TITLE IIICENTRAL SECURITIES DEPOSITORIES
CHAPTER IAuthorisation and supervision of CSDs
Section 2Conditions and procedures for authorisation of CSDs
Article 16Authorisation of a CSD
1
Any legal person that falls within the definition of CSD shall obtain an authorisation from the competent authority of the Member State where it is established before commencing its activities.
2
The authorisation shall specify the core services listed in Section A of the Annex and non-banking-type ancillary services permitted under Section B of the Annex, which the CSD is authorised to provide.
3
A CSD shall comply at all times with the conditions necessary for authorisation.
4
A CSD as well as its independent auditors, shall, without undue delay, inform the competent authority of any substantive changes affecting the compliance with the conditions for authorisation.