Amendment of the Central Securities Depositories Regulations 2014U.K.
This section has no associated Explanatory Memorandum
2.—(1) The Central Securities Depositories Regulations 2014 are amended as follows.
(2) In regulation 1, in paragraph (2)—
(a)in the definition of “credit institution”, for “Article 8 of Directive 2013/36/EU of the European Parliament and of the Council of 26 June 2013 on access to the activity of credit institutions and the prudential supervision of credit institutions and investment firms” substitute “ Part 4A of the Act ”;
(b)omit the definition of “EEA CSD”.
(3) In regulation 2 —
(a)in paragraph (1), for “Article 5 of the markets in financial instruments directive” substitute “ Part 4A of the Act ”;
(b)in paragraph (2)—
(i)in sub-paragraph (a), omit “referred to in the first sub-paragraph of Article 11(1) of the CSD regulation”;
(ii)in sub-paragraph (aa)—
(aa)omit “host Member State”;
(bb)omit “EEA CSDs and”;
(iii)in sub-paragraph (b), omit “Article 12(1)(a) of”;
(c)omit paragraph (3).
(4) In regulation 5L, in paragraph (1)—
(a)omit sub-paragraph (d);
(b)in sub-paragraph (h), for “CSD authorised in the Union” substitute “ CSD or third-country CSD ”;
(c)in sub-paragraph (j), after “CSD” insert “ or third-country CSD ”;
(d)in sub-paragraphs (k) and (l), for “55(5)” substitute “ 55(3) ”.
(5) In regulation 5N, for “directly applicable EU regulation” substitute “ retained EU law ”.
(6) In regulation 10, omit paragraph (2) .
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