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Updated 22/10/2024

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In force since 30/03/2017

Initial Legal Act

References (59)

Timeline

09/07/2024

ESMA74-2119945925-1996

Consultation published

10/03/2017

Delegated Regulation 2017/392 published in OJ

28/09/2015

ESMA/2015/1457 & Annex I

Final Draft published

28/09/2015

ESMA/2015/1457 - Annex II

Final Draft published

28/09/2015

ESMA/2015/1457 - Annex III

Final Draft published

18/12/2014

Consultation published

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Synchronised with EUR-Lex on 22/10/2024

CSDR Tool Delegated Regulation 2017/392

Delegated Regulation 2017/392

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)

CHAPTER I - GENERAL PROVISIONS (Article 1)Article 1 - Definitions

CHAPTER II - DETERMINATION OF THE MOST RELEVANT CURRENCIES AND PRACTICAL ARRANGEMENTS FOR THE CONSULTATION OF THE RELEVANT COMPETENT AUTHORITIES (Article 2-3)Article 2 - Determination of most relevant currencies GL 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

CHAPTER III - AUTHORISATION OF CSDs (Article 4-38)

SECTION 1 - General information on applicant CSDs (Article 4-7)Article 4 - Identification and legal status of applicant CSDs Q&A Article 5 - General information concerning policies and procedures Article 6 - Information concerning services and activities of the CSD Article 7 - Information concerning groups

SECTION 2 - Financial resources for the provision of services by the applicant CSD (Article 8)Article 8 - Financial reports, business plan, and recovery plan

SECTION 3 - Organisational requirements (Article 9-17)Article 9 - Organisational chart Article 10 - Staffing policies and procedures Article 11 - Risk monitoring tools and governance arrangements Article 12 - Compliance, internal control and internal audit functions Article 13 - Senior management, management body and shareholders Article 14 - Management of conflicts of interest Article 15 - Confidentiality Article 16 - User committee Q&A Article 17 - Record-keeping Q&A

SECTION 4 - Conduct of business rules (Article 18-22)Article 18 - Goals and objectives Article 19 - Handling of complaints Article 20 - Requirements for participation Article 21 - Transparency Article 22 - Communication procedures with participants and other market infrastructures

SECTION 5 - Requirements for services provided by CSDs (Article 23-30)Article 23 - Book-entry form Article 24 - Intended settlement dates and measures for preventing and addressing settlement fails Article 25 - Integrity of the issue Article 26 - Protection of participants' and their clients' securities Article 27 - Settlement finality Article 28 - Cash settlement Article 29 - Participant default rules and procedures Article 30 - Transfer of participants and clients' assets in case of a withdrawal of authorisation

SECTION 6 - Prudential requirements (Article 31-35)Article 31 - Legal risks Article 32 - General business risks Article 33 - Operational risks GL Article 34 - Investment policy Article 35 - Capital requirements

SECTION 7 (Article 36)Article 36 - CSD links Q&A

SECTION 8 - Access to CSDs (Article 37)Article 37 - Access rules

SECTION 9 - Additional information (Article 38)Article 38 - Request for additional information

CHAPTER IV - PARTICIPATION OF CSDs IN CERTAIN ENTITIES (Article 39)Article 39 - Criteria for participation of a CSD

CHAPTER V - REVIEW AND EVALUATION (Article 40-45)Article 40 - Information to be provided to the competent authority Q&A Article 41 - Periodic information relevant for the reviews Article 42 - Statistical data to be delivered for each review and evaluation Q&A Article 43 - Other information Article 44 - Information to be supplied to the authorities referred to in Article 22(7) of Regulation (EU) No 909/2014 Article 45 - Exchange of information between the competent authorities referred to in Article 22(8) of Regulation (EU) No 909/2014

CHAPTER VI - RECOGNITION OF A THIRD-COUNTRY CSD (Article 46)Article 46 - Content of the application

CHAPTER VII - RISK MONITORING TOOLS (Article 47-52)Article 47 - Risk monitoring tools of CSDs Q&AGL Article 48 - Risk monitoring committees Q&A Article 49 - Responsibilities of key personnel in respect to the risks Q&A Article 50 - Conflicts of interest Q&AGL Article 51 - Audit methods Article 52 - Sharing audit findings with the user committee

CHAPTER VIII - RECORD-KEEPING (Article 53-58)Article 53 - General requirements Q&A Article 54 - Transaction/settlement instruction (Flow) records Q&A Article 55 - Position (Stock) records Q&A Article 56 - Ancillary Services Records Article 57 - Business Records Q&AGL Article 58 - Additional records

CHAPTER IX - RECONCILIATION MEASURES (Article 59-65)Article 59 - General reconciliation measures Article 60 - Reconciliation measures for corporate actions Article 61 - Reconciliation measures for the registrar model Article 62 - Reconciliation measures for the transfer agent model Article 63 - Reconciliation measures for the common depository model Article 64 - Additional measures where other entities are involved in the reconciliation process Article 65 - Problems related to reconciliation Q&A

CHAPTER X - OPERATIONAL RISKS (Article 66-80)

SECTION 1 - Identifying operational risks (Article 66-69)Article 66 - General operational risks and their assessment GL Article 67 - Operational risks that may be posed by key participants Article 68 - Operational risks that may be posed by critical utilities and critical service providers Q&AGL Article 69 - Operational risks that may be posed by other CSDs or market infrastructures Q&A

SECTION 2 - Methods to test, address and minimise operational risks (Article 70-74)Article 70 - Operational risk-management system and framework Article 71 - Integration of and compliance with the operational and enterprise risk-management system Article 72 - Operational risk-management function Article 73 - Audit and testing Article 74 - Mitigation of operational risk through insurance

SECTION 3 - IT systems (Article 75)Article 75 - IT tools Q&AGL

SECTION 4 - Business continuity (Article 76-80)Article 76 - Strategy and policy Q&AGL Article 77 - Business impact analysis Article 78 - Disaster recovery GL Article 79 - Testing and monitoring Q&A Article 80 - Maintenance GL

CHAPTER XI - INVESTMENT POLICY (Article 81-83)Article 81 - Highly liquid instruments with minimal market and credit risk Article 82 - Appropriate timeframe for access to assets Q&A Article 83 - Concentration limits to individual entities

CHAPTER XII - CSD LINKS (Article 84-87)Article 84 - Conditions for the adequate protection of linked CSDs and of their participants Q&A Article 85 - Monitoring and management of additional risks resulting from the use of indirect links or intermediaries to operate CSD links Q&A Article 86 - Reconciliation procedures for linked CSDs Article 87 - DVP settlement through CSD links

CHAPTER XIII - ACCESS TO A CSD (Article 88-90)Article 88 - Receiving and requesting parties

SECTION 1 - Criteria justifying refusal of access (Article 89)Article 89 - Risks to be taken into account by CSDs and competent authorities

SECTION 2 - Procedure for refusal of access (Article 90)Article 90 - Procedure

CHAPTER XIV - AUTHORISATION TO PROVIDE BANKING TYPE OF ANCILLARY SERVICES (Article 91-94)Article 91 - CSDs offering banking-type ancillary services themselves Q&A Article 92 - CSDs offering banking-type ancillary services through a designated credit institution Article 93 - Specific requirements Article 94 - Standard forms and templates for the application

CHAPTER XV - FINAL PROVISIONS (Article 95-96)Article 95 - Transitional provisions Article 96 - Entry into force and application

ANNEX I ANNEX II ANNEX III

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