European Commission 11 November 2016, Commission Delegated Regulation (EU) 2017/392 of 11 November 2016 supplementing Regulation (EU) No 909/2014 of the European Parliament and of the Council with regard to regulatory technical standards on authorisation, supervisory and operational requirements for central securities depositories (Text with EEA relevance. )

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European Union · · · Cited by 83 · 11-11-2016

CHAPTER I. GENERAL PROVISIONS
Article 1. Definitions
CHAPTER II. DETERMINATION OF THE MOST RELEVANT CURRENCIES AND PRACTICAL ARRANGEMENTS FOR THE CONSULTATION OF THE RELEVANT COMPETENT AUTHORITIES
Article 2. Determination of most relevant currencies
Article 3. Practical arrangements for the consultation of the relevant authorities referred to in Article 12(1)(b) and (c) of Regulation (EU) No 909/2014
CHAPTER III. AUTHORISATION OF CSDs
SECTION 1. General information on applicant CSDs
Article 4. Identification and legal status of applicant CSDs
Article 5. General information concerning policies and procedures
Article 6. Information concerning services and activities of the CSD
Article 7. Information concerning groups
SECTION 2. Financial resources for the provision of services by the applicant CSD
Article 8. Financial reports, business plan, and recovery plan
SECTION 3. Organisational requirements
Article 9. Organisational chart
Article 10. Staffing policies and procedures
Article 11. Risk monitoring tools and governance arrangements
Article 12. Compliance, internal control and internal audit functions
Article 13. Senior management, management body and shareholders
Article 14. Management of conflicts of interest
Article 15. Confidentiality
Article 16. User committee
Article 17. Record-keeping
SECTION 4. Conduct of business rules
Article 18. Goals and objectives
Article 19. Handling of complaints
Article 20. Requirements for participation
Article 21. Transparency
Article 22. Communication procedures with participants and other market infrastructures
SECTION 5. Requirements for services provided by CSDs
Article 23. Book-entry form
Article 24. Intended settlement dates and measures for preventing and addressing settlement fails
Article 25. Integrity of the issue
Article 26. Protection of participants' and their clients' securities
Article 27. Settlement finality
Article 28. Cash settlement
Article 29. Participant default rules and procedures
Article 30. Transfer of participants and clients' assets in case of a withdrawal of authorisation
SECTION 6. Prudential requirements
Article 31. Legal risks
Article 32. General business risks
Article 33. Operational risks
Article 34. Investment policy
Article 35. Capital requirements
SECTION 7.
Article 36. CSD links
SECTION 8. Access to CSDs
Article 37. Access rules
SECTION 9. Additional information
Article 38. Request for additional information
CHAPTER IV. PARTICIPATION OF CSDs IN CERTAIN ENTITIES
Article 39. Criteria for participation of a CSD
CHAPTER V. REVIEW AND EVALUATION
Article 40. Information to be provided to the competent authority
Article 41. Periodic information relevant for the reviews
Article 42. Statistical data to be delivered for each review and evaluation
Article 43. Other information
Article 44. Information to be supplied to the authorities referred to in Article 22(7) of Regulation (EU) No 909/2014
Article 45. Exchange of information between the competent authorities referred to in Article 22(8) of Regulation (EU) No 909/2014
CHAPTER VI. RECOGNITION OF A THIRD-COUNTRY CSD
Article 46. Content of the application
CHAPTER VII. RISK MONITORING TOOLS
Article 47. Risk monitoring tools of CSDs
Article 48. Risk monitoring committees
Article 49. Responsibilities of key personnel in respect to the risks
Article 50. Conflicts of interest
Article 51. Audit methods
Article 52. Sharing audit findings with the user committee
CHAPTER VIII. RECORD-KEEPING
Article 53. General requirements
Article 54. Transaction/settlement instruction (Flow) records
Article 55. Position (Stock) records
Article 56. Ancillary Services Records
Article 57. Business Records
Article 58. Additional records
CHAPTER IX. RECONCILIATION MEASURES
Article 59. General reconciliation measures
Article 60. Reconciliation measures for corporate actions
Article 61. Reconciliation measures for the registrar model
Article 62. Reconciliation measures for the transfer agent model
Article 63. Reconciliation measures for the common depository model
Article 64. Additional measures where other entities are involved in the reconciliation process
Article 65. Problems related to reconciliation
CHAPTER X. OPERATIONAL RISKS
SECTION 1. Identifying operational risks
Article 66. General operational risks and their assessment
Article 67. Operational risks that may be posed by key participants
Article 68. Operational risks that may be posed by critical utilities and critical service providers
Article 69. Operational risks that may be posed by other CSDs or market infrastructures
SECTION 2. Methods to test, address and minimise operational risks
Article 70. Operational risk-management system and framework
Article 71. Integration of and compliance with the operational and enterprise risk-management system
Article 72. Operational risk-management function
Article 73. Audit and testing
Article 74. Mitigation of operational risk through insurance
SECTION 3. IT systems
Article 75. IT tools
SECTION 4. Business continuity
Article 76. Strategy and policy
Article 77. Business impact analysis
Article 78. Disaster recovery
Article 79. Testing and monitoring
Article 80. Maintenance
CHAPTER XI. INVESTMENT POLICY
Article 81. Highly liquid instruments with minimal market and credit risk
Article 82. Appropriate timeframe for access to assets
Article 83. Concentration limits to individual entities
CHAPTER XII. CSD LINKS
Article 84. Conditions for the adequate protection of linked CSDs and of their participants
Article 85. Monitoring and management of additional risks resulting from the use of indirect links or intermediaries to operate CSD links
Article 86. Reconciliation procedures for linked CSDs
Article 87. DVP settlement through CSD links
CHAPTER XIII. ACCESS TO A CSD
Article 88. Receiving and requesting parties
SECTION 1. Criteria justifying refusal of access
Article 89. Risks to be taken into account by CSDs and competent authorities
SECTION 2. Procedure for refusal of access
Article 90. Procedure
CHAPTER XIV. AUTHORISATION TO PROVIDE BANKING TYPE OF ANCILLARY SERVICES
Article 91. CSDs offering banking-type ancillary services themselves
Article 92. CSDs offering banking-type ancillary services through a designated credit institution
Article 93. Specific requirements
Article 94. Standard forms and templates for the application
CHAPTER XV. FINAL PROVISIONS
Article 95. Transitional provisions
Article 96. Entry into force and application
ANNEX I. Details to be included in the application for recognition of third-country CSDs

10.3.2017

Official Journal of the European Union

L 65/48

COMMISSION DELEGATED REGULATION (EU) 2017/392

of 11 November 2016

supplementing Regulation (EU) No 909/2014 of the European Parliament and of the Council with regard to regulatory technical standards on authorisation, supervisory and operational requirements for central securities depositories

(Text with EEA

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