Regulation (EU) No. 909/2014 (Central Securities Depository Regulation)

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Regulation (EU) No. 909/2014

Title: Regulation (EU) No. 909/2014 of the European Parliament and of the Council of July 23, 2014 to improve the delivery and settlement of securities in the European Union and on central securities depositories and to amend Directives 98/26 / EC and 2014/65 / EU and Regulation (EU) No. 236/2012
Designation:
(not official) 		Central
Securities Depository Ordinance CSDR
Scope: EEA
Legal matter: Securities law
Basis: TFEU , in particular Article 114
Procedure overview: European Commission
European Parliament
IPEX Wiki
To be used from: Depending on the content of the regulations:
January 1, 2015
January 1, 2023
January 1, 2025
Reference: OJ L 257 of August 28, 2014, pp. 1-72
Full text Consolidated version (not official)
basic version
Regulation has entered into force and is applicable.
Please note the information on the current version of legal acts of the European Union !

The Regulation (EU) no. 909/2014 (CSDR or Zentralverwahrerverordnung) is an EU regulation for the central depository of securities, which entered into force on September 17, 2014. As an EU regulation, the central securities depository regulation has general validity and immediate effect in all EU member states . The central securities depository regulation will improve the delivery and settlement of securities in the EU and the previous securities law will be fundamentally harmonized and uniformly regulated across the Union .

With this regulation, the European Union intends to strengthen the central market infrastructures in Europe. The European Union is also reacting to international developments and demands. For example, the Committee on Payment and Settlement Systems (CPSS) of the Bank for International Settlements (BIS) and the International Organization of Securities Commissions (IOSCO) adopted global standards for financial market infrastructures in April 2012, as the financial markets are increasingly taking on a global character, and so are the The systemic importance of the central securities depositories requires supervisory requirements. In the EU, around 330 million securities transactions take place annually, which represent the equivalent of around 920 trillion euros.

The Central Securities Depository Ordinance is based on the requirements developed by the Committee on Payment and Settlement Systems (CPSS) and the International Organization of Securities Supervision Authorities (IOSCO).

purpose

The purpose of the Central Securities Depositories Ordinance is to guarantee the services of the central securities depositories that are systemically important for the functioning of the securities markets (securities delivery and settlement systems) and to create a high level of security for the functioning of the markets and to create appropriate controls. Also, “all market participants and central securities depositories should be subject to the same directly applicable obligations, standards and rules”. The first important steps in this regard have already been taken with the finality guideline (finality directive).

The central securities depository regulation is also intended to promote cross-border "competition between them, so that market participants can choose between providers and dependency on a single infrastructure provider is reduced." Central securities depositories should also be able to provide cross-border services more easily in the future, "without different catalogs To have to meet national requirements, for example regulations on authorization, supervision, organization or risks of central securities depositories. A regulation prescribing identical requirements for central securities depositories [could] also help to eliminate distortions of competition ”.

scope

The Central Securities Depository Ordinance applies in principle to the delivery and settlement of all financial instruments and the activities of central securities depositories within the European Economic Area . Specific financial instruments are excluded according to Art 1 Para. 3 of the Regulation, in particular Directive 2003/87 / EC.

Legal basis

The legal basis for the central securities depository regulation is in principle Article 114 of the Treaty on the Functioning of the European Union (TFEU), as interpreted by the Court of Justice of the European Union.

Central securities depository within the meaning of the regulation

For the central securities depository within the meaning of the Central Securities Depositories Regulation, see Central Securities Depositories (EU) .

ESMA

The European Securities and Markets Authority (ESMA) has a central role in the application of the CSD regulation. she should

  • ensure the consistent application of Union rules by the national competent authorities; and
  • resolve disputes in the event of differences of opinion between them,
  • submit annual reports to the Commission,
  • Make recommendations for preventive or remedial action,
  • carry out comparative analyzes ("peer reviews") of the activities of the competent authorities within the framework of this ordinance,
  • Elaboration of draft technical regulatory and executive standards that do not require political decisions.

European Commission

The European Commission has the power (see Art 67 of the Central Securities Depository Regulation)

  • to issue certain technical regulatory standards,
  • to issue technical implementing standards by means of implementing acts,
  • Legislative acts with regard to specific details of some definitions, the parameters for calculating the fines to be paid by the participants responsible for failed settlement and the criteria to be adopted,
  • to decide on implementing powers for the recognition of central securities depositories from third countries.
  • to adopt delegated acts in accordance with Article 67 CSDR in relation to measures to define more precisely the non-banking-type ancillary services referred to in Section B numbers 1 to 4 of the Annex and the non-banking-type services referred to in Section C of the Annex.

