Words in Art. 54(2)(b) substituted (31.12.2020) by The Central Securities Depositories (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1320), regs. 1(3), 20(1)(a) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)

Words in Art. 54(3)(a) substituted (31.12.2020) by The Central Securities Depositories (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1320), regs. 1(3), 20(1)(b)(i) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)

Words in Art. 54(3) inserted (31.12.2020) by The Central Securities Depositories (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1320), regs. 1(3), 20(1)(b)(ii) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)

Words in Art. 54(4)(a) substituted (31.12.2020) by The Central Securities Depositories (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1320), regs. 1(3), 20(1)(c) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)

Words in Art. 54(5) omitted (31.12.2020) by virtue of The Central Securities Depositories (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1320), regs. 1(3), 20(1)(d) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)

Words in Art. 54(8) substituted (31.12.2020) by The Central Securities Depositories (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1320), regs. 1(3), 20(1)(e)(i) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)

Words in Art. 54(8) omitted (31.12.2020) by virtue of The Central Securities Depositories (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1320), regs. 1(3), 20(1)(e)(ii) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)

Words in Art. 55(1) omitted (31.12.2020) by virtue of The Central Securities Depositories (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1320), regs. 1(3), 20(2)(a) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)

Words in Art. 55(7) substituted (31.12.2020) by The Central Securities Depositories (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1320), regs. 1(3), 20(2)(c)(i) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)

Art. 55(4) omitted (31.12.2020) by virtue of The Central Securities Depositories (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1320), regs. 1(3), 20(2)(b) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)

Art. 55(5) omitted (31.12.2020) by virtue of The Central Securities Depositories (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1320), regs. 1(3), 20(2)(b) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)

Art. 55(6) omitted (31.12.2020) by virtue of The Central Securities Depositories (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1320), regs. 1(3), 20(2)(b) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)

Words in Art. 55(7) omitted (31.12.2020) by virtue of The Central Securities Depositories (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1320), regs. 1(3), 20(2)(c)(ii) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)

Art. 55(8) omitted (31.12.2020) by virtue of The Central Securities Depositories (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1320), regs. 1(3), 20(2)(d) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)

Words in Art. 56 omitted (31.12.2020) by virtue of The Central Securities Depositories (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1320), regs. 1(3), 20(3) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)

Words in Art. 57(1) omitted (31.12.2020) by virtue of The Central Securities Depositories (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1320), regs. 1(3), 20(4)(a) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)

Art. 57(2) omitted (31.12.2020) by virtue of The Central Securities Depositories (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1320), regs. 1(3), 20(4)(b) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)

Art. 57(3) omitted (31.12.2020) by virtue of The Central Securities Depositories (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1320), regs. 1(3), 20(4)(b) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)

Art. 58(1) omitted (31.12.2020) by virtue of The Central Securities Depositories (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1320), regs. 1(3), 20(5)(a) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)

Words in Art. 58(2) substituted (31.12.2020) by The Central Securities Depositories (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1320), regs. 1(3), 20(5)(b) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)

Art. 58(3) omitted (31.12.2020) by virtue of The Central Securities Depositories (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1320), regs. 1(3), 20(5)(c) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)

Words in Art. 59(4)(h) substituted (31.12.2020) by The Central Securities Depositories (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1320), regs. 1(3), 20(6)(a)(i) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)

Word in Art. 59(4)(h) omitted (31.12.2020) by virtue of The Central Securities Depositories (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1320), regs. 1(3), 20(6)(a)(ii) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)

Word in Art. 59(4)(h) inserted (31.12.2020) by The Central Securities Depositories (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1320), regs. 1(3), 20(6)(a)(iii) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)

Words in Art. 59(4)(h) substituted (31.12.2020) by The Central Securities Depositories (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1320), regs. 1(3), 20(6)(a)(iv) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)

Words in Art. 59(5) substituted (31.12.2020) by The Central Securities Depositories (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1320), regs. 1(3), 20(6)(b)(i) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)

Words in Art. 59(5) omitted (31.12.2020) by virtue of The Central Securities Depositories (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1320), regs. 1(3), 20(6)(b)(ii) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)

Words in Art. 60(1) omitted (31.12.2020) by virtue of The Central Securities Depositories (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1320), regs. 1(3), 20(7)(a) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)

Words in Art. 60(2) omitted (31.12.2020) by virtue of The Central Securities Depositories (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1320), regs. 1(3), 20(7)(b) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)

