Council of the European Union and European Parliament 23 July 2014, 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

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European Union · · · Cited by 2,134 · 23-07-2014

TITLE I. SUBJECT MATTER, SCOPE AND DEFINITIONS
Article 1. Subject matter and scope
Article 2. Definitions
TITLE II. SECURITIES SETTLEMENT
CHAPTER I. Book-entry form
Article 3. Book-entry form
Article 4. Enforcement
CHAPTER II. Settlement periods
Article 5. Intended settlement date
CHAPTER III. Settlement discipline
Article 6. Measures to prevent settlement fails
Article 7. Measures to address settlement fails
Article 8. Enforcement
CHAPTER IV. Internalised settlement
Article 9. Settlement internalisers
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 12. Relevant authorities
Article 13. Exchange of information
Article 14. Cooperation between authorities
Article 15. Emergency situations
Section 2. Conditions and procedures for authorisation of CSDs
Article 16. Authorisation of a CSD
Article 17. Procedure for granting authorisation
Article 18. Effects of the authorisation
Article 19. Extension and outsourcing of activities and services
Article 20. Withdrawal of authorisation
Article 21. CSD register
Section 3. Supervision of CSDs
Article 22. Review and evaluation
Section 4. Provision of services in another member state
Article 23. Freedom to provide services in another Member State
Article 24. Cooperation between authorities of the home Member State and of the host Member State and peer review
Section 5. Relations with third countries
Article 25. Third countries
CHAPTER II. Requirements for CSDs
Section 1. Organisational requirements
Article 26. General provisions
Article 27. Senior management, management body and shareholders
Article 28. User committee
Article 29. Record keeping
Article 30. Outsourcing
Article 31. Services provided by parties other than CSDs
Section 2. Conduct of business rules
Article 32. General provisions
Article 33. Requirements for participation
Article 34. Transparency
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 38. Protection of securities of participants and those of their clients
Article 39. Settlement finality
Article 40. Cash settlement
Article 41. Participant default rules and procedures
Section 4. Prudential requirements
Article 42. General requirements
Article 43. Legal risks
Article 44. General business risk
Article 45. Operational risks
Article 46. Investment policy
Article 47. Capital requirements
Section 5. Requirements for CSD links
Article 48. CSD links
CHAPTER III. Access to CSDs
Section 1. Access of issuers to CSDs
Article 49. Freedom to issue in a CSD authorised in the Union
Section 2. Access between CSDs
Article 50. Standard link access
Article 51. Customised link access
Article 52. Procedure for CSD links
Section 3. Access between a CSD and another market infrastructure
Article 53. Access between a CSD and another market infrastructure
TITLE IV. PROVISION OF BANKING-TYPE ANCILLARY SERVICES FOR CSD PARTICIPANTS
Article 54. Authorisation and designation to provide banking-type ancillary services
Article 55. Procedure for granting and refusing authorisation to provide banking-type ancillary services
Article 56. Extension of the banking-type ancillary services
Article 57. Withdrawal of authorisation
Article 58. CSD register
Article 59. Prudential requirements applicable to credit institutions or CSDs authorised to provide banking-type ancillary services
Article 60. Supervision of designated credit institutions and CSDs authorised to provide banking-type ancillary services
TITLE V. SANCTIONS
Article 61. Administrative sanctions and other measures
Article 62. Publication of decisions
Article 63. Sanctions for infringements
Article 64. Effective application of sanctions
Article 65. Reporting of infringements
Article 66. Right of appeal
TITLE VI. DELEGATION OF POWER, IMPLEMENTING POWERS, TRANSITIONAL, AMENDING AND FINAL PROVISIONS
Article 67. Exercise of the delegation
Article 68. Committee procedure
Article 69. Transitional provisions
Article 70. Amendments to Directive 98/26/EC
Article 71. Amendments to Directive 2014/65/EU
Article 72. Amendment to Regulation (EU) No 236/2012
Article 73. Application of Directive 2014/65/EU and Regulation (EU) No 600/2014
Article 74. Reports
Article 75. Review
Article 76. Entry into force and application

28.8.2014

Official Journal of the European Union

L 257/1

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)

THE EUROPEAN PARLIAMENT

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