The Central Securities Depositories Regulations 2014

Designation of competent authorities

2.—(1) The FCA(1) is the competent authority responsible for—

(a) the supervision of trading venues(2) for the purposes of the CSD regulation;

(b) the functions referred to in Article 4(3) of the CSD regulation.

(2) The Bank is the competent authority responsible for—

(a) authorisation and supervision of CSDs(3) established in the United Kingdom referred to in the first sub-paragraph of Article 11(1) of the CSD regulation, except as provided in paragraph (4);

(b) oversight of securities settlement systems(4) in the United Kingdom referred to in Article 12(1)(a) of the CSD Regulation; and

(c) authorisation of a CSD under Article 54 of the CSD regulation for the provision of banking-type ancillary services—

(i) by a CSD under paragraph (2)(a) of that Article, or

(ii) by a designated credit institution under paragraph (2)(b) of that Article.

(3) The Bank is responsible for the purposes of the second sub-paragraph of Article 11(1) of the CSD regulation for cooperation with other Member States’ competent authorities, relevant authorities, ESMA and EBA(5).

(4) The PRA(6) is the competent authority responsible for—

(a) authorisation of a CSD referred to in Article 54(2)(a) of the CSD regulation as a credit institution; and

(b) supervision in accordance with Article 60 of the CSD regulation—

(i) of the provision of banking-type ancillary services authorised under Article 54 of the CSD regulation by a CSD referred to in Article 54(2)(a) of that Regulation and a credit institution referred to in Article 54(2)(b) of that Regulation, and

(ii) of compliance with the prudential requirements referred to in Article 59 of the CSD regulation by a CSD referred to in Article 54(2)(a) of that Regulation and a credit institution referred to in Article 54(2)(b) of that Regulation.

(1)

Defined in section 417(1) of the Act.

(2)

Defined in Article 2(1)(42) of the CSD regulation.

(3)

Defined in Article 2(1)(1) of the CSD regulation.

(4)

Defined in Article 2(1)(10) of the CSD regulation.

(5)

“Competent authority” is defined in Article 2(1)(17) of the CSD regulation; “relevant authority” is defined in Article 2(1)(18) of the CSD regulation; “EBA” and “ESMA” are defined in section 417(1) of the Act.

(6)

Defined in section 417(1) of the Act.