Art. 60(3) omitted (31.12.2020) by virtue of The Central Securities Depositories (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1320), regs. 1(3), 20(7)(c) (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/title/IV/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<num>TITLE IV</num><heading><strong>PROVISION OF BANKING-TYPE ANCILLARY SERVICES FOR CSD PARTICIPANTS</strong></heading><article eId="article-54" period="#period2"><num>Article 54</num><heading>Authorisation and designation to provide banking-type ancillary services</heading><paragraph eId="article-54-1"><num>1</num><content><p>A CSD shall not itself provide any banking-type ancillary services set out in Section C of the Annex unless it has obtained an additional authorisation to provide such services in accordance with this Article.</p></content></paragraph><paragraph eId="article-54-2"><num>2</num><intro><p>A CSD that intends to settle the cash leg of all or part of its securities settlement system in accordance with Article 40(2) or otherwise wishes to provide any banking-type ancillary services referred to in paragraph 1 shall be authorised either:</p></intro><subparagraph eId="article-54-2-a"><num>a</num><content><p>to offer such services itself under the conditions specified in this Article; or</p></content></subparagraph><subparagraph eId="article-54-2-b"><num>b</num><content><p>to designate for that purpose one or more credit institutions <ins class="substitution key-c8137da3dc3a731b603f2ad153c24934-1700832567000 first last"><noteRef href="#key-c8137da3dc3a731b603f2ad153c24934" marker="F1" class="commentary attribute F"/>with permission to accept deposits under Part 4A of FSMA</ins>.</p></content></subparagraph></paragraph><paragraph eId="article-54-3"><num>3</num><intro><p>Where a CSD seeks to provide any banking-type ancillary services from within the same legal entity as the legal entity operating the securities settlement system the authorisation referred to in paragraph 2 shall be granted only where the following conditions are met:</p></intro><subparagraph eId="article-54-3-a"><num>a</num><content><p>the CSD is <ins class="substitution key-6facf816637252640a2bb26c59cbfcfd-1700832567001 first last"><noteRef href="#key-6facf816637252640a2bb26c59cbfcfd" marker="F2" class="commentary attribute F"/>permitted under Part 4A of FSMA to carry on any regulated activity which is carried on for the purposes of, or in connection with, such services</ins>;</p></content></subparagraph><subparagraph eId="article-54-3-b"><num>b</num><content><p>the CSD meets the prudential requirements laid down in Article 59(1), (3) and (4) and the supervisory requirements laid down in Article 60;</p></content></subparagraph><subparagraph eId="article-54-3-c"><num>c</num><content><p>the authorisation referred to in point (a) of this subparagraph is used only to provide the banking-type ancillary services referred to in Section C of the Annex and not to carry out any other activities;</p></content></subparagraph><subparagraph eId="article-54-3-d"><num>d</num><content><p>the CSD is subject to an additional capital surcharge that reflects the risks, including credit and liquidity risks, resulting from the provision of intra-day credit, inter alia, to the participants in a securities settlement system or other users of CSD services;</p></content></subparagraph><subparagraph eId="article-54-3-e"><num>e</num><content><p>the CSD reports at least monthly to the competent authority and annually as a part of its public disclosure as required under Part Eight of Regulation (EU) No 575/2013 on the extent and management of intra-day liquidity risk in accordance with point (j) of Article 59(4) of this Regulation;</p></content></subparagraph><subparagraph eId="article-54-3-f"><num>f</num><content><p>the CSD has submitted to the competent authority an adequate recovery plan to ensure continuity of its critical operations, including in situations where liquidity or credit risk crystallises as a result of the provision of banking-type ancillary services.</p></content></subparagraph><wrapUp><p>In the case of conflicting provisions laid down in this Regulation, in Regulation (EU) No 575/2013 and in Directive 2013/36/EU <ins class="key-958168a86f6d2b63f5369295c8b0b850-1700832567002 first last"><noteRef href="#key-958168a86f6d2b63f5369295c8b0b850" marker="F3" class="commentary attribute F"/>UK law</ins>, the CSD referred to in point (a) of the first subparagraph shall comply with the stricter requirements on prudential supervision. The regulatory technical standards referred to in Articles 47 and 59 of this Regulation shall clarify the cases of conflicting provisions.</p></wrapUp></paragraph><paragraph eId="article-54-4"><num>4</num><intro><p>Where a CSD seeks to designate a credit institution to provide any banking-type ancillary services from within a separate legal entity which may be part of the same group of undertakings ultimately controlled by the same parent undertaking or not, the authorisation referred to in paragraph 2 shall be granted only where the following conditions are met:</p></intro><subparagraph eId="article-54-4-a"><num>a</num><content><p>the separate legal entity is <ins class="substitution key-ec77fc5c9a4e533f605c3fc36462a7fd-1700832567003 first last"><noteRef href="#key-ec77fc5c9a4e533f605c3fc36462a7fd" marker="F4" class="commentary attribute F"/>permitted to accept deposits under Part 4A of FSMA</ins>;</p></content></subparagraph><subparagraph eId="article-54-4-b"><num>b</num><content><p>the separate legal entity meets the prudential requirements laid down in Article 59(1), (3) and (4) and supervisory requirements laid down in Article 60;</p></content></subparagraph><subparagraph eId="article-54-4-c"><num>c</num><content><p>the separate legal entity does not itself carry out any of the core services referred to in Section A of the Annex;</p></content></subparagraph><subparagraph eId="article-54-4-d"><num>d</num><content><p>the authorisation referred to in point (a) is used only to provide the banking-type ancillary services referred to in Section C of the Annex and not to carry out any other activities;</p></content></subparagraph><subparagraph eId="article-54-4-e"><num>e</num><content><p>the separate legal entity is subject to an additional capital surcharge that reflects the risks, including credit and liquidity risks, resulting from the provision of intra-day credit, inter alia, to the participants in a securities settlement system or other users of CSD services;</p></content></subparagraph><subparagraph eId="article-54-4-f"><num>f</num><content><p>the separate legal entity reports at least monthly to the competent authority and annually as a part of its public disclosure as required under Part Eight of Regulation (EU) No 575/2013 on the extent and management of intra-day liquidity risk in accordance with point (j) of Article 59(4) of this Regulation; and</p></content></subparagraph><subparagraph eId="article-54-4-g"><num>g</num><content><p>the separate legal entity has submitted to the competent authority an adequate recovery plan to ensure continuity of its critical operations, including in situations where liquidity or credit risk crystallises as a result of the provision of banking-type ancillary services from within a separate legal entity.</p></content></subparagraph></paragraph><paragraph eId="article-54-5"><num>5</num><content><p>Paragraph 4 shall not apply to credit institutions referred to in point (b) of paragraph 2 that offer to settle the cash payments for part of the CSD’s securities settlement system, if the total value of such cash settlement through accounts opened with those credit institutions, calculated over a one-year period, is less than one per cent of the total value of all securities transactions against cash settled in the books of the CSD and does not exceed a maximum of EUR 2,5 billion per year.</p><p>The competent authority shall monitor at least once per year that the threshold defined in the first subparagraph is respected <noteRef href="#key-8ecc6ab82a8dcddc983c35dd286965dc" marker="F5" class="commentary F"/>.... Where the competent authority determines that the threshold has been exceeded, it shall require the CSD concerned to seek authorisation in accordance with paragraph 4. The CSD concerned shall submit its application for authorisation within six months.</p></content></paragraph><paragraph eId="article-54-6"><num>6</num><content><p>The competent authority may require a CSD to designate more than one credit institution, or to designate a credit institution in addition to providing services itself in accordance with point (a) of paragraph 2 of this Article where it considers that the exposure of one credit institution to the concentration of risks under Article 59(3) and (4) is not sufficiently mitigated. The designated credit institutions shall be considered to be settlement agents.</p></content></paragraph><paragraph eId="article-54-7"><num>7</num><content><p>A CSD authorised to provide any banking-type ancillary services and a credit institution designated in accordance with point (b) of paragraph 2 shall comply at all times with the conditions necessary for authorisation under this Regulation and shall, without delay, notify the competent authorities of any substantive changes affecting the conditions for authorisation.</p></content></paragraph><paragraph eId="article-54-8"><num>8</num><content><p><ins class="substitution key-4a0622db633941818e4bdc60bace0e20-1700832567005 first last"><noteRef href="#key-4a0622db633941818e4bdc60bace0e20" marker="F6" class="commentary attribute F"/>The PRA may make</ins> regulatory technical standards to determine the additional risk based capital surcharge referred to in point (d) of paragraph 3 and point (e) of paragraph 4.</p><p><noteRef href="#key-4f5244bb230025bdc259ab068eb83308" marker="F7" class="commentary F"/>...</p><p><noteRef href="#key-4f5244bb230025bdc259ab068eb83308" marker="F7" class="commentary F"/>...