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Decision of the European Central Bank of 16 November 2011 establishing detailed rules and procedures for implementing the eligibility criteria for central securities depositories to access TARGET2-Securities services (ECB/2011/20) (2011/789/EU)
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Changes over time for: Article 3
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There are outstanding changes by UK legislation not yet made to Decision of the European Central Bank of 16 November 2011 establishing detailed rules and procedures for implementing the eligibility criteria for central securities depositories to access TARGET2-Securities services (ECB/2011/20) (2011/789/EU). Any changes that have already been made to the legislation appear in the content and are referenced with annotations.
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Changes and effects yet to be applied to Article 3:
- Decision power to modify conferred by 2023 c. 29 s. 3 Sch. 1 Pt. 3
- Decision revoked by 2023 c. 29 Sch. 1 Pt. 3
Article 3U.K.Application procedure
1.To apply for T2S services, a CSD shall submit: (a) an application to the Governing Council; and (b) at the time of its migration to T2S, [F1a self-assessment report].
2.[F1The self-assessment report] shall provide evidence that the CSD complies with the five CSD access criteria at the time of its migration to T2S, and state the degree of implementation of each CSD access criterion according to the following categories: compliant, partly compliant and not applicable, and shall set out the CSD’s reasons, explanations and relevant evidence.
3.The [F1MIB shall submit a proposal to the Governing Council, based on the abovementioned documentation, on a CSD’s application to access T2S services. To prepare its proposal, the MIB] may request clarifications from or submit questions to the applying CSD.
4.Following submission of the proposal by the [F1MIB, the Governing Council shall make a decision on a CSD’s application and communicate it in writing to that CSD no later than 2 months following: (a) the date of receipt of the application; or (b) the date of receipt of the reply to any request for clarifications or submission of questions by the MIB] under paragraph 3. Where the Governing Council rejects an application, it shall give reasons for doing so.
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