2014R0909 - Summary
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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🇫🇷 French Version: 2014R0909_FR.0. Open the PDF. Direct link to EUR-LEX.
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 7a - Mandatory buy-in process
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
Article 22a - Plans for recovery and orderly wind-down
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
Article 24a - College of supervisors
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 27a - Information to competent authorities
Article 27b - Assessment
Article 27c - Derogation for CSDs providing banking-type ancillary services
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
Article 47a - Deferred net settlement
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 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
Annex I - LIST OF SERVICES