TITLE IVU.K. PROVISION OF BANKING-TYPE ANCILLARY SERVICES FOR CSD PARTICIPANTS

Article 57U.K.Withdrawal of authorisation

1.Without prejudice to any remedial actions or measures under Title V, the competent authority F1... shall withdraw the authorisations referred to in Article 54 in any of the following circumstances:

(a)where the CSD has not made use of the authorisation within 12 months, expressly renounces the authorisation or where the designated credit institution has provided no services or performed no activity for the preceding six months;

(b)where the CSD has obtained the authorisation by making false statements or by any other unlawful means;

(c)where the CSD or the designated credit institution is no longer in compliance 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)where the CSD or the designated credit institution has seriously and systematically infringed the requirements laid down in this Regulation.

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4.The competent authority may limit the withdrawal to a particular service, activity, or financial instrument.

5.A CSD and the designated credit institution shall establish, implement and maintain an adequate procedure ensuring the timely and orderly settlement and transfer of the assets of clients and participants to another settlement agent in the event of a withdrawal of authorisation referred to in paragraph 1.

Textual Amendments