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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

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

1.   Where one of the most relevant currencies determined in accordance with Article 2 of this Regulation is issued by more than one central bank, those central banks shall determine a single representative as the relevant authority for that currency referred to in point (b) of Article 12(1) of Regulation (EU) No 909/2014.

2.   Where the cash leg of securities transactions is settled in accordance with Article 40(1) of Regulation (EU) No 909/2014 through accounts opened with several central banks that issue the same currency, those central banks shall determine a single representative as a relevant authority referred to in point (c) of Article 12(1) of that Regulation.