</p><p/></content></paragraph></article><article eId="article-55" period="#period1"><num>Article 55</num><heading>Procedure for granting and refusing authorisation to provide banking-type ancillary services</heading><paragraph eId="article-55-1"><num>1</num><content><p>The CSD shall submit its application for authorisation to designate a credit institution or to provide any banking-type ancillary service, as required under Article 54, to the competent authority <noteRef href="#key-714eb1e41e02ab7187b4ae03e3e0e58e" marker="F8" class="commentary F"/>....</p></content></paragraph><paragraph eId="article-55-2"><num>2</num><content><p>The application shall contain all the information that is necessary to enable the competent authority to satisfy itself that the CSD and where applicable the designated credit institution have established, at the time of the authorisation, all the necessary arrangements to meet their obligations as laid down in this Regulation. It shall contain a programme of operations setting out the banking-type ancillary services envisaged, the structural organisation of the relations between the CSD and the designated credit institutions where applicable and how that CSD or where applicable the designated credit institution intends to meet the prudential requirements laid down in Article 59(1), (3) and (4) and the other conditions laid down in Article 54.</p></content></paragraph><paragraph eId="article-55-3"><num>3</num><content><p>The competent authority shall apply the procedure under Article 17(3) and (8).</p></content></paragraph><paragraph eId="article-55-4"><num><noteRef href="#key-7b3b86cb17bed91d95fce05faa17f5be" marker="F10" class="commentary F"/>4</num><content><p>. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .</p></content></paragraph><paragraph eId="article-55-5"><num><noteRef href="#key-cb7a73ceaa46c874afbd71f400d878d5" marker="F11" class="commentary F"/>5</num><content><p>. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .</p></content></paragraph><paragraph eId="article-55-6"><num><noteRef href="#key-dc290c554c4c340dab14e74661aef01b" marker="F12" class="commentary F"/>6</num><content><p>. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .</p></content></paragraph><paragraph eId="article-55-7"><num>7</num><content><p><ins class="substitution key-b57890ab9c5564b413f5aa14f63891a3-1700832826004 first last"><noteRef href="#key-b57890ab9c5564b413f5aa14f63891a3" marker="F9" class="commentary attribute F"/>The Bank of England may make</ins> regulatory technical standards to specify the information that the CSD is to provide to the competent authority for the purpose of obtaining the relevant authorisations to provide the banking-type services ancillary to settlement.</p><p><noteRef href="#key-49e7ef932f89a97fbde1086318162500" marker="F13" class="commentary F"/>...</p><p><noteRef href="#key-49e7ef932f89a97fbde1086318162500" marker="F13" class="commentary F"/>...</p><p/></content></paragraph><paragraph eId="article-55-8"><num><noteRef href="#key-09ad992d8647a941a175d27bc587d1ed" marker="F14" class="commentary F"/>8</num><content><p>. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .</p></content></paragraph></article><article eId="article-56" period="#period1"><num>Article 56</num><heading>Extension of the banking-type ancillary services</heading><paragraph eId="article-56-1"><num>1</num><content><p>A CSD that intends to extend the banking-type ancillary services for which it designates a credit institution or that it provides itself in accordance with Article 54, shall submit a request for extension to the competent authority <noteRef href="#key-c0ae8cda8a85f3765163c9d6dae188f0" marker="F15" class="commentary F"/>....</p></content></paragraph><paragraph eId="article-56-2"><num>2</num><content><p>The request for extension shall be subject to the procedure under Article 55.</p></content></paragraph></article><article eId="article-57" period="#period1"><num>Article 57</num><heading>Withdrawal of authorisation</heading><paragraph eId="article-57-1"><num>1</num><intro><p>Without prejudice to any remedial actions or measures under Title V, the competent authority <noteRef href="#key-e67a2ae68fda9c71925abfb6812dbd07" marker="F16" class="commentary F"/>... shall withdraw the authorisations referred to in Article 54 in any of the following circumstances:</p></intro><subparagraph eId="article-57-1-a"><num>a</num><content><p>where the CSD has not made use of the authorisation within 12 months, expressly renounces the authorisation or where the designated credit institution has provided no services or performed no activity for the preceding six months;</p></content></subparagraph><subparagraph eId="article-57-1-b"><num>b</num><content><p>where the CSD has obtained the authorisation by making false statements or by any other unlawful means;</p></content></subparagraph><subparagraph eId="article-57-1-c"><num>c</num><content><p>where the CSD or the designated credit institution is no longer in compliance with the conditions under which authorisation was granted and has not taken the remedial actions requested by the competent authority within a set time-frame;</p></content></subparagraph><subparagraph eId="article-57-1-d"><num>d</num><content><p>where the CSD or the designated credit institution has seriously and systematically infringed the requirements laid down in this Regulation.</p></content></subparagraph></paragraph><paragraph eId="article-57-2"><num><noteRef href="#key-da43c356c94f9f18b8ccf4e55ea76d51" marker="F17" class="commentary F"/>2</num><content><p>. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .</p></content></paragraph><paragraph eId="article-57-3"><num><noteRef href="#key-d94f012c616fc5e0ea95c80bbf851654" marker="F18" class="commentary F"/>3</num><content><p>. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .</p></content></paragraph><paragraph eId="article-57-4"><num>4</num><content><p>The competent authority may limit the withdrawal to a particular service, activity, or financial instrument.</p></content></paragraph><paragraph eId="article-57-5"><num>5</num><content><p>A CSD and the designated credit institution shall establish, implement and maintain an adequate procedure ensuring the timely and orderly settlement and transfer of the assets of clients and participants to another settlement agent in the event of a withdrawal of authorisation referred to in paragraph 1.</p></content></paragraph></article><article eId="article-58" period="#period1"><num>Article 58</num><heading>CSD register</heading><paragraph eId="article-58-1"><num><noteRef href="#key-d4b7fe1f27f641c6cc0cd83fc0f10e4d" marker="F19" class="commentary F"/>1</num><content><p>. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .</p></content></paragraph><paragraph eId="article-58-2"><num>2</num><intro><p><ins class="substitution key-ebac61ed646b93a47255490535c517b1-1700833771001 first last"><noteRef href="#key-ebac61ed646b93a47255490535c517b1" marker="F20" class="commentary attribute F"/>The competent authority</ins> shall introduce in the register, that it is required to make available on its dedicated website in accordance with Article 21(3), the following information:</p></intro><subparagraph eId="article-58-2-a"><num>a</num><content><p>the name of each CSD which was subject to a decision under Articles 54, 56 and 57;</p></content></subparagraph><subparagraph eId="article-58-2-b"><num>b</num><content><p>the name of each designated credit institution;</p></content></subparagraph><subparagraph eId="article-58-2-c"><num>c</num><content><p>the list of banking-type ancillary services that a designated credit institution or a CSD authorised under Article 54 is authorised to provide for the CSD’s participants.</p></content></subparagraph></paragraph><paragraph eId="article-58-3"><num><noteRef href="#key-817b54121afbe4021f4b8952e96544cb" marker="F21" class="commentary F"/>3</num><content><p>. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .</p></content></paragraph></article><article eId="article-59" period="#period1"><num>Article 59</num><heading>Prudential requirements applicable to credit institutions or CSDs authorised to provide banking-type ancillary services</heading><paragraph eId="article-59-1"><num>1</num><content><p>A credit institution designated under point (b) of Article 54(2) or a CSD authorised under point (a) of Article 54(2) to provide banking-type ancillary services shall provide only the services set out in Section C of the Annex that are covered by the authorisation.</p></content></paragraph><paragraph eId="article-59-2"><num>2</num><content><p>A credit institution designated under point (b) of Article 54(2) or a CSD authorised under point (a) of Article 54(2) to provide banking-type ancillary services shall comply with any present or future legislation applicable to credit institutions.