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)

Article 5 Ongoing compliance with the five CSD access criteria

1. A CSD with access to T2S services shall comply, after it has migrated to T2S, with the five CSD access criteria on an ongoing basis and shall:

(a) ensure, in particular, through a reliable self-assessment conducted each year and supported by relevant documentation that it continues to comply with CSD access criteria 1, 3, 4 and 5. The self-assessment shall be accompanied by the most recent assessment by the relevant competent authorities of the CSD’s compliance with criterion 2;

(b) promptly provide the T2S Programme Board with the most recent regular or ad hoc assessment by the relevant competent authorities of its compliance with CSD access criterion 2;

(c) request a new assessment by the relevant competent authorities of its compliance with CSD access criterion 2 in the event of material changes to the CSD’s system;

(d) notify the T2S Programme Board where a relevant competent authority assessment or a self-assessment has established non-compliance with any of the five CSD access criteria;

(e) following a request from the T2S Programme Board, provide an assessment report demonstrating that the CSD still complies with the five CSD access criteria.

2. With the exception of CSD access criterion 2, the T2S Programme Board may carry out its own evaluation and monitor compliance with the five CSD access criteria or request information from a CSD. Where the T2S Programme Board decides that a CSD does not comply with one of the five CSD access criteria, it shall initiate the procedure laid down in the contracts with the CSDs pursuant to Article 16 of Guideline ECB/2010/2.