Article 14U.K.Opening of trading platform holding accounts in the Union registry
1.Trading platforms may submit a request for the opening of a trading platform holding account in the Union registry. This request shall be submitted to the national administrator of a Member State that allows the opening of trading platform holding accounts. The person requesting the account opening shall provide the information required by the national administrator, which shall include the information set out in Annex IV and in Annex V.
2.Trading platforms must conform to the technical requirements described in the Data Exchange and Technical Specifications provided for in Article 71. The Member State of the national administrator may require that EU persons requesting the account opening have their permanent residence or registration in the Member State of the national administrator administering the account.
3.Within 20 working days of the receipt of the complete information required in accordance with paragraphs 1 and 2 and after approving the required number of authorised representatives in accordance with Article 20 the national administrator shall open a trading platform holding account in the Union registry or inform the person requesting the account opening that it refuses to open the account.
4.If the national administrator refused opening the account, the person requesting the account opening may object to this refusal with the competent authority or the relevant authority under national law, who shall either instruct the national administrator to open the account or uphold the refusal in a reasoned decision. Reasons for refusing the opening of an account may be that the person requesting the account opening is under investigation for being involved in fraud involving allowances or Kyoto units, money laundering, terrorist financing or other serious crimes to which the account may be an instrument, or any other reason set out in national law.