</p></content></paragraph><paragraph eId="article-59-3"><num>3</num><intro><p>A credit institution designated under point (b) of Article 54(2) or a CSD authorised under point (a) of Article 54(2) to provide banking-type ancillary services shall comply with the following specific prudential requirements for the credit risks related to those services in respect of each securities settlement system:</p></intro><subparagraph eId="article-59-3-a"><num>a</num><content><p>it shall establish a robust framework to manage the corresponding credit risks;</p></content></subparagraph><subparagraph eId="article-59-3-b"><num>b</num><content><p>it shall identify the sources of such credit risks, frequently and regularly, measure and monitor corresponding credit exposures and use appropriate risk-management tools to control those risks;</p></content></subparagraph><subparagraph eId="article-59-3-c"><num>c</num><content><p>it shall fully cover corresponding credit exposures to individual borrowing participants using collateral and other equivalent financial resources;</p></content></subparagraph><subparagraph eId="article-59-3-d"><num>d</num><content><p>if collateral is used to manage its corresponding credit risk, it shall accept highly liquid collateral with minimal credit and market risk; it may use other types of collateral in specific situations if an appropriate haircut is applied;</p></content></subparagraph><subparagraph eId="article-59-3-e"><num>e</num><content><p>it shall establish and apply appropriately conservative haircuts and concentration limits on collateral values constituted to cover the credit exposures referred to in point (c), taking into account the objective of ensuring that collateral can be liquidated promptly without significant adverse price effects;</p></content></subparagraph><subparagraph eId="article-59-3-f"><num>f</num><content><p>it shall set limits on its corresponding credit exposures;</p></content></subparagraph><subparagraph eId="article-59-3-g"><num>g</num><content><p>it shall analyse and plan for how to address any potential residual credit exposures, and adopt rules and procedures to implement such plans;</p></content></subparagraph><subparagraph eId="article-59-3-h"><num>h</num><content><p>it shall provide credit only to participants that have cash accounts with it;</p></content></subparagraph><subparagraph eId="article-59-3-i"><num>i</num><content><p>it shall provide for effective reimbursement procedures of intra-day credit and discourage overnight credit through the application of sanctioning rates which act as an effective deterrent.</p></content></subparagraph></paragraph><paragraph eId="article-59-4"><num>4</num><intro><p>A credit institution designated under point (b) of Article 54(2) or a CSD authorised under point (a) of Article 54(2) to provide banking-type ancillary services shall comply with the following specific prudential requirements for the liquidity risks relating to those services in respect of each securities settlement system:</p></intro><subparagraph eId="article-59-4-a"><num>a</num><content><p>it shall have a robust framework and tools to measure, monitor, and manage its liquidity risks, including intra-day liquidity risks, for each currency of the security settlement system for which it acts as settlement agent;</p></content></subparagraph><subparagraph eId="article-59-4-b"><num>b</num><content><p>it shall measure and monitor on an ongoing and timely basis, and at least daily, its liquidity needs and the level of liquid assets it holds; in doing so, it shall determine the value of its available liquid assets taking into account appropriate haircuts on those assets;</p></content></subparagraph><subparagraph eId="article-59-4-c"><num>c</num><content><p>it shall have sufficient liquid resources in all relevant currencies for a timely provision of settlement services under a wide range of potential stress scenarios including, but not limited to the liquidity risk generated by the default of at least one participant, including its parent undertakings and subsidiaries, to which it has the largest exposures;</p></content></subparagraph><subparagraph eId="article-59-4-d"><num>d</num><content><p>it shall mitigate the corresponding liquidity risks with qualifying liquid resources in each currency such as cash at the central bank of issue and at other creditworthy financial institutions, committed lines of credit or similar arrangements and highly liquid collateral or investments that are readily available and convertible into cash with prearranged and highly reliable funding arrangements, even in extreme but plausible market conditions and it shall identify, measure and monitor its liquidity risk stemming from the various financial institutions used for the management of its liquidity risks;</p></content></subparagraph><subparagraph eId="article-59-4-e"><num>e</num><content><p>where prearranged funding arrangements are used, it shall select only creditworthy financial institutions as liquidity providers; it shall establish and apply appropriate concentration limits for each of the corresponding liquidity providers including its parent undertaking and subsidiaries;</p></content></subparagraph><subparagraph eId="article-59-4-f"><num>f</num><content><p>it shall determine and test the sufficiency of the corresponding resources by regular and rigorous stress testing;</p></content></subparagraph><subparagraph eId="article-59-4-g"><num>g</num><content><p>it shall analyse and plan for how to address any unforeseen and potentially uncovered liquidity shortfalls, and adopt rules and procedures to implement such plans;</p></content></subparagraph><subparagraph eId="article-59-4-h"><num>h</num><content><p>where practical and available, without prejudice to the eligibility rules of the <ins class="substitution key-c52405ea2a1fc2d4e0b812e5cb323941-1700833853000 first last"><noteRef href="#key-c52405ea2a1fc2d4e0b812e5cb323941" marker="F22" class="commentary attribute F"/>Bank of England</ins>, it shall have access to <ins class="substitution key-c52405ea2a1fc2d4e0b812e5cb323941-1700834113973 first last"><noteRef href="#key-c52405ea2a1fc2d4e0b812e5cb323941" marker="F22" class="commentary attribute F"/>Bank of England</ins> accounts and other <ins class="substitution key-c52405ea2a1fc2d4e0b812e5cb323941-1700834121523 first last"><noteRef href="#key-c52405ea2a1fc2d4e0b812e5cb323941" marker="F22" class="commentary attribute F"/>Bank of England</ins> services to enhance its management of liquidity risks and <noteRef href="#key-3f82d685e518f373341284e713095f71" marker="F23" class="commentary F"/>... credit institutions shall deposit the corresponding <ins class="key-4bb43ad3d8df66a13bbc15e9487b6f85-1700833853002 first last"><noteRef href="#key-4bb43ad3d8df66a13bbc15e9487b6f85" marker="F24" class="commentary attribute F"/>sterling</ins> cash balances on dedicated accounts with <noteRef href="#key-3f82d685e518f373341284e713095f71" marker="F23" class="commentary F"/>... <ins class="substitution key-aa100f5e068fcedf8c02ad52f05ad8ac-1700833853003 first last"><noteRef href="#key-aa100f5e068fcedf8c02ad52f05ad8ac" marker="F25" class="commentary attribute F"/>the Bank of England</ins>;</p></content></subparagraph><subparagraph eId="article-59-4-i"><num>i</num><content><p>it shall have prearranged and highly reliable arrangements to ensure that it can liquidate in a timely fashion the collateral provided to it by a defaulting client;</p></content></subparagraph><subparagraph eId="article-59-4-j"><num>j</num><content><p>it shall report regularly to the authorities referred to in Article 60(1), and disclose to the public, as to how it measures, monitors and manages its liquidity risks, including intra-day liquidity risks.</p></content></subparagraph></paragraph><paragraph eId="article-59-5"><num>5</num><content><p><ins class="substitution key-52913268bc79d491210cd2d9145f009f-1700833853004 first last"><noteRef href="#key-52913268bc79d491210cd2d9145f009f" marker="F26" class="commentary attribute F"/>The PRA may make</ins> regulatory technical standards to further specify details of the frameworks and tools for the monitoring, the measuring, the management, the reporting and the public disclosure of the credit and liquidity risks, including those which occur intra-day, referred to in paragraphs 3 and 4. Such draft regulatory technical standards shall, where appropriate, be aligned to the regulatory technical standards adopted in accordance with Article 46(3) of Regulation (EU) No 648/2012.</p><p><noteRef href="#key-b23243493622f2f72bd2802fe4f5471b" marker="F27" class="commentary F"/>...</p><p><noteRef href="#key-b23243493622f2f72bd2802fe4f5471b" marker="F27" class="commentary F"/>...</p><p/></content></paragraph></article><article eId="article-60" period="#period1"><num>Article 60</num><heading>Supervision of designated credit institutions and CSDs authorised to provide banking-type ancillary services</heading><paragraph eId="article-60-1"><num>1</num><content><p>Without prejudice to Articles 17 and 22 of this Regulation, the competent authorities referred to in point (40) of Article 4(1) of Regulation (EU) No 575/2013 are responsible for the authorisation as credit institutions and supervision as credit institutions under the conditions provided in Regulation (EU) No 575/2013 and in Directive 2013/36/EU of the designated credit institutions and CSDs authorised under this Regulation to provide banking-type ancillary services.</p><p>The competent authorities referred to in the first subparagraph shall also be responsible for the supervision of designated credit institutions and CSDs referred to in that subparagraph as regards their compliance with the prudential requirements referred to in Article 59 of this Regulation.</p><p>The competent authorities referred to in the first subparagraph shall regularly, and at least once a year, assess whether the designated credit institution or CSD authorised to provide banking-type ancillary services complies with Article 59 and shall inform the competent authority of the CSD <noteRef href="#key-f7958bd927d96120f8010e11b1ad94d9" marker="F28" class="commentary F"/>... of the results, including any remedial actions or penalties, of its supervision under this paragraph.</p></content></paragraph><paragraph eId="article-60-2"><num>2</num><intro><p>The competent authority of the CSD shall, after consulting competent authorities referred to paragraph 1, review and evaluate at least on an annual basis the following:</p></intro><subparagraph eId="article-60-2-a"><num>a</num><content><p>in the case referred to in point (b) of Article 54(2), whether all the necessary arrangements between the designated credit institutions and the CSD allow them to meet their obligations as laid down in this Regulation;</p></content></subparagraph><subparagraph eId="article-60-2-b"><num>b</num><content><p>in the case referred to in point (a) of Article 54(2), whether the arrangements relating to the authorisation to provide banking-type ancillary services allow the CSD to meet its obligations as laid down in this Regulation.</p></content></subparagraph><wrapUp><p><noteRef href="#key-ddb9b259b1afe56da7f31805afe0c0de" marker="F29" class="commentary F"/>...</p><p>Where a CSD designates an authorised credit institution in accordance with Article 54, in view of the protection of the participants in the securities settlement systems it operates, a CSD shall ensure that it has access from the credit institution it designates to all necessary information for the purpose of this Regulation and it shall report any infringements thereof to the competent authority of the CSD and to competent authorities referred to in paragraph 1.</p></wrapUp></paragraph><paragraph eId="article-60-3"><num><noteRef href="#key-916977429a308e5f060e6b81842426fc" marker="F30" class="commentary F"/>3</num><content><p>. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .</p></content></paragraph></article>
