Retained EU Law SI 2014/909 United Kingdom

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)

Read it on legislation.gov.uk (opens in a new tab)
Status
In Force
Penalty ceiling
Regulated

Does it bind you?

Business-side roles with duties under this instrument.

Financial Services Firm35 Any Person3

Other Acts binding the same actors

If a role above is yours, these are the other instruments that most often bind it.

Financial Services Firm — also bound by 167 other Acts
Any Person — also bound by 2340 other Acts

What it requires

Regulations creating concrete business duties or carrying penalties, grouped as the instrument is structured. Titles link to the source text — blue means you’re leaving for legislation.gov.uk.

s.art003 Book-entry form Regulated
  • Arrange for securities to be in book-entry formFinancial Services Firm
s.art006 Measures to prevent settlement fails Regulated
  • Limit settlement fails by making arrangements with professional clientsFinancial Services Firm
s.art007 Measures to address settlement fails Regulated
  • Pay cash penalties and reimburse buy-in costs for settlement failsAny Person
s.art013 Exchange of information Regulated
  • Do not misuse confidential information received under securities settlement rulesAny Person
s.art016 Authorisation of a CSD Regulated
  • You must obtain authorisation before operating as a central securities depositoryFinancial Services Firm
s.art020 Withdrawal of authorisation Regulated
  • Establish procedures for orderly transfer of client assets if authorisation is withdrawnFinancial Services Firm
s.art022 Review and evaluation Regulated
  • Submit a recovery plan and take corrective actions when required by the regulatorFinancial Services Firm
s.art026 General provisions Regulated
  • Maintain robust governance arrangements and internal controlsFinancial Services Firm
s.art027 Senior management, management body and shareholders Regulated
  • Report ownership and get approval for control changesFinancial Services Firm
s.art028 User committee Regulated
  • Establish and operate user committees for each securities settlement systemFinancial Services Firm
s.art029 Record keeping Regulated
  • Keep all records on services and activities for 10 yearsFinancial Services Firm
s.art030 Outsourcing Regulated
  • Maintain full responsibility when outsourcing and comply with conditionsFinancial Services Firm
s.art032 General provisions Regulated
  • Set clear goals and objectives; have transparent complaint rulesFinancial Services Firm
s.art033 Requirements for participation Regulated
  • Ensure fair and open access to your securities settlement systemFinancial Services Firm
s.art034 Transparency Regulated
  • Publish transparent pricing and fee information for core servicesFinancial Services Firm
s.art036 General provisions Regulated
  • CSDs must have rules and controls to safeguard securities and settlementFinancial Services Firm
s.art037 Integrity of the issue Regulated
  • CSD must reconcile securities daily and maintain issue integrityFinancial Services Firm
s.art038 Protection of securities of participants and those of their clients Regulated
  • Offer clients choice of segregation options and disclose costs and risksAny Person
s.art039 Settlement finality Regulated
  • Ensure settlement finality and timely settlement of securities and cashFinancial Services Firm
s.art040 Cash settlement Regulated
  • Settle cash payments properly and inform clients of risksFinancial Services Firm
s.art041 Participant default rules and procedures Regulated
  • Have clear default rules and procedures for your securities settlement systemFinancial Services Firm
s.art042 General requirements Regulated
  • Adopt a sound risk-management framework for all risks including fraud and negligenceFinancial Services Firm
s.art043 Legal risks Regulated
  • Ensure clear, enforceable rules and mitigate cross‑jurisdiction legal risksFinancial Services Firm
s.art044 General business risk Regulated
  • Have robust management and IT systems to manage general business riskFinancial Services Firm
s.art045 Operational risks Regulated
  • Manage operational risks, IT security and business continuityFinancial Services Firm
s.art046 Investment policy Regulated
  • Safeguard financial assets with approved institutionsFinancial Services Firm
s.art047 Capital requirements Regulated
  • Maintain sufficient capital and a capital-raising planFinancial Services Firm
s.art048 CSD links Regulated
  • Identify, assess, monitor and manage risks from CSD linksFinancial Services Firm
s.art049 Freedom to issue in a CSD or third-country CSD Regulated
  • CSDs must respond to issuer requests within three months and treat them fairlyFinancial Services Firm
s.art050 Standard link access Regulated
  • CSDs have a right to set up a standard link with another CSD after notifying themFinancial Services Firm
s.art051 Customised link access Regulated
  • Do not reject customised link requests except on risk groundsFinancial Services Firm
s.art052 Procedure for CSD links Regulated
  • Respond promptly to CSD access requests and provide reasons for refusalFinancial Services Firm
s.art053 Access between a CSD or third-country CSD and another market infrastructure Regulated
  • Provide non-discriminatory transaction feeds and access to securities settlement systemsFinancial Services Firm
s.art054 Authorisation and designation to provide banking-type ancillary services Regulated
  • Do not provide banking-type ancillary services without additional authorisationFinancial Services Firm
s.art056 Extension of the banking-type ancillary services Regulated
  • CSDs must apply for extension of banking-type ancillary servicesFinancial Services Firm
s.art057 Withdrawal of authorisation Regulated
  • Contingency plan for client asset transfer on authorisation withdrawalFinancial Services Firm
s.art059 Prudential requirements applicable to credit institutions or CSDs authorised to provide banking-type ancillary services Regulated
  • Manage credit and liquidity risks when providing banking-type ancillary servicesFinancial Services Firm
s.art060 Supervision of designated credit institutions and CSDs authorised to provide banking-type ancillary services Regulated
  • CSDs must obtain information from designated credit institutions and report breachesFinancial Services Firm
38 other provisions — procedural and definitional
s.art001 Subject matter and scope
s.art002 Definitions
s.art004 Enforcement
s.art005 Intended settlement date
s.art008 Enforcement
s.art009 Settlement internalisers
s.art010 Competent authority
s.art011 Designation of the competent authority
s.art012 Relevant authorities
s.art014 Cooperation between authorities
s.art015 Emergency situations
s.art017 Procedure for granting authorisation
s.art018 Effects of the authorisation
s.art019 Extension and outsourcing of activities and services
s.art021 CSD register
s.art023 Freedom to provide services in another Member State
s.art024 Cooperation between authorities of the home Member State and of the host Member State and peer review
s.art025 Third countries
s.art031 Services provided by parties other than CSDs
s.art035 Communication procedures with participants and other market infrastructures
s.art055 Procedure for granting and refusing authorisation to provide banking-type ancillary services
s.art058 CSD register
s.art061 Administrative sanctions and other measures
s.art062 Publication of decisions
s.art063 Sanctions for infringements
s.art064 Effective application of sanctions
s.art065 Reporting of infringements
s.art066 Right of appeal
s.art067 Regulations
s.art068 Committee procedure
s.art069 Transitional provisions
s.art070 Amendments to Directive 98/26/EC
s.art071 Amendments to Directive 2014/65/EU
s.art072 Amendment to Regulation (EU) No 236/2012
s.art073 Application of the UK law on markets in financial instruments and Regulation (EU) No 600/2014
s.art074 Reports
s.art075 Review
s.art076 Entry into force and application

Duty extraction and severity labels are Guvnor’s analysis of the instrument, not the instrument itself. Always verify against the linked source text.