There has been published on the legislation.gov.uk website the Central Securities Depositories Regulations 2017 (Regulations) together with an explanatory memorandum. The Regulations implement in part certain articles of Regulation (EU) No 909/2014 on improving securities settlement in the EU and on central securities depositories (CSD Regulation). The Regulations:
- contain additional competent authority designations such as the Bank of England (BoE) and the FCA in relation to the CSD Regulation;
- grant additional enforcement powers to the BoE and FCA;
- create a new recognised body governed by Part 18 of the Financial Services and Markets Act 2000 known as recognised central securities depositories (RCSDs);
- put in place procedures in connection with acquisition of control over RCSDs;
- require institutions to have appropriate procedures in place for the reporting of infringements;
- disapply overlapping provisions of the domestic regime; and
- give the BoE the power to make rules codifying the requirement that central counterparties notify them of a cyber-incident.
The Regulations come into force on 28 November 2017.
View The Central Securities Depositories Regulations 2017, 7 November 2017
View Explanatory memorandum to The Central Securities Depositories Regulations 2017, 7 November 2017