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<note class="commentary F" eId="key-c8137da3dc3a731b603f2ad153c24934">
<p>
Words in
<ref href="http://www.legislation.gov.uk/id/eur/2014/909/article/54/2/b">Art. 54(2)(b)</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/20/1/a">20(1)(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-6facf816637252640a2bb26c59cbfcfd">
<p>
Words in
<ref href="http://www.legislation.gov.uk/id/eur/2014/909/article/54/3/a">Art. 54(3)(a)</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/20/1/b/i">20(1)(b)(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-958168a86f6d2b63f5369295c8b0b850">
<p>
Words in
<ref href="http://www.legislation.gov.uk/id/eur/2014/909/article/54/3">Art. 54(3)</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/20/1/b/ii">20(1)(b)(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-ec77fc5c9a4e533f605c3fc36462a7fd">
<p>
Words in
<ref href="http://www.legislation.gov.uk/id/eur/2014/909/article/54/4/a">Art. 54(4)(a)</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/20/1/c">20(1)(c)</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-8ecc6ab82a8dcddc983c35dd286965dc">
<p>
Words in
<ref href="http://www.legislation.gov.uk/id/eur/2014/909/article/54/5">Art. 54(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/20/1/d">20(1)(d)</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-4a0622db633941818e4bdc60bace0e20">
<p>
Words in
<ref href="http://www.legislation.gov.uk/id/eur/2014/909/article/54/8">Art. 54(8)</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/20/1/e/i">20(1)(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-4f5244bb230025bdc259ab068eb83308">
<p>
Words in
<ref href="http://www.legislation.gov.uk/id/eur/2014/909/article/54/8">Art. 54(8)</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/20/1/e/ii">20(1)(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-714eb1e41e02ab7187b4ae03e3e0e58e">
<p>
Words in
<ref href="http://www.legislation.gov.uk/id/eur/2014/909/article/55/1">Art. 55(1)</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/20/2/a">20(2)(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-b57890ab9c5564b413f5aa14f63891a3">
<p>
Words in
<ref href="http://www.legislation.gov.uk/id/eur/2014/909/article/55/7">Art. 55(7)</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/20/2/c/i">20(2)(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-7b3b86cb17bed91d95fce05faa17f5be">
<p>
<ref href="http://www.legislation.gov.uk/id/eur/2014/909/article/55/4">Art. 55(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/20/2/b">20(2)(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-cb7a73ceaa46c874afbd71f400d878d5">
<p>
<ref href="http://www.legislation.gov.uk/id/eur/2014/909/article/55/5">Art. 55(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/20/2/b">20(2)(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-dc290c554c4c340dab14e74661aef01b">
<p>
<ref href="http://www.legislation.gov.uk/id/eur/2014/909/article/55/6">Art. 55(6)</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/20/2/b">20(2)(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-49e7ef932f89a97fbde1086318162500">
<p>
Words in
<ref href="http://www.legislation.gov.uk/id/eur/2014/909/article/55/7">Art. 55(7)</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/20/2/c/ii">20(2)(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-09ad992d8647a941a175d27bc587d1ed">
<p>
<ref href="http://www.legislation.gov.uk/id/eur/2014/909/article/55/8">Art. 55(8)</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/20/2/d">20(2)(d)</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-c0ae8cda8a85f3765163c9d6dae188f0">
<p>
Words in
<ref href="http://www.legislation.gov.uk/id/eur/2014/909/article/56">Art. 56</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/20/3">20(3)</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-e67a2ae68fda9c71925abfb6812dbd07">
<p>
Words in
<ref href="http://www.legislation.gov.uk/id/eur/2014/909/article/57/1">Art. 57(1)</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/20/4/a">20(4)(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-da43c356c94f9f18b8ccf4e55ea76d51">
<p>
<ref href="http://www.legislation.gov.uk/id/eur/2014/909/article/57/2">Art. 57(2)</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/20/4/b">20(4)(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-d94f012c616fc5e0ea95c80bbf851654">
<p>
<ref href="http://www.legislation.gov.uk/id/eur/2014/909/article/57/3">Art. 57(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/20/4/b">20(4)(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-d4b7fe1f27f641c6cc0cd83fc0f10e4d">
<p>
<ref href="http://www.legislation.gov.uk/id/eur/2014/909/article/58/1">Art. 58(1)</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/20/5/a">20(5)(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-ebac61ed646b93a47255490535c517b1">
<p>
Words in
<ref href="http://www.legislation.gov.uk/id/eur/2014/909/article/58/2">Art. 58(2)</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/20/5/b">20(5)(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-817b54121afbe4021f4b8952e96544cb">
<p>
<ref href="http://www.legislation.gov.uk/id/eur/2014/909/article/58/3">Art. 58(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/20/5/c">20(5)(c)</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-c52405ea2a1fc2d4e0b812e5cb323941">
<p>
Words in
<ref href="http://www.legislation.gov.uk/id/eur/2014/909/article/59/4/h">Art. 59(4)(h)</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/20/6/a/i">20(6)(a)(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-3f82d685e518f373341284e713095f71">
<p>
Word in
<ref href="http://www.legislation.gov.uk/id/eur/2014/909/article/59/4/h">Art. 59(4)(h)</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/20/6/a/ii">20(6)(a)(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-4bb43ad3d8df66a13bbc15e9487b6f85">
<p>
Word in
<ref href="http://www.legislation.gov.uk/id/eur/2014/909/article/59/4/h">Art. 59(4)(h)</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/20/6/a/iii">20(6)(a)(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-aa100f5e068fcedf8c02ad52f05ad8ac">
<p>
Words in
<ref href="http://www.legislation.gov.uk/id/eur/2014/909/article/59/4/h">Art. 59(4)(h)</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/20/6/a/iv">20(6)(a)(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-52913268bc79d491210cd2d9145f009f">
<p>
Words in
<ref href="http://www.legislation.gov.uk/id/eur/2014/909/article/59/5">Art. 59(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/20/6/b/i">20(6)(b)(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-b23243493622f2f72bd2802fe4f5471b">
<p>
Words in
<ref href="http://www.legislation.gov.uk/id/eur/2014/909/article/59/5">Art. 59(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/20/6/b/ii">20(6)(b)(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-f7958bd927d96120f8010e11b1ad94d9">
<p>
Words in
<ref href="http://www.legislation.gov.uk/id/eur/2014/909/article/60/1">Art. 60(1)</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/20/7/a">20(7)(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-ddb9b259b1afe56da7f31805afe0c0de">
<p>
Words in
<ref href="http://www.legislation.gov.uk/id/eur/2014/909/article/60/2">Art. 60(2)</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/20/7/b">20(7)(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-916977429a308e5f060e6b81842426fc">
<p>
<ref href="http://www.legislation.gov.uk/id/eur/2014/909/article/60/3">Art. 60(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/20/7/c">20(7)(c)</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="#period1">
<title eId="title-IV" period="#period2">
<num>TITLE IV</num>
<heading>
<strong>PROVISION OF BANKING-TYPE ANCILLARY SERVICES FOR CSD PARTICIPANTS</strong>
</heading>
<article eId="article-54" period="#period2">
<num>Article 54</num>
<heading>Authorisation and designation to provide banking-type ancillary services</heading>
<paragraph eId="article-54-1">
<num>1</num>
<content>
<p>A CSD shall not itself provide any banking-type ancillary services set out in Section C of the Annex unless it has obtained an additional authorisation to provide such services in accordance with this Article.</p>
</content>
</paragraph>
<paragraph eId="article-54-2">
<num>2</num>
<intro>
<p>A CSD that intends to settle the cash leg of all or part of its securities settlement system in accordance with Article 40(2) or otherwise wishes to provide any banking-type ancillary services referred to in paragraph 1 shall be authorised either:</p>
</intro>
<subparagraph eId="article-54-2-a">
<num>a</num>
<content>
<p>to offer such services itself under the conditions specified in this Article; or</p>
</content>
</subparagraph>
<subparagraph eId="article-54-2-b">
<num>b</num>
<content>
<p>
to designate for that purpose one or more credit institutions
<ins class="substitution key-c8137da3dc3a731b603f2ad153c24934-1700832567000 first last">
<noteRef href="#key-c8137da3dc3a731b603f2ad153c24934" marker="F1" class="commentary attribute F"/>
