The Central Securities Depositories Regulations 2014

[F1 PART 9 U.K. Consequential amendments]

Textual Amendments

F1 Pts. 4-8 and Pt. 9 heading inserted (28.11.2017) by The Central Securities Depositories Regulations 2017 (S.I. 2017/1064), regs. 1, 5(9) (with regs. 7(4), 9(1))

Amendments to the Financial Services and Markets Act 2000 U.K.

6.—(1) The Act is amended as follows.

(2) In section 391 (publication of notices), after subsection (8) insert—

“(8A) Where a decision notice or final notice relates to any decision or action under a provision of this Act in relation to the contravention of a requirement imposed by the CSD regulation or any directly applicable regulation made under the CSD regulation, this section has effect subject to Article 62 of the CSD regulation (publication of decisions).”.

(3) In section 417 (definitions), in subsection (1) at the appropriate place insert—

““the CSD regulation” means Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories;”.

(4) In Schedule 17A M1 (further provision in relation to the exercise of Part 18 functions by the Bank of England)—

(a) in paragraph 11(2)(d) after “the EMIR regulation” insert “ , the CSD regulation or any directly applicable regulation made under the CSD regulation ”;

(b) in paragraph 23 after “the EMIR regulation” insert “ , the CSD regulation or any directly applicable regulation made under the CSD regulation ”.

Marginal Citations

M1 Schedule 17A was inserted by Schedule 7 to the Financial Services Act 2012; paragraphs 11 and 23 were amended by S.I. 2013/504.

Amendments to the Financial Services and Markets Act 2000 (Disclosure of Confidential Information) Regulations 2001 U.K.

7.  In Schedule 1 to the Financial Services and Markets Act 2000 (Disclosure of Confidential Information) Regulations 2001 M2 (disclosure of confidential information whether or not subject to single market restrictions), in Part 1, in the entry relating to the Bank of England, the European Central Bank and other central banks, for “and clearing and settlement systems” substitute “ , clearing and settlement systems and central securities depositories within the meaning of the CSD regulation ”.

Marginal Citations

M2 S.I. 2001/2188, amended by S.I. 2012/916 and 2013/472; there are other amendments but none is relevant.

Amendment to the Payment to Treasury of Penalties (Enforcement Costs) Order 2013 U.K.

8.  In article 2 of the Payment to Treasury of Penalties (Enforcement Costs) Order 2013 M3 (enforcement powers), after paragraph (k) insert—

“(l) regulation 4 of the Central Securities Depositories Regulations 2014.”.

Marginal Citations

M3 S.I. 2013/418, amended by S.I. 2013/504.

Amendments to the Financial Services and Markets Act 2000 (Qualifying EU Provisions) Order 2013 U.K.

9.—(1) The Financial Services and Markets Act 2000 (Qualifying EU Provisions) Order 2013 M4 is amended as follows.

(2) In article 2 (qualifying EU provisions: general)—

(a) after paragraph (2)(g) insert—

“(h) the CSD regulation and any directly applicable regulation made under that Regulation.”;

(b) after paragraph (6)(c) insert—

“(d) the CSD regulation and any directly applicable regulation made under that Regulation.”;

(c) after paragraph (8)(d) insert—

“(e) the CSD regulation and any directly applicable regulation made under that Regulation.”.

(3) In article 3 (qualifying EU provisions: disciplinary measures)—

(a) after paragraph (2)(g) insert—

“(h) the CSD regulation and any directly applicable regulation made under that Regulation.”;

(b) after paragraph (3)(e) insert—

“(f) in relation to a contravention of a requirement imposed by the CSD regulation or any directly applicable regulation made under the CSD regulation—

(i) if the authorised person concerned is a PRA-authorised person, either the PRA or the FCA;

(ii) in any other case, the FCA.”.

(4) In article 4 (qualifying EU provisions etc.: recognised investment exchanges and clearing houses)—

(a) after paragraph (3)(d) insert—

“(e) the CSD regulation and any directly applicable regulation made under that Regulation.”;

(b) after paragraph (5)(d) insert—

“(e) the CSD regulation and any directly applicable regulation made under that Regulation.”;

(c) after paragraph (7)(c) insert—

“(d) the CSD regulation and any directly applicable regulation made under that Regulation.”;

(d) after paragraph (9)(b) insert—

“(c) the CSD regulation and any directly applicable regulation made under that Regulation.”.

(5) In article 5 (qualifying EU provisions: injunctions and restitution)—

(a) after paragraph (2)(g) insert—

“(h) the CSD regulation and any directly applicable regulation made under that Regulation.”;

(b) after paragraph (5)(f) insert—

“(g) in relation to a contravention of the CSD regulation or any directly applicable regulation made under the CSD regulation—

(i) if the authorised person concerned is a PRA-authorised person, the PRA or the FCA;

(ii) in any other case, the FCA.”;

(c) after paragraph (6)(b) insert—

“(c) the CSD regulation and any directly applicable regulation made under that Regulation.”.

(6) In article 6 (qualifying EU provisions: fees)—

(a) after paragraph (2)(i) insert—

“(j) the CSD regulation and any directly applicable regulation made under that Regulation.”;

(b) after paragraph (4)(c) insert—

“(d) the CSD regulation and any directly applicable regulation made under that Regulation.”;

(c) after paragraph (6)(b) insert—

“(c) the CSD regulation and any directly applicable regulation made under that Regulation.”.

Marginal Citations

M4 S.I. 2013/419, amended by S.I. 2013/1773.