+Artikel 39 Wirksamkeit der Lieferung und Abrechnung
---+Article 39 1.
---+Article 39 2.
---+Article 39 3.
---+Article 39 4.
---+Article 39 5.
---+Article 39 6.
---+Article 39 7.

Artikel 39 Wirksamkeit der Lieferung und Abrechnung

1. Übersicht

,
Article 39 1.
A CSD shall ensure that the securities settlement system it operates offers adequate protection to participants. Member States shall designate and notify the securities settlement systems operated by CSDs according to the procedures referred to in point (a) of Article 2 of Directive 98/26/EC.
Article 39 2.
A CSD shall ensure that each securities settlement system that it operates defines the moments of entry and of irrevocability of transfer orders in that securities settlement system in accordance with Articles 3 and 5 of Directive 98/26/EC.
Article 39 3.
A CSD shall disclose the rules governing the finality of transfers of securities and cash in a securities settlement system.
Article 39 4.
Paragraphs 2 and 3 shall apply without prejudice to the provisions applicable to CSD links, and without prejudice to paragraph 8 of Article 48.
Article 39 5.
A CSD shall take all reasonable steps to ensure that, in accordance with the rules referred to in paragraph 3, finality of transfers of securities and cash referred to in paragraph 3 is achieved either in real time or intra-day and in any case no later than by the end of the business day of the actual settlement date.
Article 39 6.
Where the CSD offers the services referred to in Article 40(2), it shall ensure that the cash proceeds of securities settlements shall be available for recipients to use no later than by the end of the business day of the intended settlement date.
Article 39 7.
All securities transactions against cash between direct participants in a securities settlement system operated by a CSD and settled in that securities settlement system shall be settled on a DVP basis.

1.1 Referenzen

1.2 Identifizierte Anforderungen

1.3 Zugehörige Standards

2. Identifizierte Anforderungen

Anforderungen

3. Zugehörige Standards

Standards
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