Search Legislation

Advanced Search

Regulation (EU) No 909/2014 of the European Parliament and of the CouncilShow full title

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)

Help about what version

What Version

Help about UK-EU Regulation

Legislation originating from the EU

When the UK left the EU, legislation.gov.uk published EU legislation that had been published by the EU up to IP completion day (31 December 2020 11.00 p.m.). On legislation.gov.uk, these items of legislation are kept up-to-date with any amendments made by the UK since then.

Close

This item of legislation originated from the EU

Legislation.gov.uk publishes the UK version. EUR-Lex publishes the EU version. The EU Exit Web Archive holds a snapshot of EUR-Lex’s version from IP completion day (31 December 2020 11.00 p.m.).

Changes to legislation:

Regulation (EU) No 909/2014 of the European Parliament and of the Council is up to date with all changes known to be in force on or before 28 November 2024. There are changes that may be brought into force at a future date. Help about Changes to Legislation

Close

Changes to Legislation

Changes and effects yet to be applied by the editorial team are only applicable when viewing the latest version or prospective version of legislation. They are therefore not accessible when viewing legislation as at a specific point in time. To view the ‘Changes to Legislation’ information for this provision return to the latest version view using the options provided in the ‘What Version’ box above.

  1. Introductory Text

  2. TITLE I SUBJECT MATTER, SCOPE AND DEFINITIONS

    1. Article 1.Subject matter and scope

    2. Article 2.Definitions

  3. TITLE II SECURITIES SETTLEMENT

    1. CHAPTER I Book-entry form

      1. Article 3.Book-entry form

      2. Article 4.Enforcement

    2. CHAPTER II Settlement periods

      1. Article 5.Intended settlement date

    3. CHAPTER III Settlement discipline

      1. Article 6.Measures to prevent settlement fails

      2. Article 7.Measures to address settlement fails

      3. Article 8.Enforcement

    4. CHAPTER IV Internalised settlement

      1. Article 9.Settlement internalisers

  4. TITLE III CENTRAL SECURITIES DEPOSITORIES

    1. CHAPTER I Authorisation and supervision of CSDs

      1. Section 1 Authorities responsible for authorisation and supervision of CSDs

        1. Article 10.Competent authority

        2. Article 11.Designation of the competent authority

        3. Article 12.Relevant authorities

        4. Article 13.Exchange of information

        5. Article 14.Cooperation between authorities

        6. Article 15.Emergency situations

      2. Section 2 Conditions and procedures for authorisation of CSDs

        1. Article 16.Authorisation of a CSD

        2. Article 17.Procedure for granting authorisation

        3. Article 18.Effects of the authorisation

        4. Article 19.Extension and outsourcing of activities and services

        5. Article 20.Withdrawal of authorisation

        6. Article 21.CSD register

      3. Section 3 Supervision of CSDs

        1. Article 22.Review and evaluation

      4. Section 4 Provision of services in another member state

        1. Article 23.Freedom to provide services in another Member State

        2. Article 24.Cooperation between authorities of the home Member State and of the host Member State and peer review

      5. Section 5 Relations with third countries

        1. Article 25.Third countries

    2. CHAPTER II Requirements for CSDs

      1. Section 1 Organisational requirements

        1. Article 26.General provisions

        2. Article 27.Senior management, management body and shareholders

        3. Article 28.User committee

        4. Article 29.Record keeping

        5. Article 30.Outsourcing

        6. Article 31.Services provided by parties other than CSDs

      2. Section 2 Conduct of business rules

        1. Article 32.General provisions

        2. Article 33.Requirements for participation

        3. Article 34.Transparency

        4. Article 35.Communication procedures with participants and other market infrastructures

      3. Section 3 Requirements for CSD services

        1. Article 36.General provisions

        2. Article 37.Integrity of the issue

        3. Article 38.Protection of securities of participants and those of their clients

        4. Article 39.Settlement finality

        5. Article 40.Cash settlement

        6. Article 41.Participant default rules and procedures

      4. Section 4 Prudential requirements

        1. Article 42.General requirements

        2. Article 43.Legal risks

        3. Article 44.General business risk

        4. Article 45.Operational risks

        5. Article 46.Investment policy

        6. Article 47.Capital requirements

      5. Section 5 Requirements for CSD links

        1. Article 48.CSD links

    3. CHAPTER III Access to CSDs

      1. Section 1 Access of issuers to CSDs or third-country CSDs

        1. Article 49.Freedom to issue in a CSD or third-country CSD

      2. Section 2 Access between CSDs and between CSDs and third-country CSDs

        1. Article 50.Standard link access

