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  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

        1. Article 49.Freedom to issue in a CSD authorised in the Union

      2. Section 2 Access between 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 and another market infrastructure

        1. Article 53.Access between a 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 DELEGATION OF POWER, IMPLEMENTING POWERS, TRANSITIONAL, AMENDING AND FINAL PROVISIONS

    1. Article 67.Exercise of the delegation

    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 Directive 2014/65/EU 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 or liquidity risks

      3. SECTION C Banking-type ancillary services