Retained EU Law SI 2017/392 United Kingdom

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)

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 Firm39 Applicant8

Plus 1 duty on the regulator, Crown ministers and public bodies — folded into the section list below.

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
Applicant — also bound by 307 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.art007 Information concerning groups Regulated
  • Include group information in CSD authorisation applicationApplicant
s.art011 Risk monitoring tools and governance arrangements Regulated
  • Include governance and risk monitoring details in CSD authorisation applicationApplicant
s.art021 Transparency Regulated
  • Include pricing policy and accounting information in authorisation applicationApplicant
s.art028 Cash settlement Regulated
  • Include cash settlement procedures in your CSD authorisation applicationApplicant
s.art031 Legal risks Regulated
  • Provide clear and enforceable rules and contracts across all jurisdictionsApplicant
s.art032 General business risks Regulated
  • Describe your risk-management systems and IT tools to the regulatorApplicant
s.art040 Information to be provided to the competent authority Regulated
  • Provide information and compliance report to the competent authorityFinancial Services Firm
s.art041 Periodic information relevant for the reviews Regulated
  • Provide periodic information to the competent authority for reviewsFinancial Services Firm
s.art042 Statistical data to be delivered for each review and evaluation Regulated
  • Provide statistical data to the competent authority each review periodFinancial Services Firm
s.art046 Content of the application Regulated
  • Submit recognition application in durable medium, paper and electronic, with unique reference numbersApplicant
s.art047 Risk monitoring tools of CSDs Regulated
  • Set up documented risk management policies and proceduresFinancial Services Firm
s.art048 Risk monitoring committees Regulated
  • Establish risk, audit and remuneration committeesFinancial Services Firm
s.art049 Responsibilities of key personnel in respect to the risks Regulated
  • Ensure staffing, governance, and appointment of risk, tech, and compliance officersFinancial Services Firm
s.art050 Conflicts of interest Regulated
  • Put in place and maintain a conflicts of interest policyFinancial Services Firm
s.art051 Audit methods Regulated
  • Establish and maintain a compliant internal audit functionFinancial Services Firm
s.art052 Sharing audit findings with the user committee Regulated
  • Share audit findings with your user committee when they relate to certain mattersFinancial Services Firm
s.art053 General requirements Regulated
  • Maintain full and accurate records of all activitiesFinancial Services Firm
s.art054 Transaction/settlement instruction (Flow) records Regulated
  • Maintain detailed records of all settlement instructions and transactionsFinancial Services Firm
s.art055 Position (Stock) records Regulated
  • Keep detailed records of securities positions, accounts and settlement failsFinancial Services Firm
s.art056 Ancillary Services Records Regulated
  • Keep accurate records of your ancillary servicesFinancial Services Firm
s.art057 Business Records Regulated
  • Maintain adequate business records including specified documentsFinancial Services Firm
s.art058 Additional records Regulated
  • Keep additional records requested by the regulatorFinancial Services Firm
s.art059 General reconciliation measures Regulated
  • Perform daily reconciliation for each securities issue and maintain accurate recordsFinancial Services Firm
s.art060 Reconciliation measures for corporate actions Regulated
  • Complete reconciliation before determining corporate action entitlements and update accounts after processingFinancial Services Firm
s.art063 Reconciliation measures for the common depository model Regulated
  • Reconcile securities balances daily with the common depositoryFinancial Services Firm
s.art064 Additional measures where other entities are involved in the reconciliation process Regulated
  • Reconcile records daily and provide account data to participantsFinancial Services Firm
s.art065 Problems related to reconciliation Regulated
Other duties (1) — Crown / regulator
  • CSD must analyse and resolve reconciliation mismatches — and report repeated errorsStatutory regulator
s.art066 General operational risks and their assessment Regulated
  • Identify and assess operational risks including pandemics and cyber-attacksFinancial Services Firm
s.art067 Operational risks that may be posed by key participants Regulated
  • Identify and manage operational risks from key participantsFinancial Services Firm
s.art068 Operational risks that may be posed by critical utilities and critical service providers Regulated
  • Manage risks from critical utilities and service providersFinancial Services Firm
s.art069 Operational risks that may be posed by other CSDs or market infrastructures Regulated
  • Ensure reliable and secure arrangements with other CSDs or market infrastructuresFinancial Services Firm
s.art070 Operational risk-management system and framework Regulated
