Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (Text with EEA relevance)
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1.Without prejudice to any remedial actions or measures under Title V, the competent authority F1... shall withdraw the authorisation in any of the following circumstances, where the CSD:
(a)has not made use of the authorisation during 12 months, expressly renounces the authorisation or has provided no services or performed no activity during the preceding six months;
(b)has obtained the authorisation by making false statements or by any other unlawful means;
(c)no longer complies with the conditions under which authorisation was granted and has not taken the remedial actions requested by the competent authority within a set time-frame;
(d)has seriously or systematically infringed the requirements laid down in this Regulation or, where applicable, [F2in the UK law on markets in financial instruments] or Regulation (EU) No 600/2014.
F32.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F33.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
4.The competent authority may limit the withdrawal of authorisation to a particular service, activity, or financial instrument.
5.A CSD shall establish, implement and maintain adequate procedures ensuring the timely and orderly settlement and transfer of the assets of clients and participants to another CSD [F4or third-country CSD] in the event of a withdrawal of authorisation referred to in paragraph 1.
Textual Amendments
F1Words in Art. 20(1) omitted (31.12.2020) by virtue of The Central Securities Depositories (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1320), regs. 1(3), 11(9)(a)(i) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)
F2Words in Art. 20(1)(d) substituted (31.12.2020) by The Central Securities Depositories (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1320), regs. 1(3), 11(9)(a)(ii) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)
F3Art. 20(2)(3) omitted (31.12.2020) by virtue of The Central Securities Depositories (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1320), regs. 1(3), 11(9)(b) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)
F4Words in Art. 20(5) inserted (31.12.2020) by The Central Securities Depositories (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1320), regs. 1(3), 11(9)(c) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)
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