+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 Subject matter and scope
---------+Article 1 1.
---------+Article 1 2.
---------+Article 1 3.
---------+Article 1 4.
------+Article 2 Definitions
---------+Article 2 1.
---------+Article 2 2.
---+TITLE II SECURITIES SETTLEMENT
------+CHAPTER I Book-entry form
---------+Article 3 Book-entry form
------------+Article 3 1.
------------+Article 3 2.
---------+Article 4 Enforcement
------------+Article 4 1.
------------+Article 4 2.
------------+Article 4 3.
------+CHAPTER II Settlement periods
---------+Article 5 Intended settlement date
------------+Article 5 1.
------------+Article 5 2.
------------+Article 5 3.
------+CHAPTER III Settlement discipline
---------+Article 6 Measures to prevent settlement fails
------------+Article 6 1.
------------+Article 6 2.
------------+Article 6 3.
------------+Article 6 4.
------------+Article 6 5.
---------+Article 7 Measures to address settlement fails
------------+Article 7 1.
------------+Article 7 2.
------------+Article 7 3.
------------+Article 7 4.
------------+Article 7 5.
------------+Article 7 6.
------------+Article 7 7.
------------+Article 7 8.
------------+Article 7 9.
------------+Article 7 10.
---------+Article 7a Mandatory buy-in process
------------+Article 7a 1.
------------+Article 7a 2.
------------+Article 7a 3.
------------+Article 7a 4.
------------+Article 7a 5.
------------+Article 7a 6.
------------+Article 7a 7.
------------+Article 7a 8.
------------+Article 7a 9.
------------+Article 7a 10.
------------+Article 7a 11.
------------+Article 7a 12.
------------+Article 7a 13.
------------+Article 7a 14.
------------+Article 7a 15.
---------+Article 8 Enforcement
------------+Article 8 1.
------------+Article 8 2.
------------+Article 8 3.
------+CHAPTER IV Internalised settlement
---------+Article 9 Settlement internalisers
------------+Article 9 1.
------------+Article 9 2.
------------+Article 9 3.
---+TITLE III CENTRAL SECURITIES DEPOSITORIES
------+CHAPTER I Authorisation and supervision of CSDs
---------+Section 1 Authorities responsible for authorisation and supervision of CSDs
------------+Article 10 Competent authority
------------+Article 11 Designation of the competent authority
---------------+Article 11 1.
---------------+Article 11 2.
---------------+Article 11 3.
------------+Article 12 Relevant authorities
---------------+Article 12 1.
---------------+Article 12 2.
---------------+Article 12 3.
------------+Article 13 Exchange of information
---------------+Article 13 1.
---------------+Article 13 2.
------------+Article 14 Cooperation between authorities
---------------+Article 14 1.
---------------+Article 14 2.
------------+Article 15 Emergency situations
---------+Section 2 Conditions and procedures for authorisation of CSDs
------------+Article 16 Authorisation of a CSD
---------------+Article 16 1.
---------------+Article 16 2.
---------------+Article 16 3.
---------------+Article 16 4.
------------+Article 17 Procedure for granting authorisation
---------------+Article 17 1.
---------------+Article 17 2.
---------------+Article 17 3.
---------------+Article 17 4.
---------------+Article 17 5.
---------------+Article 17 6.
---------------+Article 17 7.
---------------+Article 17 7a.
---------------+Article 17 8.
---------------+Article 17 8a.
---------------+Article 17 9.
---------------+Article 17 10.
------------+Article 18 Effects of the authorisation
---------------+Article 18 1.
---------------+Article 18 2.
---------------+Article 18 3.
---------------+Article 18 4.
------------+Article 19 Extension and outsourcing of activities and services
---------------+Article 19 1.
---------------+Article 19 2.
---------------+Article 19 3.
---------------+Article 19 4.
---------------+Article 19 5.
---------------+Article 19 6.
---------------+Article 19 7.
---------------+Article 19 8.
------------+Article 20 Withdrawal of authorisation