        2. Article 51.Customised link access

        3. Article 52.Procedure for CSD links

      3. Section 3 Access between a CSD or third-country CSD and another market infrastructure

        1. Article 53.Access between a CSD or third-country CSD and another market infrastructure

  5. TITLE IV PROVISION OF BANKING-TYPE ANCILLARY SERVICES FOR CSD PARTICIPANTS

    1. Article 54.Authorisation and designation to provide banking-type ancillary services

    2. Article 55.Procedure for granting and refusing authorisation to provide banking-type ancillary services

    3. Article 56.Extension of the banking-type ancillary services

    4. Article 57.Withdrawal of authorisation

    5. Article 58.CSD register

    6. Article 59.Prudential requirements applicable to credit institutions or CSDs authorised to provide banking-type ancillary services

    7. Article 60.Supervision of designated credit institutions and CSDs authorised to provide banking-type ancillary services

  6. TITLE V SANCTIONS

    1. Article 61.Administrative sanctions and other measures

    2. Article 62.Publication of decisions

    3. Article 63.Sanctions for infringements

    4. Article 64.Effective application of sanctions

    5. Article 65.Reporting of infringements

    6. Article 66.Right of appeal

  7. TITLE VI REGULATIONS, TRANSITIONAL AND FINAL PROVISIONS

    1. Article 67.Regulations

    2. Article 68.Committee procedure

    3. Article 69.Transitional provisions

    4. Article 70.Amendments to Directive 98/26/EC

    5. Article 71.Amendments to Directive 2014/65/EU

    6. Article 72.Amendment to Regulation (EU) No 236/2012

    7. Article 73.Application of the UK law on markets in financial instruments and Regulation (EU) No 600/2014

    8. Article 74.Reports

    9. Article 75.Review

    10. Article 76.Entry into force and application

  8. Signature

    1. ANNEX

      LIST OF SERVICES

      1. SECTION A Core services of central securities depositories

        1. 1. Initial recording of securities in a book-entry system (‘notary service’);...

        2. 2. Providing and maintaining securities accounts at the top tier level...

        3. 3. Operating a securities settlement system (‘settlement service’).

      2. SECTION B Non-banking-type ancillary services of CSDs that do not entail credit...

      3. SECTION C Banking-type ancillary services

Back to top

Options/Help

Print Options

Close

Legislation is available in different versions:

Latest Available (revised):The latest available updated version of the legislation incorporating changes made by subsequent legislation and applied by our editorial team. Changes we have not yet applied to the text, can be found in the ‘Changes to Legislation’ area.

Original (As adopted by EU): The original version of the legislation as it stood when it was first adopted in the EU. No changes have been applied to the text.

Point in Time: This becomes available after navigating to view revised legislation as it stood at a certain point in time via Advanced Features > Show Timeline of Changes or via a point in time advanced search.

Close

Opening Options

Different options to open legislation in order to view more content on screen at once

Close

More Resources

Access essential accompanying documents and information for this legislation item from this tab. Dependent on the legislation item being viewed this may include:

  • the original print PDF of the as adopted version that was used for the EU Official Journal
  • lists of changes made by and/or affecting this legislation item
  • all formats of all associated documents
  • correction slips
  • links to related legislation and further information resources
Close

Timeline of Changes

This timeline shows the different versions taken from EUR-Lex before exit day and during the implementation period as well as any subsequent versions created after the implementation period as a result of changes made by UK legislation.

The dates for the EU versions are taken from the document dates on EUR-Lex and may not always coincide with when the changes came into force for the document.

For any versions created after the implementation period as a result of changes made by UK legislation the date will coincide with the earliest date on which the change (e.g an insertion, a repeal or a substitution) that was applied came into force. For further information see our guide to revised legislation on Understanding Legislation.

Close

More Resources

Use this menu to access essential accompanying documents and information for this legislation item. Dependent on the legislation item being viewed this may include:

  • the original print PDF of the as adopted version that was used for the print copy
  • correction slips

Click 'View More' or select 'More Resources' tab for additional information including:

  • lists of changes made by and/or affecting this legislation item
  • confers power and blanket amendment details
  • all formats of all associated documents
  • links to related legislation and further information resources

The data on this page is available in the alternative data formats listed: