Version in force , Modified +1,035 −71§
Amended by Regulation (EU) 2023/2845 32023R2845 on EUR-Lex (external, EUR-Lex)
dates added to the text: 2029-01-17 · dates removed: 2019-09-18
Explanation, written by a model and checked against the cited text
The review date is changed from 18 September 2019 to 17 January 2029.
The single-sentence description of matters to be assessed is replaced with a lettered structure of points (a), (b) and (c), where point (a) itself expands into five sub-items covering settlement efficiency, taxpayer impact from CSD failure, internalised settlement issues, cross-border settlement barriers, and authorities' monitoring powers, and the cross-reference to Article 74(1) is updated from points (a) to (k) to points (a) to (l).
New points (b) and (c) add assessment of the regulatory and supervisory framework for Union CSDs of substantial importance in host Member States, and of the framework and scope of supervision for third-country CSDs including the role of ESMA, neither of which appeared in the earlier text.
Cited: Art. 75, v1 (external, EUR-Lex) · Art. 75, 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 75 Review By 18 September 2019, the Commission shall review and prepare a general report on this Regulation. That report shall, in particular, assess the matters referred to in points (a) to (k) of Article 74(1), whether there are other substantive barriers to competition in relation to the services subject to this Regulation which are insufficiently addressed and the potential need for further measures to limit the impact on taxpayers of the failure of CSDs. The Commission shall submit the report to the European Parliament and to the Council, together with any appropriate proposals.
this version, in force 16 January 2024 02014R0909-20240116
Article 75 Review By 17 January 2029, the Commission shall review and prepare a general report on this Regulation. The Commission shall, in particular, assess: (a) the matters referred to in Article 74(1), points (a) to (l), establish whether there are substantive barriers to competition in relation to the services subject to this Regulation which are insufficiently addressed and consider the potential need to apply further measures to: (i) improve settlement efficiency; (ii) limit the impact on taxpayers of the failure of CSDs; (iii) address any identified competition or financial stability issues related to internalised settlement; (iv) minimise barriers to cross-border settlement; (v) ensure adequate powers and information for authorities to monitor risks; (b) the functioning of the regulatory and supervisory framework for Union CSDs, especially those CSDs whose activities are of substantial importance for the functioning of securities markets and the protection of investors in the Union in at least two host Member States, focusing in particular on the cross-border provision of services, potential risks for clients and participants of CSDs, investor protection and the financial stability in the Union; (c) the functioning and scope of the Union regulatory and supervisory framework for third-country CSDs, in particular the supervision of such CSDs when providing services in the Union, including the role of ESMA. The Commission shall submit the report to the European Parliament and to the Council, together with any appropriate proposals.