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The Central Securities Depositories Regulations 2017

Consolidated Text As Enacted Cited authorities 189 Cited in Amendments 103 Related
Vincent
JurisdictionUK Non-devolved
CitationSI 2017/1064
  • These Regulations may be cited as the Central Securities Depositories Regulations 2017 and come into force on 28th November 2017.
    • (1) The Financial Services and Markets Act 2000 is amended as follows.(2) In section 3A (3) In section 55G in subsection (1) for “or recognised clearing house” substitute “ , recognised clearing house or recognised CSD ”;in subsections (1) (a) and (b) and (2) (a) for “or clearing house” substitute “ , clearing house or central securities depository ”.after subsection (1) insert—
    • “(1A) For the purposes of this section, in the case of a reference to the Tribunal under section 290(4A) (which relates to an application by a central securities depository under section 288A) , the failure by the Bank of England to make a decision is treated as a decision to refuse the application (and accordingly is treated as falling within subsection (1) (b) ) .
    ;    For the purposes of this section, in the case of a reference to the Tribunal under section 290(4A) (which relates to an application by a central securities depository under section 288A) , the failure by the Bank of England to make a decision is treated as a decision to refuse the application (and accordingly is treated as falling within subsection (1) (b) ) .in subsection (7A) (m) , after “312E” insert “ or 312FA ” and after “312F” insert “ or 312FA ”.(6) In section 192B (7) In section 192F (consultation between regulators) , in subsection (3) after “recognised clearing house” insert “ or a recognised CSD ”.(8) For the heading of Part 18 substitute “ Recognised investment exchanges, clearing houses and CSDs ”.for the heading substitute “ Exemption for recognised bodies etc. ”;omit “and” after paragraph (c) ;after paragraph (d) insert—
    • (e) “recognised CSD” means a central securities depository in relation to which a recognition order is in force;
    • (f) “EEA CSD” means a person established in an EEA State other than the United Kingdom who has been authorised by the competent authority of that State as a central securities depository pursuant to Article 16 of the CSD regulation ; and
    • (g) “third country CSD” means a central securities depository established in a State which is not an EEA State which has been recognised by ESMA pursuant to Article 25 of the CSD regulation.
    ;    “recognised CSD” means a central securities depository in relation to which a recognition order is in force;“EEA CSD” means a person established in an EEA State other than the United Kingdom who has been authorised by the competent authority of that State as a central securities depository pursuant to Article 16 of the CSD regulation ; and“third country CSD” means a central securities depository established in a State which is not an EEA State which has been recognised by ESMA pursuant to Article 25 of the CSD regulation.after subsection (3C) insert—
    • “(3D) A recognised CSD is exempt from the general prohibition as respects any regulated activity which is carried on for the purposes of, or in connection with—
    • (a) the core services listed in Section A of the Annex to the CSD regulation which the central securities depository is authorised to provide pursuant to Article 16 or 19(1) (a) or (c) of that regulation, or
    • (b) any non-banking-type ancillary services listed in or permitted under Section B of that Annex which the central securities depository is authorised to provide, including services notified under Article 19 of the CSD regulation.
    the core services listed in Section A of the Annex to the CSD regulation which the central securities depository is authorised to provide pursuant to Article 16 or 19(1) (a) or (c) of that regulation, orany non-banking-type ancillary services listed in or permitted under Section B of that Annex which the central securities depository is authorised to provide, including services notified under Article 19 of the CSD regulation.An EEA CSD is exempt from the general prohibition as respects any regulated activity which is carried on for the purposes of, or in connection with, the services and activities covered by its authorisation granted pursuant to Article 16 of the CSD regulation (including additional services authorised or notified under Article 19 of that regulation) .But where Article 23(2) of the CSD regulation applies to an EEA CSD, the EEA CSD is exempt from the general prohibition as mentioned in subsection (3E) only if Article 23(6) of that regulation is complied with.A third country CSD is exempt from the general prohibition as respects any regulated activity which is carried on for the purposes of, or in connection with, the services and activities covered by its recognition by ESMA pursuant to Article 25 of the CSD regulation.But a recognised CSD, an EEA CSD or a third country CSD is not exempt from the general prohibition as respects any regulated activity which is carried on for the purposes of, or in connection with, any banking-type ancillary service listed in or permitted under Section C of the Annex to the CSD regulation.for the heading substitute “ Powers exercisable in relation to recognised bodies ”;in subsection (2) , after “recognised clearing houses” insert “ , recognised CSDs and EEA CSDs ”;in paragraph (a) for “investment exchanges and clearing houses” substitute “ bodies ”;in paragraph (c) after “recognised clearing houses” insert “ and recognised CSDs ”.in subsection (1) (a) for “or clearing house” substitute “ , clearing house or central securities depository ”;in subsection (2) for “or clearing house” substitute “ , clearing house or central securities depository ”;in subsection (3) for “or clearing house”, in both places, substitute “ , clearing house or central securities depository ”.(12) In section 288 This section applies only in relation to an application by a clearing house.(13) After section 288 insert—
      (288A) Application by a central securities depositoryWhere a legal person which is established in the United Kingdom intends—
    • (a) to operate a securities settlement system referred to in point (3) of Section A of the Annex to the CSD regulation, and
    • (b) to provide at least one other core service listed in Section A of that Annex,
      • it may apply to the Bank of England in accordance with Article 17 of the CSD regulation and any directly applicable EU regulation made under that Article for an order granting authorisation for the purposes of Article 16 of that regulation and declaring it to be a recognised CSD for the purposes of this Act.
    .    to operate a securities settlement system referred to in point (3) of Section A of the Annex to the CSD regulation, andto provide at least one other core service listed in Section A of that Annex,(14) In section 289 In relation to an application under section 288A, this section applies only in relation to information which the Bank of England may require in connection with recognition requirements which do not derive from the CSD regulation or any directly applicable EU regulation made under the CSD regulation.omit “or” at the end of paragraph (b) ;after paragraph (c) insert—
      ; or
    • (d) where the application is made under...
    where the application is made under

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