  • Have a documented operational risk management framework with clear roles and IT controlsFinancial Services Firm
s.art071 Integration of and compliance with the operational and enterprise risk-management system Regulated
  • Integrate operational risk management and report incidentsFinancial Services Firm
s.art073 Audit and testing Regulated
  • Audit and test operational risk management framework every two yearsFinancial Services Firm
s.art075 IT tools Regulated
  • Maintain resilient, secure, and tested IT systemsFinancial Services Firm
s.art076 Strategy and policy Regulated
  • Maintain business continuity policy and ensure settlement resilienceFinancial Services Firm
s.art077 Business impact analysis Regulated
  • Conduct and maintain a business impact analysis and risk analysisFinancial Services Firm
s.art078 Disaster recovery Regulated
  • Maintain a disaster recovery plan with a two-hour recovery target for critical operationsFinancial Services Firm
s.art079 Testing and monitoring Regulated
  • Monitor and test your business continuity and disaster recovery plans at least annuallyFinancial Services Firm
s.art080 Maintenance Regulated
  • Regularly review and update business continuity policy and disaster recovery planFinancial Services Firm
s.art081 Highly liquid instruments with minimal market and credit risk Regulated
  • Use defined and objective methodology for internal risk assessment of financial instrumentsFinancial Services Firm
s.art082 Appropriate timeframe for access to assets Regulated
  • Implement procedures for timely access to assets and notify regulator of changesFinancial Services Firm
s.art083 Concentration limits to individual entities Regulated
  • Hold financial assets within acceptable concentration limitsFinancial Services Firm
s.art084 Conditions for the adequate protection of linked CSDs and of their participants Regulated
  • Meet all conditions when linking your CSD to another CSDFinancial Services Firm
s.art085 Monitoring and management of additional risks resulting from the use of indirect links or intermediaries to operate CSD links Regulated
  • Manage risks when using intermediaries for CSD linksFinancial Services Firm
s.art086 Reconciliation procedures for linked CSDs Regulated
  • Reconcile securities accounts daily with linked CSDsFinancial Services Firm
s.art089 Risks to be taken into account by CSDs and competent authorities Regulated
  • CSDs must consider legal, financial and operational risks when assessing access requestsFinancial Services Firm
s.art094 Standard forms and templates for the application Regulated
  • Submit authorisation application in standard format with supporting documentsApplicant
49 other provisions — procedural and definitional
uri:annex/iii/division/templates/division/2 uri:annex/iii/division/templates/division/2
s.art001 Definitions
s.art002 Determination of most relevant currencies
s.art003 Practical arrangements for the consultation of the relevant authorities referred to in Article 12(1)(b) and (c) of Regulation (EU) No 909/2014
s.art004 Identification and legal status of applicant CSDs
s.art005 General information concerning policies and procedures
s.art006 Information concerning services and activities of the CSD
s.art008 Financial reports, business plan, and recovery plan
s.art009 Organisational chart
s.art010 Staffing policies and procedures
s.art012 Compliance, internal control and internal audit functions
s.art013 Senior management, management body and shareholders
s.art014 Management of conflicts of interest
s.art015 Confidentiality
s.art016 User committee
s.art017 Record-keeping
s.art018 Goals and objectives
s.art019 Handling of complaints
s.art020 Requirements for participation
s.art022 Communication procedures with participants and other market infrastructures
s.art023 Book-entry form
s.art024 Intended settlement dates and measures for preventing and addressing settlement fails
s.art025 Integrity of the issue
s.art026 Protection of participants' and their clients' securities
s.art027 Settlement finality
s.art029 Participant default rules and procedures
s.art030 Transfer of participants and clients' assets in case of a withdrawal of authorisation
s.art033 Operational risks
s.art034 Investment policy
s.art035 Capital requirements
s.art036 CSD links
s.art037 Access rules
s.art038 Request for additional information
s.art039 Criteria for participation of a CSD
s.art043 Other information
s.art044 Information to be supplied to the authorities referred to in Article 22(7) of Regulation (EU) No 909/2014
s.art045 Exchange of information between the competent authorities referred to in Article 22(8) of Regulation (EU) No 909/2014
s.art061 Reconciliation measures for the registrar model
s.art062 Reconciliation measures for the transfer agent model
s.art072 Operational risk-management function
s.art074 Mitigation of operational risk through insurance
s.art087 DVP settlement through CSD links
s.art088 Receiving and requesting parties
s.art090 Procedure
s.art091 CSDs offering banking-type ancillary services themselves
s.art092 CSDs offering banking-type ancillary services through a designated credit institution
s.art093 Specific requirements
s.art095 Transitional provisions
s.art096 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.