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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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Commission Delegated Regulation (EU) 2017/392 is up to date with all changes known to be in force on or before 12 July 2024. There are changes that may be brought into force at a future date. Help about Changes to Legislation

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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  1. Introductory Text

  2. CHAPTER I GENERAL PROVISIONS

    1. Article 1.Definitions

  3. CHAPTER II DETERMINATION OF THE MOST RELEVANT CURRENCIES AND PRACTICAL ARRANGEMENTS FOR THE CONSULTATION OF THE RELEVANT COMPETENT AUTHORITIES

    1. Article 2.Determination of most relevant currencies

    2. Article 3.Practical arrangements for the consultation of the relevant authorities referred to in Article 12(1)(b) and (c) of Regulation (EU) No 909/2014

  4. CHAPTER III AUTHORISATION OF CSDs

    1. SECTION 1 General information on applicant CSDs

      1. Article 4.Identification and legal status of applicant CSDs

      2. Article 5.General information concerning policies and procedures

      3. Article 6.Information concerning services and activities of the CSD

      4. Article 7.Information concerning groups

    2. SECTION 2 Financial resources for the provision of services by the applicant CSD

      1. Article 8.Financial reports, business plan, and recovery plan

    3. SECTION 3 Organisational requirements

      1. Article 9.Organisational chart

      2. Article 10.Staffing policies and procedures

      3. Article 11.Risk monitoring tools and governance arrangements

      4. Article 12.Compliance, internal control and internal audit functions

      5. Article 13.Senior management, management body and shareholders

      6. Article 14.Management of conflicts of interest

      7. Article 15.Confidentiality

      8. Article 16.User committee

      9. Article 17.Record-keeping

    4. SECTION 4 Conduct of business rules

      1. Article 18.Goals and objectives

      2. Article 19.Handling of complaints

      3. Article 20.Requirements for participation

      4. Article 21.Transparency

      5. Article 22.Communication procedures with participants and other market infrastructures

    5. SECTION 5 Requirements for services provided by CSDs

      1. Article 23.Book-entry form

      2. Article 24.Intended settlement dates and measures for preventing and addressing settlement fails

      3. Article 25.Integrity of the issue

      4. Article 26.Protection of participants' and their clients' securities

      5. Article 27.Settlement finality

      6. Article 28.Cash settlement

      7. Article 29.Participant default rules and procedures

      8. Article 30.Transfer of participants and clients' assets in case of a withdrawal of authorisation

    6. SECTION 6 Prudential requirements

      1. Article 31.Legal risks

      2. Article 32.General business risks

      3. Article 33.Operational risks

      4. Article 34.Investment policy

      5. Article 35.Capital requirements

    7. SECTION 7

      1. Article 36.CSD links

    8. SECTION 8 Access to CSDs

      1. Article 37.Access rules

    9. SECTION 9 Additional information

      1. Article 38.Request for additional information

  5. CHAPTER IV PARTICIPATION OF CSDs IN CERTAIN ENTITIES

    1. Article 39.Criteria for participation of a CSD

  6. CHAPTER V REVIEW AND EVALUATION

    1. Article 40.Information to be provided to the competent authority

    2. Article 41.Periodic information relevant for the reviews

    3. Article 42.Statistical data to be delivered for each review and evaluation

    4. Article 43.Other information

    5. Article 44.Information to be supplied to the authorities referred to in Article 22(7) of Regulation (EU) No 909/2014

    6. Article 45.Exchange of information between the competent authorities referred to in Article 22(8) of Regulation (EU) No 909/2014

