Version in force , Modified +835 −340§
Amended by Regulation (EU) 2023/2845 32023R2845 on EUR-Lex (external, EUR-Lex)
Explanation, written by a model and checked against the cited text
Paragraphs 1 and 2 now also cover an application by a CSD to designate, or itself be, a CSD authorised to provide banking-type ancillary services, alongside the existing option of designating a credit institution, and the prudential requirements reference in paragraph 2 is expanded to include Article 59(4a).
In paragraph 5, the opinion deadline for authorities is changed from 30 days to two months, the competent authority's period to respond to a negative opinion is changed from 30 days to one month with the response now described as reasons rather than a reasoned decision, and the referral-to-ESMA trigger window is changed from 30 days after that decision to one month after those reasons are presented.
Paragraph 5 also adds a new final sentence requiring the competent authority to inform the authorities listed in paragraph 4, points (a) to (e), without undue delay of the results of the authorisation process, including any remedial actions, and the ESMA referral basis is recited as Article 31(2), point (c), rather than point (c) of Article 31.
Cited: Art. 55, v2 (external, EUR-Lex) · Art. 55, 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 55
Procedure for granting and refusing authorisation to provide banking-type ancillary services
1. The CSD shall submit its application for authorisation to designate a credit institution or a CSD authorised to provide banking-type ancillary services or to provide itself any banking-type ancillary service, services, as required under Article 54, to the competent authority of its home Member State.
2. The application shall contain all the information that is necessary to enable the competent authority to satisfy itself that the CSD and and, where applicable applicable, the designated credit institution or CSD authorised to provide banking-type ancillary services have established, at the time of the authorisation, all the necessary arrangements to meet their obligations as laid down in this Regulation. It shall contain a programme of operations setting out the banking-type ancillary services envisaged, the structural organisation of the relations between the CSD and and, where applicable, the designated credit institutions where applicable institution or CSD authorised to provide banking-type ancillary services and how that CSD or and, where applicable applicable, the designated credit institution intends or CSD authorised to provide banking-type ancillary services intend to meet the prudential requirements laid down in Article 59(1), (3) (3), (4) and (4) (4a) and the other conditions laid down in Article 54.
3. The competent authority shall apply the procedure under Article 17(3) and (8).
4. From the moment when the application is considered to be complete, the competent authority shall transmit all information included in the application to the following authorities:
(a) the relevant authorities;
(b) the competent authority referred to in point (40) of Article 4(1) of Regulation (EU) No 575/2013;
(c) the competent authorities in the Member States where the CSD has established interoperable links with another CSD except where the CSD has established interoperable links referred to in Article 19(5);
(d) the competent authorities in the host Member State where the activities of the CSD are of substantial importance for the functioning of the securities markets and the protection of investors within the meaning of Article 24(4);
(e) the competent authorities responsible for the supervision of the participants of the CSD that are established in the three Member States with the largest settlement values in the CSD’s securities settlement system on an aggregate basis over a one-year period;
(f) ESMA; and
(g) EBA.
5. The authorities referred to in paragraph 4, points (a) to (e) of paragraph 4 (e), shall issue a reasoned opinion on the authorisation within 30 days two months of receipt of the information referred to in paragraph 4. that paragraph. Where an authority does not provide an opinion within that deadline deadline, it shall be deemed to have issued a positive opinion.
Where at least one of the authorities an authority referred to in paragraph 4, points (a) to (e) of paragraph 4 (e), issues a negative reasoned opinion, the competent authority wishing intending to grant the authorisation shall shall, within 30 days one month of receipt of that negative opinion, provide the authorities referred to in paragraph 4, points (a) to (e) of paragraph 4 (e), with a reasoned decision the reasons addressing the negative opinion.
Where 30 days after that decision has been presented Where, within one month of those reasons being presented, any of the authorities referred to in paragraph 4, points (a) to (e) of paragraph 4 (e), issues a negative opinion and the competent authority still wishes nevertheless intends to grant the authorisation authorisation, any of the authorities that issued a negative opinion may refer the matter to ESMA for assistance under Article 31(2), point (c) of Article 31 (c), of Regulation (EU) No 1095/2010.
Where 30 days after referral to ESMA the issue is not settled, the competent authority wishing to grant the authorisation shall take the final decision and provide a detailed explanation of its decision in writing to the authorities referred to in points (a) to (e) of paragraph 4.
Where the competent authority wishes to refuse authorisation, the matter shall not be referred to ESMA.
Negative opinions shall state in writing the full and detailed reasons why the requirements laid down in this Regulation or other parts of Union law are not met.
The competent authority shall, without undue delay, inform the authorities referred to in paragraph 4, points (a) to (e), of the results of the authorisation process, including any remedial actions.
6. Where ESMA considers that the competent authority referred to in paragraph 1 has granted an authorisation which may not be in conformity with Union law it shall act in accordance with Article 17 of Regulation (EU) No 1095/2010.
7. ESMA shall, in close cooperation with the members of the ESCB and EBA, develop draft regulatory technical standards to specify the information that the CSD is to provide to the competent authority for the purpose of obtaining the relevant authorisations to provide the banking-type services ancillary to settlement.
ESMA shall submit those draft regulatory technical standards to the Commission by 18 June 2015.
Power is delegated to the Commission to adopt the regulatory technical standards referred to in the first subparagraph in accordance with Articles 10 to 14 of Regulation (EU) No 1095/2010.
8. ESMA shall, in close cooperation with the members of the ESCB and EBA, develop draft implementing technical standards to establish standard forms, templates and procedures for the consultation of the authorities referred to in paragraph 4 prior to granting authorisation.
ESMA shall 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.