with permission to accept deposits under Part 4A of FSMA
</ins>
.
</p>
</content>
</subparagraph>
</paragraph>
<paragraph eId="article-54-3">
<num>3</num>
<intro>
<p>Where a CSD seeks to provide any banking-type ancillary services from within the same legal entity as the legal entity operating the securities settlement system the authorisation referred to in paragraph 2 shall be granted only where the following conditions are met:</p>
</intro>
<subparagraph eId="article-54-3-a">
<num>a</num>
<content>
<p>
the CSD is
<ins class="substitution key-6facf816637252640a2bb26c59cbfcfd-1700832567001 first last">
<noteRef href="#key-6facf816637252640a2bb26c59cbfcfd" marker="F2" class="commentary attribute F"/>
permitted under Part 4A of FSMA to carry on any regulated activity which is carried on for the purposes of, or in connection with, such services
</ins>
;
</p>
</content>
</subparagraph>
<subparagraph eId="article-54-3-b">
<num>b</num>
<content>
<p>the CSD meets the prudential requirements laid down in Article 59(1), (3) and (4) and the supervisory requirements laid down in Article 60;</p>
</content>
</subparagraph>
<subparagraph eId="article-54-3-c">
<num>c</num>
<content>
<p>the authorisation referred to in point (a) of this subparagraph is used only to provide the banking-type ancillary services referred to in Section C of the Annex and not to carry out any other activities;</p>
</content>
</subparagraph>
<subparagraph eId="article-54-3-d">
<num>d</num>
<content>
<p>the CSD is subject to an additional capital surcharge that reflects the risks, including credit and liquidity risks, resulting from the provision of intra-day credit, inter alia, to the participants in a securities settlement system or other users of CSD services;</p>
</content>
</subparagraph>
<subparagraph eId="article-54-3-e">
<num>e</num>
<content>
<p>the CSD reports at least monthly to the competent authority and annually as a part of its public disclosure as required under Part Eight of Regulation (EU) No 575/2013 on the extent and management of intra-day liquidity risk in accordance with point (j) of Article 59(4) of this Regulation;</p>
</content>
</subparagraph>
<subparagraph eId="article-54-3-f">
<num>f</num>
<content>
<p>the CSD has submitted to the competent authority an adequate recovery plan to ensure continuity of its critical operations, including in situations where liquidity or credit risk crystallises as a result of the provision of banking-type ancillary services.</p>
</content>
</subparagraph>
<wrapUp>
<p>
In the case of conflicting provisions laid down in this Regulation, in Regulation (EU) No 575/2013 and in Directive 2013/36/EU
<ins class="key-958168a86f6d2b63f5369295c8b0b850-1700832567002 first last">
<noteRef href="#key-958168a86f6d2b63f5369295c8b0b850" marker="F3" class="commentary attribute F"/>
UK law
</ins>
, the CSD referred to in point (a) of the first subparagraph shall comply with the stricter requirements on prudential supervision. The regulatory technical standards referred to in Articles 47 and 59 of this Regulation shall clarify the cases of conflicting provisions.
</p>
</wrapUp>
</paragraph>
<paragraph eId="article-54-4">
<num>4</num>
<intro>
<p>Where a CSD seeks to designate a credit institution to provide any banking-type ancillary services from within a separate legal entity which may be part of the same group of undertakings ultimately controlled by the same parent undertaking or not, the authorisation referred to in paragraph 2 shall be granted only where the following conditions are met:</p>
</intro>
<subparagraph eId="article-54-4-a">
<num>a</num>
<content>
<p>
the separate legal entity is
<ins class="substitution key-ec77fc5c9a4e533f605c3fc36462a7fd-1700832567003 first last">
<noteRef href="#key-ec77fc5c9a4e533f605c3fc36462a7fd" marker="F4" class="commentary attribute F"/>
permitted to accept deposits under Part 4A of FSMA
</ins>
;
</p>
</content>
</subparagraph>
<subparagraph eId="article-54-4-b">
<num>b</num>
<content>
<p>the separate legal entity meets the prudential requirements laid down in Article 59(1), (3) and (4) and supervisory requirements laid down in Article 60;</p>
</content>
</subparagraph>
<subparagraph eId="article-54-4-c">
<num>c</num>
<content>
<p>the separate legal entity does not itself carry out any of the core services referred to in Section A of the Annex;</p>
</content>
</subparagraph>
<subparagraph eId="article-54-4-d">
<num>d</num>
<content>
<p>the authorisation referred to in point (a) is used only to provide the banking-type ancillary services referred to in Section C of the Annex and not to carry out any other activities;</p>
</content>
</subparagraph>
<subparagraph eId="article-54-4-e">
<num>e</num>
<content>
<p>the separate legal entity is subject to an additional capital surcharge that reflects the risks, including credit and liquidity risks, resulting from the provision of intra-day credit, inter alia, to the participants in a securities settlement system or other users of CSD services;</p>
</content>
</subparagraph>
<subparagraph eId="article-54-4-f">
<num>f</num>
<content>
<p>the separate legal entity reports at least monthly to the competent authority and annually as a part of its public disclosure as required under Part Eight of Regulation (EU) No 575/2013 on the extent and management of intra-day liquidity risk in accordance with point (j) of Article 59(4) of this Regulation; and</p>
</content>
</subparagraph>
<subparagraph eId="article-54-4-g">
<num>g</num>
<content>
<p>the separate legal entity has submitted to the competent authority an adequate recovery plan to ensure continuity of its critical operations, including in situations where liquidity or credit risk crystallises as a result of the provision of banking-type ancillary services from within a separate legal entity.</p>
</content>
</subparagraph>
</paragraph>
<paragraph eId="article-54-5">
<num>5</num>
<content>
<p>Paragraph 4 shall not apply to credit institutions referred to in point (b) of paragraph 2 that offer to settle the cash payments for part of the CSD’s securities settlement system, if the total value of such cash settlement through accounts opened with those credit institutions, calculated over a one-year period, is less than one per cent of the total value of all securities transactions against cash settled in the books of the CSD and does not exceed a maximum of EUR 2,5 billion per year.</p>
<p>
The competent authority shall monitor at least once per year that the threshold defined in the first subparagraph is respected
<noteRef href="#key-8ecc6ab82a8dcddc983c35dd286965dc" marker="F5" class="commentary F"/>
.... Where the competent authority determines that the threshold has been exceeded, it shall require the CSD concerned to seek authorisation in accordance with paragraph 4. The CSD concerned shall submit its application for authorisation within six months.
</p>
</content>
</paragraph>
<paragraph eId="article-54-6">
<num>6</num>
<content>
<p>The competent authority may require a CSD to designate more than one credit institution, or to designate a credit institution in addition to providing services itself in accordance with point (a) of paragraph 2 of this Article where it considers that the exposure of one credit institution to the concentration of risks under Article 59(3) and (4) is not sufficiently mitigated. The designated credit institutions shall be considered to be settlement agents.</p>
</content>
</paragraph>
<paragraph eId="article-54-7">
<num>7</num>
<content>
<p>A CSD authorised to provide any banking-type ancillary services and a credit institution designated in accordance with point (b) of paragraph 2 shall comply at all times with the conditions necessary for authorisation under this Regulation and shall, without delay, notify the competent authorities of any substantive changes affecting the conditions for authorisation.</p>
</content>
</paragraph>
<paragraph eId="article-54-8">
<num>8</num>
<content>
<p>
<ins class="substitution key-4a0622db633941818e4bdc60bace0e20-1700832567005 first last">
<noteRef href="#key-4a0622db633941818e4bdc60bace0e20" marker="F6" class="commentary attribute F"/>
The PRA may make
</ins>
regulatory technical standards to determine the additional risk based capital surcharge referred to in point (d) of paragraph 3 and point (e) of paragraph 4.
</p>
<p>
<noteRef href="#key-4f5244bb230025bdc259ab068eb83308" marker="F7" class="commentary F"/>
...
</p>
<p>
<noteRef href="#key-4f5244bb230025bdc259ab068eb83308" marker="F7" class="commentary F"/>
...
</p>
<p/>
</content>
</paragraph>
</article>
<article eId="article-55" period="#period1">
<num>Article 55</num>
<heading>Procedure for granting and refusing authorisation to provide banking-type ancillary services</heading>
<paragraph eId="article-55-1">
<num>1</num>
<content>
<p>
The CSD shall submit its application for authorisation to designate a credit institution or to provide any banking-type ancillary service, as required under Article 54, to the competent authority
<noteRef href="#key-714eb1e41e02ab7187b4ae03e3e0e58e" marker="F8" class="commentary F"/>
....
</p>
</content>
</paragraph>
<paragraph eId="article-55-2">
<num>2</num>
<content>
<p>The application shall contain all the information that is necessary to enable the competent authority to satisfy itself that the CSD and where applicable the designated credit institution have established, at the time of the authorisation, all the necessary arrangements to meet their obligations as laid down in this Regulation. It shall contain a programme of operations setting out the banking-type ancillary services envisaged, the structural organisation of the relations between the CSD and the designated credit institutions where applicable and how that CSD or where applicable the designated credit institution intends to meet the prudential requirements laid down in Article 59(1), (3) and (4) and the other conditions laid down in Article 54.</p>