---------------+Article 20 1.
---------------+Article 20 2.
---------------+Article 20 3.
---------------+Article 20 4.
---------------+Article 20 5.
------------+Article 21 CSD register
---------------+Article 21 1.
---------------+Article 21 2.
---------------+Article 21 3.
---------+Section 3 Supervision of CSDs
------------+Article 22 Review and evaluation
---------------+Article 22 1.
---------------+Article 22 5.
---------------+Article 22 6.
---------------+Article 22 7.
---------------+Article 22 8.
---------------+Article 22 9.
---------------+Article 22 10.
---------------+Article 22 11.
------------+Article 22a Plans for recovery and orderly wind-down
---------------+Article 22a 1.
---------------+Article 22a 2.
---------------+Article 22a 3.
---------------+Article 22a 4.
---------------+Article 22a 5.
---------------+Article 22a 6.
---------------+Article 22a 7.
---------+Section 4 Provision of services in another member state
------------+Article 23 Freedom to provide services in another Member State
---------------+Article 23 1.
---------------+Article 23 2.
---------------+Article 23 3.
---------------+Article 23 4.
---------------+Article 23 5.
---------------+Article 23 6.
---------------+Article 23 7.
---------------+Article 23 8.
---------------+Article 23 9.
---------------+Article 23 10.
------------+Article 24 Cooperation between authorities of the home Member State and of the host Member State and peer review
---------------+Article 24 1.
---------------+Article 24 2.
---------------+Article 24 3.
---------------+Article 24 5.
---------------+Article 24 6.
---------------+Article 24 8.
------------+Article 24a College of supervisors
---------------+Article 24a 1.
---------------+Article 24a 2.
---------------+Article 24a 3.
---------------+Article 24a 4.
---------------+Article 24a 5.
---------------+Article 24a 6.
---------------+Article 24a 7.
---------------+Article 24a 8.
---------------+Article 24a 9.
---------------+Article 24a 10.
---------------+Article 24a 11.
---------------+Article 24a 12.
---------------+Article 24a 13.
---------+Section 5 Relations with third countries
------------+Article 25 Third countries
---------------+Article 25 1.
---------------+Article 25 2.
---------------+Article 25 2a.
---------------+Article 25 3.
---------------+Article 25 4.
---------------+Article 25 5.
---------------+Article 25 6.
---------------+Article 25 7.
---------------+Article 25 8.
---------------+Article 25 9.
---------------+Article 25 10.
---------------+Article 25 11.
---------------+Article 25 12.
---------------+Article 25 13.
------+CHAPTER II Requirements for CSDs
---------+Section 1 Organisational requirements
------------+Article 26 General provisions
---------------+Article 26 1.
---------------+Article 26 2.
---------------+Article 26 3.
---------------+Article 26 4.
---------------+Article 26 5.
---------------+Article 26 6.
---------------+Article 26 7.
---------------+Article 26 8.
---------------+Article 26 9.
------------+Article 27 Senior management, management body and shareholders
---------------+Article 27 1.
---------------+Article 27 2.
---------------+Article 27 3.
---------------+Article 27 4.
---------------+Article 27 5.
---------------+Article 27 6.
---------------+Article 27 7.
---------------+Article 27 8.
---------------+Article 27 9.
---------------+Article 27 10.
---------------+Article 27 11.
------------+Article 27a Information to competent authorities
---------------+Article 27a 1.
---------------+Article 27a 2.
---------------+Article 27a 3.
---------------+Article 27a 4.
---------------+Article 27a 5.
---------------+Article 27a 6.
---------------+Article 27a 7.
---------------+Article 27a 8.
---------------+Article 27a 9.
------------+Article 27b Assessment
---------------+Article 27b 1.
---------------+Article 27b 2.
---------------+Article 27b 3.
---------------+Article 27b 4.
---------------+Article 27b 5.
