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Updated 22/10/2024

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In force since 17/09/2014

Version from: 01/05/2024

Level 2 legal acts in relation to CSDR

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Procedure 2012/0029/COD

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Synchronised with EUR-Lex on 22/10/2024

CSDR Tool Central Securities Depositories Regulation (CSDR)

Central Securities Depositories Regulation (CSDR)

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)

TITLE I - SUBJECT MATTER, SCOPE AND DEFINITIONS (Article 1-2)Article 1 - Subject matter and scope Q&A Article 2 - Definitions Q&A

TITLE II - SECURITIES SETTLEMENT (Article 3-9)

CHAPTER I - Book-entry form (Article 3-4)Article 3 - Book-entry form Q&A Article 4 - Enforcement

CHAPTER II - Settlement periods (Article 5)Article 5 - Intended settlement date RTSQ&AGL

CHAPTER III - Settlement discipline (Article 6-8)Article 6 - Measures to prevent settlement fails RTSQ&AGL Article 7 - Measures to address settlement fails RTSDAQ&AGL Article 7a - Mandatory buy-in process Article 8 - Enforcement

CHAPTER IV - Internalised settlement (Article 9)Article 9 - Settlement internalisers ITSRTSQ&AGL

TITLE III - CENTRAL SECURITIES DEPOSITORIES (Article 10-53)

CHAPTER I - Authorisation and supervision of CSDs (Article 10-25)

Section 1 - Authorities responsible for authorisation and supervision of CSDs (Article 10-15)Article 10 - Competent authority Article 11 - Designation of the competent authority Article 12 - Relevant authorities RTSQ&AGL Article 13 - Exchange of information Q&A Article 14 - Cooperation between authorities Article 15 - Emergency situations

Section 2 - Conditions and procedures for authorisation of CSDs (Article 16-21)Article 16 - Authorisation of a CSD Q&A Article 17 - Procedure for granting authorisation ITSRTSQ&AGL Article 18 - Effects of the authorisation RTS Article 19 - Extension and outsourcing of activities and services Q&A Article 20 - Withdrawal of authorisation Q&A Article 21 - CSD register

Section 3 - Supervision of CSDs (Article 22-22a)Article 22 - Review and evaluation ITSRTSQ&AGL Article 22a - Plans for recovery and orderly wind-down

Section 4 - Provision of services in another member state (Article 23-24a)Article 23 - Freedom to provide services in another Member State ITSRTSQ&AGL Article 24 - Cooperation between authorities of the home Member State and of the host Member State and peer review ITSDAQ&AGL Article 24a - College of supervisors

Section 5 - Relations with third countries (Article 25)Article 25 - Third countries RTSIAQ&A

CHAPTER II - Requirements for CSDs (Article 26-48)

Section 1 - Organisational requirements (Article 26-31)Article 26 - General provisions RTSQ&AGL Article 27 - Senior management, management body and shareholders Q&A Article 27a - Information to competent authorities Article 27b - Assessment Article 27c - Derogation for CSDs providing banking-type ancillary services Article 28 - User committee Q&A Article 29 - Record keeping ITSRTSQ&A Article 30 - Outsourcing Q&AGL Article 31 - Services provided by parties other than CSDs

Section 2 - Conduct of business rules (Article 32-35)Article 32 - General provisions Article 33 - Requirements for participation ITSRTSQ&A Article 34 - Transparency Article 35 - Communication procedures with participants and other market infrastructures Q&A

Section 3 - Requirements for CSD services (Article 36-41)Article 36 - General provisions Article 37 - Integrity of the issue RTSQ&A Article 38 - Protection of securities of participants and those of their clients Q&A Article 39 - Settlement finality Article 40 - Cash settlement Q&A Article 41 - Participant default rules and procedures RTSGL

Section 4 - Prudential requirements (Article 42-47a)Article 42 - General requirements GL Article 43 - Legal risks Article 44 - General business risk GL Article 45 - Operational risks RTSQ&AGL Article 46 - Investment policy RTSQ&A Article 47 - Capital requirements RTSQ&A Article 47a - Deferred net settlement

Section 5 - Requirements for CSD links (Article 48)Article 48 - CSD links RTSQ&A

CHAPTER III - Access to CSDs (Article 49-53)

Section 1 - Access of issuers to CSDs (Article 49)Article 49 - Freedom to issue in a CSD authorised in the Union ITSRTSQ&A

Section 2 - Access between CSDs (Article 50-52)Article 50 - Standard link access Article 51 - Customised link access RTS Article 52 - Procedure for CSD links ITSRTS

Section 3 - Access between a CSD and another market infrastructure (Article 53)Article 53 - Access between a CSD and another market infrastructure ITSRTSQ&AGL

TITLE IV - PROVISION OF BANKING-TYPE ANCILLARY SERVICES FOR CSD PARTICIPANTS (Article 54-60)Article 54 - Authorisation and designation to provide banking-type ancillary services RTSQ&A Article 55 - Procedure for granting and refusing authorisation to provide banking-type ancillary services ITSRTSQ&A Article 56 - Extension of the banking-type ancillary services Article 57 - Withdrawal of authorisation Article 58 - CSD register Article 59 - Prudential requirements applicable to credit institutions or CSDs authorised to provide banking-type ancillary services RTSQ&A Article 60 - Supervision of designated credit institutions and CSDs authorised to provide banking-type ancillary services

TITLE V - SANCTIONS (Article 61-66)Article 61 - Administrative sanctions and other measures Q&A Article 62 - Publication of decisions Article 63 - Sanctions for infringements Article 64 - Effective application of sanctions Article 65 - Reporting of infringements Article 66 - Right of appeal

TITLE VI - DELEGATION OF POWER, IMPLEMENTING POWERS, TRANSITIONAL, AMENDING AND FINAL PROVISIONS (Article 67-76)Article 67 - Exercise of the delegation Article 68 - Committee procedure Article 69 - Transitional provisions RTSQ&A Article 70 - Amendments to Directive 98/26/EC Article 71 - Amendments to Directive 2014/65/EU Article 72 - Amendment to Regulation (EU) No 236/2012 [repealed]Article 73 - Application of Directive 2014/65/EU and Regulation (EU) No 600/2014 Article 74 - Reports Article 75 - Review Article 76 - Entry into force and application Q&A

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