</content>
</paragraph>
<paragraph eId="article-55-3">
<num>3</num>
<content>
<p>The competent authority shall apply the procedure under Article 17(3) and (8).</p>
</content>
</paragraph>
<paragraph eId="article-55-4">
<num>
<noteRef href="#key-7b3b86cb17bed91d95fce05faa17f5be" marker="F10" class="commentary F"/>
4
</num>
<content>
<p>. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .</p>
</content>
</paragraph>
<paragraph eId="article-55-5">
<num>
<noteRef href="#key-cb7a73ceaa46c874afbd71f400d878d5" marker="F11" class="commentary F"/>
5
</num>
<content>
<p>. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .</p>
</content>
</paragraph>
<paragraph eId="article-55-6">
<num>
<noteRef href="#key-dc290c554c4c340dab14e74661aef01b" marker="F12" class="commentary F"/>
6
</num>
<content>
<p>. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .</p>
</content>
</paragraph>
<paragraph eId="article-55-7">
<num>7</num>
<content>
<p>
<ins class="substitution key-b57890ab9c5564b413f5aa14f63891a3-1700832826004 first last">
<noteRef href="#key-b57890ab9c5564b413f5aa14f63891a3" marker="F9" class="commentary attribute F"/>
The Bank of England may make
</ins>
regulatory technical standards to specify the information that the CSD is to provide to the competent authority for the purpose of obtaining the relevant authorisations to provide the banking-type services ancillary to settlement.
</p>
<p>
<noteRef href="#key-49e7ef932f89a97fbde1086318162500" marker="F13" class="commentary F"/>
...
</p>
<p>
<noteRef href="#key-49e7ef932f89a97fbde1086318162500" marker="F13" class="commentary F"/>
...
</p>
<p/>
</content>
</paragraph>
<paragraph eId="article-55-8">
<num>
<noteRef href="#key-09ad992d8647a941a175d27bc587d1ed" marker="F14" class="commentary F"/>
8
</num>
<content>
<p>. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .</p>
</content>
</paragraph>
</article>
<article eId="article-56" period="#period1">
<num>Article 56</num>
<heading>Extension of the banking-type ancillary services</heading>
<paragraph eId="article-56-1">
<num>1</num>
<content>
<p>
A CSD that intends to extend the banking-type ancillary services for which it designates a credit institution or that it provides itself in accordance with Article 54, shall submit a request for extension to the competent authority
<noteRef href="#key-c0ae8cda8a85f3765163c9d6dae188f0" marker="F15" class="commentary F"/>
....
</p>
</content>
</paragraph>
<paragraph eId="article-56-2">
<num>2</num>
<content>
<p>The request for extension shall be subject to the procedure under Article 55.</p>
</content>
</paragraph>
</article>
<article eId="article-57" period="#period1">
<num>Article 57</num>
<heading>Withdrawal of authorisation</heading>
<paragraph eId="article-57-1">
<num>1</num>
<intro>
<p>
Without prejudice to any remedial actions or measures under Title V, the competent authority
<noteRef href="#key-e67a2ae68fda9c71925abfb6812dbd07" marker="F16" class="commentary F"/>
... shall withdraw the authorisations referred to in Article 54 in any of the following circumstances:
</p>
</intro>
<subparagraph eId="article-57-1-a">
<num>a</num>
<content>
<p>where the CSD has not made use of the authorisation within 12 months, expressly renounces the authorisation or where the designated credit institution has provided no services or performed no activity for the preceding six months;</p>
</content>
</subparagraph>
<subparagraph eId="article-57-1-b">
<num>b</num>
<content>
<p>where the CSD has obtained the authorisation by making false statements or by any other unlawful means;</p>
</content>
</subparagraph>
<subparagraph eId="article-57-1-c">
<num>c</num>
<content>
<p>where the CSD or the designated credit institution is no longer in compliance with the conditions under which authorisation was granted and has not taken the remedial actions requested by the competent authority within a set time-frame;</p>
</content>
</subparagraph>
<subparagraph eId="article-57-1-d">
<num>d</num>
<content>
<p>where the CSD or the designated credit institution has seriously and systematically infringed the requirements laid down in this Regulation.</p>
</content>
</subparagraph>
</paragraph>
<paragraph eId="article-57-2">
<num>
<noteRef href="#key-da43c356c94f9f18b8ccf4e55ea76d51" marker="F17" class="commentary F"/>
2
</num>
<content>
<p>. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .</p>
</content>
</paragraph>
<paragraph eId="article-57-3">
<num>
<noteRef href="#key-d94f012c616fc5e0ea95c80bbf851654" marker="F18" class="commentary F"/>
3
</num>
<content>
<p>. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .</p>
</content>
</paragraph>
<paragraph eId="article-57-4">
<num>4</num>
<content>
<p>The competent authority may limit the withdrawal to a particular service, activity, or financial instrument.</p>
</content>
</paragraph>
<paragraph eId="article-57-5">
<num>5</num>
<content>
<p>A CSD and the designated credit institution shall establish, implement and maintain an adequate procedure ensuring the timely and orderly settlement and transfer of the assets of clients and participants to another settlement agent in the event of a withdrawal of authorisation referred to in paragraph 1.</p>
</content>
</paragraph>
</article>
<article eId="article-58" period="#period1">
<num>Article 58</num>
<heading>CSD register</heading>
<paragraph eId="article-58-1">
<num>
<noteRef href="#key-d4b7fe1f27f641c6cc0cd83fc0f10e4d" marker="F19" class="commentary F"/>
1
</num>
<content>
<p>. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .</p>
</content>
</paragraph>
<paragraph eId="article-58-2">
<num>2</num>
<intro>
<p>
<ins class="substitution key-ebac61ed646b93a47255490535c517b1-1700833771001 first last">
<noteRef href="#key-ebac61ed646b93a47255490535c517b1" marker="F20" class="commentary attribute F"/>
The competent authority
</ins>
shall introduce in the register, that it is required to make available on its dedicated website in accordance with Article 21(3), the following information:
</p>
</intro>
<subparagraph eId="article-58-2-a">
<num>a</num>
<content>
<p>the name of each CSD which was subject to a decision under Articles 54, 56 and 57;</p>
</content>
</subparagraph>
<subparagraph eId="article-58-2-b">
<num>b</num>
<content>
<p>the name of each designated credit institution;</p>
</content>
</subparagraph>
<subparagraph eId="article-58-2-c">
<num>c</num>
<content>
<p>the list of banking-type ancillary services that a designated credit institution or a CSD authorised under Article 54 is authorised to provide for the CSD’s participants.</p>
</content>
</subparagraph>
</paragraph>
<paragraph eId="article-58-3">
<num>
<noteRef href="#key-817b54121afbe4021f4b8952e96544cb" marker="F21" class="commentary F"/>
3
</num>
<content>
<p>. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .</p>
</content>
</paragraph>
</article>
<article eId="article-59" period="#period1">
<num>Article 59</num>
<heading>Prudential requirements applicable to credit institutions or CSDs authorised to provide banking-type ancillary services</heading>
<paragraph eId="article-59-1">
<num>1</num>
<content>
<p>A credit institution designated under point (b) of Article 54(2) or a CSD authorised under point (a) of Article 54(2) to provide banking-type ancillary services shall provide only the services set out in Section C of the Annex that are covered by the authorisation.</p>
</content>
</paragraph>
<paragraph eId="article-59-2">
<num>2</num>
<content>
<p>A credit institution designated under point (b) of Article 54(2) or a CSD authorised under point (a) of Article 54(2) to provide banking-type ancillary services shall comply with any present or future legislation applicable to credit institutions.</p>
</content>
</paragraph>
<paragraph eId="article-59-3">
<num>3</num>
<intro>
<p>A credit institution designated under point (b) of Article 54(2) or a CSD authorised under point (a) of Article 54(2) to provide banking-type ancillary services shall comply with the following specific prudential requirements for the credit risks related to those services in respect of each securities settlement system:</p>
</intro>
<subparagraph eId="article-59-3-a">
<num>a</num>
<content>
<p>it shall establish a robust framework to manage the corresponding credit risks;</p>
</content>
</subparagraph>
<subparagraph eId="article-59-3-b">
<num>b</num>
<content>
<p>it shall identify the sources of such credit risks, frequently and regularly, measure and monitor corresponding credit exposures and use appropriate risk-management tools to control those risks;</p>
</content>
</subparagraph>
<subparagraph eId="article-59-3-c">
<num>c</num>
<content>
<p>it shall fully cover corresponding credit exposures to individual borrowing participants using collateral and other equivalent financial resources;</p>
</content>
</subparagraph>
<subparagraph eId="article-59-3-d">
<num>d</num>
<content>
<p>if collateral is used to manage its corresponding credit risk, it shall accept highly liquid collateral with minimal credit and market risk; it may use other types of collateral in specific situations if an appropriate haircut is applied;</p>
</content>
</subparagraph>
<subparagraph eId="article-59-3-e">
<num>e</num>
<content>
<p>it shall establish and apply appropriately conservative haircuts and concentration limits on collateral values constituted to cover the credit exposures referred to in point (c), taking into account the objective of ensuring that collateral can be liquidated promptly without significant adverse price effects;</p>
</content>
</subparagraph>
<subparagraph eId="article-59-3-f">
<num>f</num>
<content>
<p>it shall set limits on its corresponding credit exposures;</p>
</content>
</subparagraph>
<subparagraph eId="article-59-3-g">
<num>g</num>
<content>
<p>it shall analyse and plan for how to address any potential residual credit exposures, and adopt rules and procedures to implement such plans;</p>
</content>
</subparagraph>
<subparagraph eId="article-59-3-h">