---------------+Article 27b 6.
---------------+Article 27b 7.
------------+Article 27c Derogation for CSDs providing banking-type ancillary services
------------+Article 28 User committee
---------------+Article 28 1.
---------------+Article 28 2.
---------------+Article 28 3.
---------------+Article 28 4.
---------------+Article 28 5.
---------------+Article 28 6.
------------+Article 29 Record keeping
---------------+Article 29 1.
---------------+Article 29 1a.
---------------+Article 29 2.
---------------+Article 29 3.
---------------+Article 29 4.
------------+Article 30 Outsourcing
---------------+Article 30 1.
---------------+Article 30 2.
---------------+Article 30 3.
---------------+Article 30 4.
---------------+Article 30 5.
------------+Article 31 Services provided by parties other than CSDs
---------------+Article 31 1.
---------------+Article 31 2.
---------------+Article 31 3.
---------+Section 2 Conduct of business rules
------------+Article 32 General provisions
---------------+Article 32 1.
---------------+Article 32 2.
------------+Article 33 Requirements for participation
---------------+Article 33 1.
---------------+Article 33 2.
---------------+Article 33 3.
---------------+Article 33 4.
---------------+Article 33 5.
---------------+Article 33 6.
------------+Article 34 Transparency
---------------+Article 34 1.
---------------+Article 34 2.
---------------+Article 34 3.
---------------+Article 34 4.
---------------+Article 34 5.
---------------+Article 34 6.
---------------+Article 34 7.
---------------+Article 34 8.
------------+Article 35 Communication procedures with participants and other market infrastructures
---------+Section 3 Requirements for CSD services
------------+Article 36 General provisions
------------+Article 37 Integrity of the issue
---------------+Article 37 1.
---------------+Article 37 2.
---------------+Article 37 3.
---------------+Article 37 4.
------------+Article 38 Protection of securities of participants and those of their clients
---------------+Article 38 1.
---------------+Article 38 2.
---------------+Article 38 3.
---------------+Article 38 4.
---------------+Article 38 5.
---------------+Article 38 6.
---------------+Article 38 7.
------------+Article 39 Settlement finality
---------------+Article 39 1.
---------------+Article 39 2.
---------------+Article 39 3.
---------------+Article 39 4.
---------------+Article 39 5.
---------------+Article 39 6.
---------------+Article 39 7.
------------+Article 40 Cash settlement
---------------+Article 40 1.
---------------+Article 40 2.
---------------+Article 40 3.
------------+Article 41 Participant default rules and procedures
---------------+Article 41 1.
---------------+Article 41 2.
---------------+Article 41 3.
---------------+Article 41 4.
---------+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 5 Requirements for CSD links
------------+Article 48 CSD links
---------------+Article 48 1.
---------------+Article 48 2.
---------------+Article 48 3.
---------------+Article 48 4.
---------------+Article 48 5.
---------------+Article 48 6.
---------------+Article 48 7.
---------------+Article 48 8.
---------------+Article 48 9.
---------------+Article 48 10.
------+CHAPTER III Access to CSDs
---------+Section 1 Access of issuers to CSDs
------------+Article 49 Freedom to issue in a CSD authorised in the Union
---------------+Article 49 1.
---------------+Article 49 2.
---------------+Article 49 3.
---------------+Article 49 4.
---------------+Article 49 5.
---------------+Article 49 6.
---------+Section 2 Access between CSDs
------------+Article 50 Standard link access
------------+Article 51 Customised link access
---------------+Article 51 1.
---------------+Article 51 2.
------------+Article 52 Procedure for CSD links
---------------+Article 52 1.
---------------+Article 52 2.
---------------+Article 52 3.
---------------+Article 52 4.
---------+Section 3 Access between a CSD and another market infrastructure
