+Article 54 5.

Article 54 5.

Paragraph 4 shall not apply to credit institutions referred to in paragraph 2a, point (a), and paragraph 4a shall not apply to credit institutions and CSDs referred to in paragraph 2a, that offer to settle the cash payments for all or part of the CSD’s securities settlement systems, if the total value of such cash settlement through accounts opened with those credit institutions and CSDs, as applicable, calculated over a one-year period, does not exceed the threshold determined in accordance with paragraph 9.

The competent authority shall monitor at least once per year that the threshold referred to in the first subparagraph is respected. The competent authority shall transmit its findings together with the underlying data to ESMA and EBA. The competent authority shall also transmit its findings to the members of the ESCB. Without prejudice to Article 40(1), where the competent authority determines that the threshold has been exceeded, the competent authority shall require the CSD concerned to seek authorisation in accordance with paragraph 2. The CSD concerned shall submit its application for authorisation within six months.

1. Prezentare generală

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1.1 Referințe

1.2 Cerințe identificate

1.3 Standarde asociate

2. Cerințe identificate

Cerințe

3. Standarde asociate

Standarde
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