+Section 4 Prudential requirements
---+Article 42 General requirements
---+Article 43 Legal risks
------+Article 43 1.
------+Article 43 2.
------+Article 43 3.
---+Article 44 General business risk
---+Article 45 Operational risks
------+Article 45 1.
------+Article 45 3.
------+Article 45 4.
------+Article 45 5.
------+Article 45 6.
------+Article 45 7.
---+Article 46 Investment policy
------+Article 46 1.
------+Article 46 2.
------+Article 46 3.
------+Article 46 4.
------+Article 46 5.
------+Article 46 6.
---+Article 47 Capital requirements
------+Article 47 1.
------+Article 47 3.
---+Article 47a Deferred net settlement
------+Article 47a 1.
------+Article 47a 2.
------+Article 47a 3.

Section 4 Prudential requirements

1. Overview

Summary	Regulation
Article 42 General requirements	Article 42 General requirements A CSD shall adopt a sound risk-management framework for comprehensively managing legal, business, operational and other direct or indirect risks, including measures to mitigate fraud and negligence.
Article 43 Legal risks
Article 44 General business risk	Article 44 General business risk A CSD shall have robust management and control systems as well as IT tools in order to identify, monitor and manage general business risks, including losses from poor execution of business strategy, cash flows and operating expenses.
Article 45 Operational risks
Article 46 Investment policy
Article 47 Capital requirements
Article 47a Deferred net settlement

Requirements
Source	Requirement

Standards
Source	Requirement

Builddate: 17.01.2026 00:00:00 -Doknr: CELEX:32014R0909
EULAW -
EN: Legal acts of the European Union from EUR-Lex, https://eur-lex.europa.eu/. © European Union. Re-use is authorised by Decision 2011/833/EU, provided the source is acknowledged; the consolidated texts are licensed under CC BY 4.0 (EUR-Lex legal notice). Divided into sections and converted into the GRCA format, the wording unchanged. Only the legislation published in the Official Journal of the European Union is deemed authentic.

DE: Rechtsakte der Europäischen Union aus EUR-Lex, https://eur-lex.europa.eu/. © Europäische Union. Weiterverwendung nach Beschluss 2011/833/EU mit Quellenangabe gestattet; die konsolidierten Fassungen stehen unter CC BY 4.0 (Rechtlicher Hinweis von EUR-Lex). In Abschnitte aufgeteilt und in das GRCA-Format umgewandelt, der Wortlaut unverändert. Verbindlich sind allein die im Amtsblatt der Europäischen Union veröffentlichten Rechtsakte.