At sight

The supervisory authorities must be given sufficient powers and “be able to punish unlawful behavior by applying deterrent sanctioning systems”.

Whistleblower

In order for the supervisory authorities to actually discover potential violations, “effective mechanisms should be used to ensure that more potential or actual violations of this regulation are reported to the competent authorities”. This also includes protection of persons who report potential or actual violations of this regulation, as well as persons who are accused of such violations (see presumption of innocence / presumption of guilt ).

privacy

The activities of the supervisory authorities, the processing of personal data in the member states within the framework of this regulation, is regulated by the data protection directive (RL 95/46 / EG) and every exchange and every transfer of personal data by the competent authorities of the member states must be in accordance with the provisions of this Directive.

Regulation (EC) No. 45/2001 of the European Parliament and of the Council regulates the processing of personal data by ESMA within the framework of this regulation.

If personal data is exchanged or transmitted with ESMA , the provisions of Regulation (EC) No. 45/2001 must be complied with.

Structure of the regulation

TITEL I (Gegenstand, Geltungsbereich und Begriffsbestimmung)
  • Articles 1 and 2
TITEL II (Wertpapierlieferung und -abrechnung)
  • Chapter I (booking in securities clearing), Art 3
    • Articles 3 and 4
  • CHAPTER II (settlement period)
    • Article 5 (anticipated settlement day)
  • CHAPTER III (settlement discipline)
    • Articles 6 to 8 (on failed settlements)
  • CHAPTER IV (Internalized Settlement)
    • Article 9 (settlement internalizer)
TITEL III (Zentralverwahrer)
  • CHAPTER I.
    • Section 1 (authorization and supervision of central securities depositories)
      • Articles 10 to 15
    • Section 2 (Central Securities Depository Admission Requirements and Procedures)
      • Articles 16 to 21
    • Section 3 (supervision of central securities depositories)
      • Article 22
    • Section 4 (Provision of services in another Member State)
      • Articles 23 and 24
    • Section 5 (Relations with Third Countries)
      • Article 25
  • CHAPTER II (Requirements for CSDs)
    • Section 1 (Organizational Requirements)
      • Articles 26 to 31
    • Section 2 (Code of Conduct)
      • Articles 32 to 35
    • Section 3 (Central Securities Depository Service Requirements)
      • Articles 36 to 41
    • Section 4 (regulatory requirements)
      • Articles 42 to 47
    • Section 5 (CSD Link Requirements)
      • Article 48
  • CHAPTER III (Access to CSDs)
    • Section 1 (Issuers' access to CSDs)
      • Article 49
    • Section 2 (access between central securities depositories)
      • Articles 50 to 52
    • Section 3 (Access between a CSD and another market infrastructure)
      • Article 53
TITEL IV (Erbringung bankartiger Nebendienstleistungen für Teilnehmer eines Zentralverwahrers)
  • Articles 54 to 60
TITEL V (Sanktionen)
  • Articles 61 to 66
TITEL VI (Befugnisübertragung, Durchführungsbefugnis, Übergangs-, Änderungs- und Schlussbestimmungen)
  • Articles 67 to 69
ANHANG (Verzeichnis der Dienstleistungen)
  • SECTION A (CSD core services)
  • SECTION B (CSDs' non-banking ancillary services that do not involve credit or liquidity risk)
  • SECTION C (Ancillary banking services)

Area not regulated in the regulation

The Central Securities Depository Ordinance does not regulate the property law aspects of securities held in accounts held by central securities depositories, because this is "a cross-sectoral issue that goes beyond the scope of this Ordinance and must be regulated in future legislative acts of the Union", be.

See also

literature

  • Dominik Freudenthaler, Ben-Bendict Hruby: The Central Securities Depository Regulation. ecolex , Vienna 2014.