<num>h</num>
<content>
<p>it shall provide credit only to participants that have cash accounts with it;</p>
</content>
</subparagraph>
<subparagraph eId="article-59-3-i">
<num>i</num>
<content>
<p>it shall provide for effective reimbursement procedures of intra-day credit and discourage overnight credit through the application of sanctioning rates which act as an effective deterrent.</p>
</content>
</subparagraph>
</paragraph>
<paragraph eId="article-59-4">
<num>4</num>
<intro>
<p>A credit institution designated under point (b) of Article 54(2) or a CSD authorised under point (a) of Article 54(2) to provide banking-type ancillary services shall comply with the following specific prudential requirements for the liquidity risks relating to those services in respect of each securities settlement system:</p>
</intro>
<subparagraph eId="article-59-4-a">
<num>a</num>
<content>
<p>it shall have a robust framework and tools to measure, monitor, and manage its liquidity risks, including intra-day liquidity risks, for each currency of the security settlement system for which it acts as settlement agent;</p>
</content>
</subparagraph>
<subparagraph eId="article-59-4-b">
<num>b</num>
<content>
<p>it shall measure and monitor on an ongoing and timely basis, and at least daily, its liquidity needs and the level of liquid assets it holds; in doing so, it shall determine the value of its available liquid assets taking into account appropriate haircuts on those assets;</p>
</content>
</subparagraph>
<subparagraph eId="article-59-4-c">
<num>c</num>
<content>
<p>it shall have sufficient liquid resources in all relevant currencies for a timely provision of settlement services under a wide range of potential stress scenarios including, but not limited to the liquidity risk generated by the default of at least one participant, including its parent undertakings and subsidiaries, to which it has the largest exposures;</p>
</content>
</subparagraph>
<subparagraph eId="article-59-4-d">
<num>d</num>
<content>
<p>it shall mitigate the corresponding liquidity risks with qualifying liquid resources in each currency such as cash at the central bank of issue and at other creditworthy financial institutions, committed lines of credit or similar arrangements and highly liquid collateral or investments that are readily available and convertible into cash with prearranged and highly reliable funding arrangements, even in extreme but plausible market conditions and it shall identify, measure and monitor its liquidity risk stemming from the various financial institutions used for the management of its liquidity risks;</p>
</content>
</subparagraph>
<subparagraph eId="article-59-4-e">
<num>e</num>
<content>
<p>where prearranged funding arrangements are used, it shall select only creditworthy financial institutions as liquidity providers; it shall establish and apply appropriate concentration limits for each of the corresponding liquidity providers including its parent undertaking and subsidiaries;</p>
</content>
</subparagraph>
<subparagraph eId="article-59-4-f">
<num>f</num>
<content>
<p>it shall determine and test the sufficiency of the corresponding resources by regular and rigorous stress testing;</p>
</content>
</subparagraph>
<subparagraph eId="article-59-4-g">
<num>g</num>
<content>
<p>it shall analyse and plan for how to address any unforeseen and potentially uncovered liquidity shortfalls, and adopt rules and procedures to implement such plans;</p>
</content>
</subparagraph>
<subparagraph eId="article-59-4-h">
<num>h</num>
<content>
<p>
where practical and available, without prejudice to the eligibility rules of the
<ins class="substitution key-c52405ea2a1fc2d4e0b812e5cb323941-1700833853000 first last">
<noteRef href="#key-c52405ea2a1fc2d4e0b812e5cb323941" marker="F22" class="commentary attribute F"/>
Bank of England
</ins>
, it shall have access to
<ins class="substitution key-c52405ea2a1fc2d4e0b812e5cb323941-1700834113973 first last">
<noteRef href="#key-c52405ea2a1fc2d4e0b812e5cb323941" marker="F22" class="commentary attribute F"/>
Bank of England
</ins>
accounts and other
<ins class="substitution key-c52405ea2a1fc2d4e0b812e5cb323941-1700834121523 first last">
<noteRef href="#key-c52405ea2a1fc2d4e0b812e5cb323941" marker="F22" class="commentary attribute F"/>
Bank of England
</ins>
services to enhance its management of liquidity risks and
<noteRef href="#key-3f82d685e518f373341284e713095f71" marker="F23" class="commentary F"/>
... credit institutions shall deposit the corresponding
<ins class="key-4bb43ad3d8df66a13bbc15e9487b6f85-1700833853002 first last">
<noteRef href="#key-4bb43ad3d8df66a13bbc15e9487b6f85" marker="F24" class="commentary attribute F"/>
sterling
</ins>
cash balances on dedicated accounts with
<noteRef href="#key-3f82d685e518f373341284e713095f71" marker="F23" class="commentary F"/>
...
<ins class="substitution key-aa100f5e068fcedf8c02ad52f05ad8ac-1700833853003 first last">
<noteRef href="#key-aa100f5e068fcedf8c02ad52f05ad8ac" marker="F25" class="commentary attribute F"/>
the Bank of England
</ins>
;
</p>
</content>
</subparagraph>
<subparagraph eId="article-59-4-i">
<num>i</num>
<content>
<p>it shall have prearranged and highly reliable arrangements to ensure that it can liquidate in a timely fashion the collateral provided to it by a defaulting client;</p>
</content>
</subparagraph>
<subparagraph eId="article-59-4-j">
<num>j</num>
<content>
<p>it shall report regularly to the authorities referred to in Article 60(1), and disclose to the public, as to how it measures, monitors and manages its liquidity risks, including intra-day liquidity risks.</p>
</content>
</subparagraph>
</paragraph>
<paragraph eId="article-59-5">
<num>5</num>
<content>
<p>
<ins class="substitution key-52913268bc79d491210cd2d9145f009f-1700833853004 first last">
<noteRef href="#key-52913268bc79d491210cd2d9145f009f" marker="F26" class="commentary attribute F"/>
The PRA may make
</ins>
regulatory technical standards to further specify details of the frameworks and tools for the monitoring, the measuring, the management, the reporting and the public disclosure of the credit and liquidity risks, including those which occur intra-day, referred to in paragraphs 3 and 4. Such draft regulatory technical standards shall, where appropriate, be aligned to the regulatory technical standards adopted in accordance with Article 46(3) of Regulation (EU) No 648/2012.
</p>
<p>
<noteRef href="#key-b23243493622f2f72bd2802fe4f5471b" marker="F27" class="commentary F"/>
...
</p>
<p>
<noteRef href="#key-b23243493622f2f72bd2802fe4f5471b" marker="F27" class="commentary F"/>
...
</p>
<p/>
</content>
</paragraph>
</article>
<article eId="article-60" period="#period1">
<num>Article 60</num>
<heading>Supervision of designated credit institutions and CSDs authorised to provide banking-type ancillary services</heading>
<paragraph eId="article-60-1">
<num>1</num>
<content>
<p>Without prejudice to Articles 17 and 22 of this Regulation, the competent authorities referred to in point (40) of Article 4(1) of Regulation (EU) No 575/2013 are responsible for the authorisation as credit institutions and supervision as credit institutions under the conditions provided in Regulation (EU) No 575/2013 and in Directive 2013/36/EU of the designated credit institutions and CSDs authorised under this Regulation to provide banking-type ancillary services.</p>
<p>The competent authorities referred to in the first subparagraph shall also be responsible for the supervision of designated credit institutions and CSDs referred to in that subparagraph as regards their compliance with the prudential requirements referred to in Article 59 of this Regulation.</p>
<p>
The competent authorities referred to in the first subparagraph shall regularly, and at least once a year, assess whether the designated credit institution or CSD authorised to provide banking-type ancillary services complies with Article 59 and shall inform the competent authority of the CSD
<noteRef href="#key-f7958bd927d96120f8010e11b1ad94d9" marker="F28" class="commentary F"/>
... of the results, including any remedial actions or penalties, of its supervision under this paragraph.
</p>
</content>
</paragraph>
<paragraph eId="article-60-2">
<num>2</num>
<intro>
<p>The competent authority of the CSD shall, after consulting competent authorities referred to paragraph 1, review and evaluate at least on an annual basis the following:</p>
</intro>
<subparagraph eId="article-60-2-a">
<num>a</num>
<content>
<p>in the case referred to in point (b) of Article 54(2), whether all the necessary arrangements between the designated credit institutions and the CSD allow them to meet their obligations as laid down in this Regulation;</p>
</content>
</subparagraph>
<subparagraph eId="article-60-2-b">
<num>b</num>
<content>
<p>in the case referred to in point (a) of Article 54(2), whether the arrangements relating to the authorisation to provide banking-type ancillary services allow the CSD to meet its obligations as laid down in this Regulation.</p>
</content>
</subparagraph>
<wrapUp>
<p>
<noteRef href="#key-ddb9b259b1afe56da7f31805afe0c0de" marker="F29" class="commentary F"/>
...
</p>
<p>Where a CSD designates an authorised credit institution in accordance with Article 54, in view of the protection of the participants in the securities settlement systems it operates, a CSD shall ensure that it has access from the credit institution it designates to all necessary information for the purpose of this Regulation and it shall report any infringements thereof to the competent authority of the CSD and to competent authorities referred to in paragraph 1.</p>
</wrapUp>
</paragraph>
<paragraph eId="article-60-3">
<num>
<noteRef href="#key-916977429a308e5f060e6b81842426fc" marker="F30" class="commentary F"/>
3
</num>
<content>
<p>. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .</p>
</content>
</paragraph>
</article>
</title>
</portionBody>
</portion>
</akomaNtoso>