Version in force , Modified +3,313 −52§
Amended by Regulation (EU) 2023/2845 32023R2845 on EUR-Lex (external, EUR-Lex)
dates added to the text: 2024-01-16, 2025-01-17, 2026-01-17, 2027-01-17
Explanation, written by a model and checked against the cited text
Paragraph 4 no longer refers generally to a decision on authorisation or recognition of CSDs, but instead limits itself to authorisation, and now adds that the continued application of national rules ends on 17 January 2025 if no decision has been made by then.
New paragraphs 4a, 4b and 4c have been inserted covering national rules on recognition of third-country CSDs, notification obligations for third-country CSDs providing certain core services, and continued application of recognition rules where a complete application was submitted before 16 January 2024 but no ESMA decision issued by that date.
New paragraphs 6, 7 and 8 have also been added, addressing continued application of delegated acts adopted under Article 7(14) and 7(15), the establishment of colleges under Article 24a, and the treatment of CSDs that provided certain services or set up branches in another Member State before 16 January 2024.
Cited: Art. 69, v1 (external, EUR-Lex) · Art. 69, v2 (external, EUR-Lex)
v1 is the previous version, v2 this one.
Text from EUR-Lex, before and after
texts differ too much for an inline diff; shown separately
Previous version, in force 22 June 2022 02014R0909-20220622
Article 69 Transitional provisions 1. The competent authorities shall communicate to ESMA those institutions that operate as CSDs by 16 December 2014. 2. CSDs shall apply for all authorisations that are necessary for the purposes of this Regulation and shall notify the relevant CSD links within six months from the date of entry into force of all the regulatory technical standards adopted under Articles 17, 26, 45, 47, 48, and, where relevant, Articles 55 and 59. 3. Within six months from the later of the date of entry into force of the regulatory technical standards adopted under Articles 12, 17, 25, 26, 45, 47, 48, and, where relevant, Articles 55 and 59 or the implementing decision referred to in Article 25(9), a third-country CSD shall apply for recognition from ESMA where it intends to provide its services on the basis of Article 25. 4. Until the decision is made under this Regulation on the authorisation or recognition of CSDs and of their activities, including CSD links, the respective national rules on authorisation and recognition of CSDs shall continue to apply. 5. CSDs operated by the entities referred to in Article 1(4) shall comply with the requirements of this Regulation at the latest within one year from the date of entry into force of the regulatory technical standards referred to in paragraph 2.
this version, in force 16 January 2024 02014R0909-20240116
Article 69 Transitional provisions 1. The competent authorities shall communicate to ESMA those institutions that operate as CSDs by 16 December 2014. 2. CSDs shall apply for all authorisations that are necessary for the purposes of this Regulation and shall notify the relevant CSD links within six months from the date of entry into force of all the regulatory technical standards adopted under Articles 17, 26, 45, 47, 48, and, where relevant, Articles 55 and 59. 3. Within six months from the later of the date of entry into force of the regulatory technical standards adopted under Articles 12, 17, 25, 26, 45, 47, 48, and, where relevant, Articles 55 and 59 or the implementing decision referred to in Article 25(9), a third-country CSD shall apply for recognition from ESMA where it intends to provide its services on the basis of Article 25. 4. The national rules on authorisation of CSDs shall continue to apply until the date when a decision is made under this Regulation on the authorisation of CSDs and of their activities, including CSD links, or until 17 January 2025, whichever is earlier. 4a. The national rules on recognition of third-country CSDs shall continue to apply until the date when a decision is made under this Regulation on the recognition of the third-country CSDs and of their activities, or until 17 January 2027, whichever is earlier. A third-country CSD that provides the core services referred to in Section A, points 1 and 2, of the Annex in relation to financial instruments constituted under the law of a Member State referred to in Article 49(1), second subparagraph, pursuant to the applicable national rules on recognition of third-country CSDs shall notify ESMA thereof within two years of 16 January 2024. ESMA shall develop draft regulatory technical standards to specify the information that the third-country CSD is required to provide to ESMA in the notification referred to in the second subparagraph. Such information shall be limited to what is strictly necessary including, where applicable and available: (a) the number of participants to whom the third-country CSD provides or intends to provide the services referred to in the second subparagraph; (b) the categories of financial instruments in respect of which the third-country CSD provides such services; and (c) the total volume and value of such financial instruments. ESMA shall submit those draft regulatory technical standards to the Commission by 17 January 2025. Power is delegated to the Commission to supplement this Regulation by adopting the regulatory technical standards referred to in the first subparagraph in accordance with Articles 10 to 14 of Regulation (EU) No 1095/2010. 4b. A third-country CSD that provided the core service referred to in Section A, point 3, of the Annex in relation to financial instruments constituted under the law of a Member State referred to in Article 49(1) second subparagraph, before 17 January 2026 shall submit the notification referred to in Article 25(2a) by 17 January 2026. 4c. Where a CSD has submitted a complete application for recognition in accordance with Article 25(4), (5) and (6) before 16 January 2024 but ESMA has not issued a decision in accordance with Article 25(6) by that date, the national rules on recognition of CSDs shall continue to apply until the ESMA decision is issued. 5. CSDs operated by the entities referred to in Article 1(4) shall comply with the requirements of this Regulation at the latest within one year from the date of entry into force of the regulatory technical standards referred to in paragraph 2. 6. The delegated act adopted pursuant to Article 7(14) as applicable before 16 January 2024 shall continue to apply until the date of application of the delegated act adopted pursuant to Article 7(5). The delegated act adopted pursuant to Article 7(15), points (a), (b) and (g), as applicable before 16 January 2024 shall continue to apply until the date of application of the delegated act adopted pursuant to Article 7(10). 7. The competent authorities shall establish colleges pursuant to Article 24a within one month of the date of entry into force of the regulatory technical standards adopted under Article 24a(13). 8. A CSD that, in another Member State, provided core services referred to in Section A, points 1 and 2, of the Annex or set up a branch in accordance with Article 23 as applicable before 16 January 2024 shall be subject to the procedure set out in Article 23(3) to (6) only in relation to: (a) the setting up of a new branch; (b) a change in the range of those services.