Version in force , Modified +1,346 −45§
Amended by Regulation (EU) 2023/2845 32023R2845 on EUR-Lex (external, EUR-Lex)
dates added to the text: 2004-12-15
Explanation, written by a model and checked against the cited text
Point (26) defining default now adds that a default also includes an event defined in the CSD's internal rules as constituting a default, alongside the existing reference to insolvency proceedings under Directive 98/26/EC.
Four new definitions were added after the existing point (46) on senior management: point (47) for group, point (48) for close links, point (49) for qualifying holding, and point (50) for deferred net settlement, none of which appeared in the earlier text.
Cited: Art. 2, v2 (external, EUR-Lex) · Art. 2, v1 (external, EUR-Lex)
v1 is the previous version, v2 this one.
Text from EUR-Lex, before and after
Previous version, in force 22 June 2022 02014R0909-20220622 → this version, in force 16 January 2024 02014R0909-20240116
Article 2
Definitions
1. For the purposes of this Regulation, the following definitions apply:
(1) central securities depository or CSD means a legal person that operates a securities settlement system referred to in point (3) of Section A of the Annex and provides … 560 unchanged words … branch or provides CSD services;
(25) branch means a place of business other than the head office which is a part of a CSD, which has no legal personality and which provides CSD services for which the CSD has been authorised;
(26) default, default means, in relation to a participant, means a situation where insolvency proceedings, as defined in Article 2, point (j) of Article 2 (j), of Directive 98/26/EC, are opened against a participant; participant or an event defined in the CSD’s internal rules as constituting a default;
(27) delivery versus payment or DVP means a securities settlement mechanism which links a transfer of securities with a transfer of cash in a way that the delivery of securities occurs if and only if the corresponding transfer of cash … 535 unchanged words … body to whom the applicable national law assigns the respective responsibility;
(46) senior management means those natural persons who exercise executive functions within a CSD and who are responsible and accountable to the management body for the day-to-day management of that CSD. CSD;
(47) group means a group within the meaning of Article 2, point (11), of Directive 2013/34/EU;
(48) close links means close links as defined in Article 4(1), point (35), of Directive 2014/65/EU;
(49) qualifying holding means a direct or indirect holding in a CSD which represents at least 10 % of the capital or of the voting rights, as set out in Articles 9, 10 and 11 of Directive 2004/109/EC of the European Parliament and of the Council
Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38)., or which makes it possible to exercise a significant influence over the management of the CSD;
(50) deferred net settlement means a settlement mechanism whereby cash or securities transfer orders in relation to securities transactions of the participants in the securities settlement system are subject to netting, and whereby settlement of participants’ net claims and obligations takes place at the end of predefined settlement cycles during or at the end of the business day.
2. The Commission shall be empowered to adopt delegated acts in accordance with Article 67 concerning measures to further specify the non-banking-type ancillary services set out in points (1) to (4) of Section B of the Annex and the banking-type ancillary services set out in Section C of the Annex.