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Commission Delegated Regulation (EU) 2017/392Show full title
Commission Delegated Regulation (EU) 2017/392 of 11 November 2016 supplementing Regulation (EU) No 909/2014 of the European Parliament and of the Council with regard to regulatory technical standards on authorisation, supervisory and operational requirements for central securities depositories (Text with EEA relevance)
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Changes over time for: SECTION 5
Changes to legislation:
Commission Delegated Regulation (EU) 2017/392,
SECTION 5
is up to date with all changes known to be in force on or before 08 August 2024. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
EUR 2017 No. 392 may be subject to amendment by EU Exit Instruments made by the Bank of England under powers set out in The Financial Regulators' Powers (Technical Standards etc.) (Amendment etc.) (EU Exit) Regulations 2018 (S.I. 2018/1115), regs. 2, 3, Sch. Pt. 3. These amendments are not currently available on legislation.gov.uk. Details of relevant amending instruments can be found on their website/s.
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Changes and effects yet to be applied to Chapter III Section 5:
- Regulation revoked by 2023 c. 29 Sch. 1 Pt. 1 3
SECTION 5 U.K. Requirements for services provided by CSDs
Article 23U.K.Book-entry form
An application for authorisation shall include information on the processes concerning book entries that ensure the compliance of the applicant CSD with Article 3 of Regulation (EU) No 909/2014.
Article 24U.K.Intended settlement dates and measures for preventing and addressing settlement fails
1.An application for authorisation shall include the following information in respect of the applicant CSD:
(a)the procedures and measures to prevent settlement fails in accordance with Article 6 of Regulation (EU) No 909/2014;
(b)the measures to address settlement fails in accordance with Articles 7 of Regulation (EU) No 909/2014.
2.Where an applicant CSD applies for authorisation before Articles 6 and 7 of Regulation (EU) No 909/2014 are applicable in accordance with paragraphs (4) and (5) of Article 76 of that Regulation, the application for authorisation shall contain an implementation plan detailing how the applicant CSD will comply with the requirements under Articles 6 and 7 of Regulation (EU) No 909/2014.
Institutions referred to in Article 69(1) of Regulation (EU) No 909/2014 shall include in the implementation plan referred to in the first subparagraph an analysis of the extent to which their existing rules, procedures, mechanisms and measures comply with the requirements under Articles 6 and 7 of Regulation (EU) No 909/2014.
Article 25U.K.Integrity of the issue
An application for authorisation shall include information concerning the applicant CSD's rules and procedures for ensuring the integrity of securities issues referred to in Article 37 of Regulation (EU) No 909/2014 and Chapter IX of this Regulation.
Article 26U.K.Protection of participants' and their clients' securities
An application for authorisation shall include the following information concerning the measures put in place to protect the securities of the applicant CSD's participants and those of their clients in accordance with Article 38 of Regulation (EU) No 909/2014:
(a)
the rules and procedures to reduce and manage the risks associated with the safekeeping of securities;
(b)
a detailed description of the different levels of segregation offered by the applicant CSD, a description of the costs associated with each level, the commercial terms on which they are offered, their main legal implications and the applicable insolvency law;
(c)
the rules and procedures for obtaining the consents referred to in Article 38(7) of Regulation (EU) No 909/2014.
Article 27U.K.Settlement finality
An application for authorisation shall contain information concerning the rules on settlement finality put in place by the applicant CSD in accordance with Article 39 of Regulation (EU) No 909/2014.
Article 28U.K.Cash settlement
1.An application for authorisation shall include the procedures for the settlement of the cash payments for each securities settlement system that the applicant CSD operates in accordance with Article 40 of Regulation (EU) No 909/2014.
2.The applicant CSD shall provide information about whether the settlement of the cash payments is provided in accordance with Article 40(1) or (2) of Regulation (EU) No 909/2014.
If the settlement of the cash payments is intended to take place in accordance with Article 40(2) of Regulation (EU) No 909/2014, the applicant CSD shall explain why settlement in accordance with Article 40(1) of Regulation (EU) No 909/2014 is not practical and available.
Article 29U.K.Participant default rules and procedures
An application for authorisation shall include the rules and procedures put in place by the applicant CSD to manage the default of a participant.
Article 30U.K.Transfer of participants and clients' assets in case of a withdrawal of authorisation
An application for authorisation shall include information concerning the procedures put in place by the applicant CSD to ensure the timely and orderly settlement and transfer of the assets of clients and participants to another CSD in the event of a withdrawal of its authorisation.
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