uk/id/uksi/2018/1320/regulation/15/2" Operative="true">15(2)</CitationSubRef>
(with savings in
<Citation URI="http://www.legislation.gov.uk/id/uksi/2019/680" id="c6ys9lnm5-00010" Class="UnitedKingdomStatutoryInstrument" Year="2019" Number="680">S.I. 2019/680</Citation>
,
<CitationSubRef CitationRef="c6ys9lnm5-00010" id="c6ys9lnm5-00011" SectionRef="regulation-11" URI="http://www.legislation.gov.uk/id/uksi/2019/680/regulation/11">reg. 11</CitationSubRef>
);
<Citation URI="http://www.legislation.gov.uk/id/ukpga/2020/1" id="c6ys9lnm5-00012" Year="2020" Class="UnitedKingdomPublicGeneralAct" Number="1">2020 c. 1</Citation>
,
<CitationSubRef CitationRef="c6ys9lnm5-00012" id="c6ys9lnm5-00013" SectionRef="schedule-5-paragraph-1-1" URI="http://www.legislation.gov.uk/id/ukpga/2020/1/schedule/5/paragraph/1/1">Sch. 5 para. 1(1)</CitationSubRef>
</Text>
</Para>
</Commentary>
</Commentaries>
</Legislation>