------------+Article 53 Access between a CSD and another market infrastructure
---------------+Article 53 1.
---------------+Article 53 2.
---------------+Article 53 3.
---------------+Article 53 4.
---------------+Article 53 5.
---+TITLE IV PROVISION OF BANKING-TYPE ANCILLARY SERVICES FOR CSD PARTICIPANTS
------+Article 54 Authorisation and designation to provide banking-type ancillary services
---------+Article 54 1.
---------+Article 54 2.
---------+Article 54 2a.
---------+Article 54 3.
---------+Article 54 4.
---------+Article 54 4a.
---------+Article 54 5.
---------+Article 54 6.
---------+Article 54 7.
---------+Article 54 8.
---------+Article 54 9.
------+Article 55 Procedure for granting and refusing authorisation to provide banking-type ancillary services
---------+Article 55 1.
---------+Article 55 2.
---------+Article 55 3.
---------+Article 55 4.
---------+Article 55 5.
---------+Article 55 6.
---------+Article 55 7.
---------+Article 55 8.
------+Article 56 Extension of the banking-type ancillary services
---------+Article 56 1.
---------+Article 56 2.
------+Article 57 Withdrawal of authorisation
---------+Article 57 1.
---------+Article 57 2.
---------+Article 57 3.
---------+Article 57 4.
---------+Article 57 5.
------+Article 58 CSD register
---------+Article 58 1.
---------+Article 58 2.
---------+Article 58 3.
------+Article 59 Prudential requirements applicable to credit institutions or CSDs authorised to provide banking-type ancillary services
---------+Article 59 1.
---------+Article 59 2.
---------+Article 59 3.
---------+Article 59 4.
---------+Article 59 4a.
---------+Article 59 5.
------+Article 60 Supervision of designated credit institutions and CSDs authorised to provide banking-type ancillary services
---------+Article 60 1.
---------+Article 60 2.
---------+Article 60 3.
---+TITLE V SANCTIONS
------+Article 61 Administrative sanctions and other measures
---------+Article 61 1.
---------+Article 61 2.
---------+Article 61 3.
---------+Article 61 4.
---------+Article 61 5.
---------+Article 61 6.
---------+Article 61 7.
---------+Article 61 8.
------+Article 62 Publication of decisions
---------+Article 62 1.
---------+Article 62 2.
------+Article 63 Sanctions for infringements
---------+Article 63 1.
---------+Article 63 2.
---------+Article 63 3.
------+Article 64 Effective application of sanctions
------+Article 65 Reporting of infringements
---------+Article 65 1.
---------+Article 65 2.
---------+Article 65 3.
------+Article 66 Right of appeal
---+TITLE VI DELEGATION OF POWER, IMPLEMENTING POWERS, TRANSITIONAL, AMENDING AND FINAL PROVISIONS
------+Article 67 Exercise of the delegation
---------+Article 67 1.
---------+Article 67 2.
---------+Article 67 2a.
---------+Article 67 3.
---------+Article 67 4.
---------+Article 67 5.
------+Article 68 Committee procedure
---------+Article 68 1.
---------+Article 68 2.
---------+Article 68 3.
------+Article 69 Transitional provisions
---------+Article 69 1.
---------+Article 69 2.
---------+Article 69 3.
---------+Article 69 4.
---------+Article 69 4a.
---------+Article 69 4b.
---------+Article 69 4c.
---------+Article 69 5.
---------+Article 69 6.
---------+Article 69 7.
---------+Article 69 8.
------+Article 70 Amendments to Directive 98/26/EC
------+Article 71 Amendments to Directive 2014/65/EU
------+Article 73 Application of Directive 2014/65/EU and Regulation (EU) No 600/2014
------+Article 74 Reports
---------+Article 74 1.
---------+Article 74 2.
---------+Article 74 3.
---------+Article 74 4.
---------+Article 74 5.
---------+Article 74 6.
---------+Article 74 7.
------+Article 75 Review
------+Article 76 Entry into force and application
---------+Article 76 1.
---------+Article 76 2.
---------+Article 76 3.
---------+Article 76 4.
---------+Article 76 5.
---------+Article 76 6.
---------+Article 76 7.
---+ANNEX
 English - European Union - Financial Industry -