  7. CHAPTER VI RECOGNITION OF A THIRD-COUNTRY CSD

    1. Article 46.Content of the application

  8. CHAPTER VII RISK MONITORING TOOLS

    1. Article 47.Risk monitoring tools of CSDs

    2. Article 48.Risk monitoring committees

    3. Article 49.Responsibilities of key personnel in respect to the risks

    4. Article 50.Conflicts of interest

    5. Article 51.Audit methods

    6. Article 52.Sharing audit findings with the user committee

  9. CHAPTER VIII RECORD-KEEPING

    1. Article 53.General requirements

    2. Article 54.Transaction/settlement instruction (Flow) records

    3. Article 55.Position (Stock) records

    4. Article 56.Ancillary Services Records

    5. Article 57.Business Records

    6. Article 58.Additional records

  10. CHAPTER IX RECONCILIATION MEASURES

    1. Article 59.General reconciliation measures

    2. Article 60.Reconciliation measures for corporate actions

    3. Article 61.Reconciliation measures for the registrar model

    4. Article 62.Reconciliation measures for the transfer agent model

    5. Article 63.Reconciliation measures for the common depository model

    6. Article 64.Additional measures where other entities are involved in the reconciliation process

    7. Article 65.Problems related to reconciliation

  11. CHAPTER X OPERATIONAL RISKS

    1. SECTION 1 Identifying operational risks

      1. Article 66.General operational risks and their assessment

      2. Article 67.Operational risks that may be posed by key participants

      3. Article 68.Operational risks that may be posed by critical utilities and critical service providers

      4. Article 69.Operational risks that may be posed by other CSDs or market infrastructures

    2. SECTION 2 Methods to test, address and minimise operational risks

      1. Article 70.Operational risk-management system and framework

      2. Article 71.Integration of and compliance with the operational and enterprise risk-management system

      3. Article 72.Operational risk-management function

      4. Article 73.Audit and testing

      5. Article 74.Mitigation of operational risk through insurance

    3. SECTION 3 IT systems

      1. Article 75.IT tools

    4. SECTION 4 Business continuity

      1. Article 76.Strategy and policy

      2. Article 77.Business impact analysis

      3. Article 78.Disaster recovery

      4. Article 79.Testing and monitoring

      5. Article 80.Maintenance

  12. CHAPTER XI INVESTMENT POLICY

    1. Article 81.Highly liquid instruments with minimal market and credit risk

    2. Article 82.Appropriate timeframe for access to assets

    3. Article 83.Concentration limits to individual entities

  13. CHAPTER XII CSD LINKS

    1. Article 84.Conditions for the adequate protection of linked CSDs and of their participants

    2. Article 85.Monitoring and management of additional risks resulting from the use of indirect links or intermediaries to operate CSD links

    3. Article 86.Reconciliation procedures for linked CSDs

    4. Article 87.DVP settlement through CSD links

  14. CHAPTER XIII ACCESS TO A CSD

    1. Article 88.Receiving and requesting parties

    2. SECTION 1 Criteria justifying refusal of access

      1. Article 89.Risks to be taken into account by CSDs and competent authorities

    3. SECTION 2 Procedure for refusal of access

      1. Article 90.Procedure

  15. CHAPTER XIV AUTHORISATION TO PROVIDE BANKING TYPE OF ANCILLARY SERVICES

    1. Article 91.CSDs offering banking-type ancillary services themselves

    2. Article 92.CSDs offering banking-type ancillary services through a designated credit institution

    3. Article 93.Specific requirements

    4. Article 94.Standard forms and templates for the application

  16. CHAPTER XV FINAL PROVISIONS

    1. Article 95.Transitional provisions

    2. Article 96.Entry into force and application

  17. Signature

    1. ANNEX I

      1. Details to be included in the application for recognition of third-country CSDs (Article 25(12) of Regulation (EU) No 909/2014)

        1. General information

    2. ANNEX II

      1. CSD ancillary services records (Article 29 of Regulation (EU) No 909/2014)

    3. ANNEX III

      1. Templates for application by a CSD to designate a credit institution or to provide banking-type ancillary services (Article 55 of Regulation (EU) No 909/2014)

        1. Template 1

        2. Template 2

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