Version in force , Modified +165 −10§
Amended by Regulation (EU) 2023/2845 32023R2845 on EUR-Lex (external, EUR-Lex)
Explanation, written by a model and checked against the cited text
The term used for the CSD responding to an access request was changed from "the latter" to "the receiving CSD".
A new sentence was added stating that if the receiving CSD agrees to the request, the CSD link shall be implemented within a reasonable timeframe of no longer than 12 months.
The earlier version of Article 52(1) contained no such statement on implementation timing for an approved link.
Cited: Art. 52, v2 (external, EUR-Lex) · Art. 52, 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 52
Procedure for CSD links
1. When a CSD submits a request for access to another CSD pursuant to Articles 50 and 51, the latter receiving CSD shall treat such the request promptly and shall provide a response to the requesting CSD within three months. If the receiving CSD agrees to the request, the CSD link shall be implemented within a reasonable timeframe, which shall be no longer than 12 months.
2. A CSD shall deny access to a requesting CSD only where such access would threaten the smooth and orderly functioning of the financial markets or cause systemic risk. Such a refusal shall be based only on a comprehensive risk … 323 unchanged words … submit those draft implementing technical standards to the Commission by 18 June 2015.
Power is conferred on the Commission to adopt the implementing technical standards referred to in the first subparagraph in accordance with Article 15 of Regulation (EU) No 1095/2010.