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)

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)

This Regulation shall be binding in its entirety and directly applicable in all Member States.

1. Ħarsa ġenerali

,
TITLE I SUBJECT MATTER, SCOPE AND DEFINITIONS TITLE I SUBJECT MATTER, SCOPE AND DEFINITIONS
TITLE II SECURITIES SETTLEMENT TITLE II SECURITIES SETTLEMENT
TITLE III CENTRAL SECURITIES DEPOSITORIES TITLE III CENTRAL SECURITIES DEPOSITORIES
TITLE IV PROVISION OF BANKING-TYPE ANCILLARY SERVICES FOR CSD PARTICIPANTS TITLE IV PROVISION OF BANKING-TYPE ANCILLARY SERVICES FOR CSD PARTICIPANTS
TITLE V SANCTIONS TITLE V SANCTIONS
TITLE VI DELEGATION OF POWER, IMPLEMENTING POWERS, TRANSITIONAL, AMENDING AND FINAL PROVISIONS TITLE VI DELEGATION OF POWER, IMPLEMENTING POWERS, TRANSITIONAL, AMENDING AND FINAL PROVISIONS
ANNEX



ANNEX

LIST OF SERVICES

SECTION A

Core services of central securities depositories

1. Initial recording of securities in a book-entry system (‘notary service’);

2. Providing and maintaining securities accounts at the top tier level (‘central maintenance service’);

3. Operating a securities settlement system (‘settlement service’).

SECTION B

Non-banking-type ancillary services of CSDs that do not entail credit or liquidity risks

Services provided by CSDs that contribute to enhancing the safety, efficiency and transparency of the securities markets, which may include but are not restricted to:

1. 

Services related to the settlement service, such as:

(a) 

Organising a securities lending mechanism, as agent among participants of a securities settlement system;

(b) 

Providing collateral management services, as agent for participants in a securities settlement system;

(c) 

Settlement matching, instruction routing, trade confirmation, trade verification.

2. 

Services related to the notary and central maintenance services, such as:

(a) 

Services related to shareholders’ registers;

(b) 

Supporting the processing of corporate actions, including tax, general meetings and information services;

(c) 

New issue services, including allocation and management of ISIN codes and similar codes;

(d) 

Instruction routing and processing, fee collection and processing and related reporting.

3. 

Establishing CSD links, providing, maintaining or operating securities accounts in relation to the settlement service, collateral management, other ancillary services.

4. 

Any other services, such as:

(a) 

Providing general collateral management services as agent;

(b) 

Providing regulatory reporting;

(c) 

Providing information, data and statistics to market/census bureaus or other governmental or inter-governmental entities;

(d) 

Providing IT services.

SECTION C

Banking-type ancillary services

Banking-type services directly related to core or ancillary services listed in Sections A and B, such as:

(a) 

Providing cash accounts to, and accepting deposits from, participants in a securities settlement system and holders of securities accounts, within the meaning of point 1 of Annex I to Directive 2013/36/EU;

(b) 

Providing cash credit for reimbursement no later than the following business day, cash lending to pre-finance corporate actions and lending securities to holders of securities accounts, within the meaning of point 2 of Annex I to Directive 2013/36/EU;

(c) 

Payment services involving processing of cash and foreign exchange transactions, within the meaning of point 4 of Annex I to Directive 2013/36/EU;

(d) 

Guarantees and commitments related to securities lending and borrowing, within the meaning of point 6 of Annex I to Directive 2013/36/EU;

(e) 

Treasury activities involving foreign exchange and transferable securities related to managing participants’ long balances, within the meaning of points 7(b) and (e) of Annex I to Directive 2013/36/EU.

1.1 Referenzi

1.2 Rekwiżiti identifikati

1.3 Standards relatati

2. Rekwiżiti identifikati

Rekwiżiti

3. Standards relatati

Standards

Kwistjonijiet marbuta

Links
is related to Imported: Zentralverwahrer-Verordnung (CSDR) (CELEX:02014R0909-20260117)