Web links

Individual evidence

  1. ^ Central Securities Depositories Regulation .
  2. ↑ For the term "securities", see Article 4 Paragraph 1 No. 15 of Directive 2014/65 / EU .
  3. ↑ "Delivery and billing" or "processing" is required according to Art. 2 Para. 7 of the Regulation, the full "conclusion of a securities transaction regardless of where it is concluded with the aim of meeting the obligations of the parties involved in this transaction by transferring money or securities or both".
  4. ↑ See communication from the Financial Stability Council of October 20, 2010 on the revision and expansion of the existing standards.
  5. ↑ See the recommendations of the Bank for International Settlements from 2001 and the non-binding guidelines of the European System of Central Banks (ESCB) from 2009.
  6. ^ Principles for financial market infrastructures (2012).
  7. ↑ See Recital 6 of the Central Securities Depositories Regulation.
  8. ↑ See the impact assessment of the European Commission on the central securities depository regulation.
  9. ↑ See Recital 6 of the Central Securities Depositories Regulation.
  10. ↑ According to Art. 2 para. 1 no. 10 of the regulation is a: "Securities delivery and settlement system a system within the meaning of Article 2 letter a, first, second and third indents of Directive 98/26 / EC, which is not operated by a central counterparty and whose activity consists of payment - or execute transfer orders ".
  11. ↑ See recitals 1 and 2, 6 and 8 of the Central Securities Depositories Regulation.
  12. ↑ See Recital 5 of the Central Securities Depositories Regulation.
  13. ↑ Directive 98/26 / EC of May 19, 1998 on the effectiveness of settlement in payment and securities delivery and settlement systems .
  14. ↑ See Recital 3 and Recital 5 of the Central Securities Depository Regulation, why a regulation and no longer just a directive was seen as sufficient as a basis.
  15. ↑ See recitals 4 and 5 of the Central Securities Depositories Regulation.
  16. ↑ See recitals 5 and 7 of the Central Securities Depositories Regulation.
  17. ↑ See Article 4 Paragraph 1 No. 15 of Directive 2014/65 / EU .
  18. ↑ See Recital 4 of the Central Securities Depositories Regulation.
  19. ↑ See recital 68 of the Central Securities Depository Regulation.
  20. ↑ See Recital 69 of the Central Securities Depository Regulation.
  21. ↑ Regulation (EU) No. 1095/2010 .
  22. ↑ Recital 70 of the Central Securities Depository Ordinance.
  23. ↑ According to Article 290 TFEU and Articles 10 to 14 of Regulation (EU) No. 1093/2010 and Regulation (EU) No. 1095/2010.
  24. ↑ See e.g. B. Art. 17 Paragraph 9, Art 18 Paragraph 4, 29 Paragraph 3, 48 Paragraph 3, 53 Paragraph 5 and Recital 71 of the Central Securities Depository Ordinance.
  25. ↑ Article 291 TFEU and in accordance with Article 15 of Regulation (EU) No. 1095/2010.
  26. ↑ See Art. 17 Para. 10 and 29 Para. 4 and Recital 72 of the Central Securities Depository Ordinance.
  27. ↑ Article 290 TFEU
  28. ↑ According to Art. 2 Para. 1 Clause 15, a "failed settlement" is the failure to settle or only partially settle a securities transaction due to a lack of securities or cash on the scheduled settlement day, regardless of the underlying cause. "
  29. ↑ Recital 73 of the Central Securities Depository Regulation.
  30. ↑ See Regulation (EU) No. 182/2011 of the European Parliament and of the Council . In: Official Journal of the European Union . L 55, February 28, 2011, p. 13.
  31. ↑ Recital 74 and 75 of the Central Securities Depository Regulation.
  32. ↑ Art 2 Paragraph 2 CSDR.
  33. ↑ Pursuant to recital 61 of the CSD regulation, the Commission communication “Strengthening the sanctions regimes in the financial services sector” of December 8, 2010, “carried out a review of the existing sanctioning powers and their practical application in order to ensure the convergence of sanctions across the entire spectrum of supervisory activities to promote away ”. See also Art 22 and Recital 63 of the Central Securities Depositories Regulation.
  34. ↑ See Recital 64 of the Central Securities Depositories Regulation.
  35. ↑ Regulation (EC) No. 45/2001 of the European Parliament and of the Council of December 18, 2000 on the protection of natural persons with regard to the processing of personal data by the institutions and bodies of the Community and on the free movement of data . In: Official Journal of the European Union . L 8, January 12, 2001, p. 1.
  36. ↑ See Recital 66 of the Central Securities Depository Regulation.
  37. ↑ See Recital 57 of the Central Securities Depositories Regulation.