The Central Securities Depositories (Amendment) (EU Exit) Regulations 2018

Provision of banking-type ancillary services for CSD participants

20.—(1) In Article 54—

(a) in paragraph 2, in point (b) for “authorised in accordance with Article 8 of Directive 2013/36/EU” substitute “with permission to accept deposits under Part 4A of FSMA”;

(b) in paragraph 3—

(i) in point (a) for “authorised as a credit institution as provided for in Article 8 of Directive 2013/36/EU” substitute “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”;

(ii) in the final sub-paragraph, after “Directive 2013/36/EU” insert “UK law”;

(c) in paragraph 4, in point (a) for “authorised as a credit institution as provided for in Article 8 of Directive 2013/36/EU” substitute “permitted to accept deposits under Part 4A of FSMA”;

(d) in paragraph 5, in the second sub-paragraph, omit “and report its findings to ESMA”;

(e) in paragraph 8—

(i) in the first sub-paragraph, for the words from the beginning to “develop draft” substitute “The PRA may make”;

(ii) omit the second and third sub-paragraphs.

(2) In Article 55—

(a) in paragraph 1, omit “of its home Member State”;

(b) omit paragraphs 4, 5 and 6;

(c) in paragraph 7—

(i) in the first sub-paragraph, for the words from the beginning to “develop draft” substitute “The Bank of England may make”;

(ii) omit the second and third sub-paragraphs;

(d) omit paragraph 8.

(3) In Article 56, omit “of its home Member State”.

(4) In Article 57—

(a) in paragraph 1, omit “of the CSD’s home Member State”;

(b) omit paragraphs 2 and 3.

(5) In Article 58—

(a) omit paragraph 1;

(b) in paragraph 2, for “ESMA” substitute “The competent authority”;

(c) omit paragraph 3.

(6) In Article 59—

(a) in paragraph 4, in point (h)—

(i) for “central bank” substitute “Bank of England” each time it occurs;

(ii) omit “Union” each time it occurs;

(iii) before “cash balances” insert “sterling”;

(iv) for “central banks of issue” substitute “the Bank of England”;

(b) in paragraph 5—

(i) in the first sub-paragraph, for the words from the beginning to “develop draft” substitute “The PRA may make”;

(ii) omit the second and third sub-paragraphs.

(7) In Article 60—

(a) in paragraph 1, in the third sub-paragraph, omit “which shall then inform the authorities referred to in Article 55(4),”;

(b) in paragraph 2, omit the second sub-paragraph;

(c) omit paragraph 3.