What changed, Regulation (EU) No 909/2014

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− Article 1
− ### art_2
− Article 2
− | (1) | ‘central securities depository’ or ‘CSD’ means a legal person that operates a securities settlement system referred to in point (3) of Section A of the Annex and provides at least one other core service listed in Section A of the Annex; |
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− | (2) | ‘third-country CSD’ means any legal entity established in a third country that provides a similar service to the core service referred to in point (3) of Section A of the Annex and performs at least one other core service listed in Section A of the Annex; |
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− | (3) | ‘immobilisation’ means the act of concentrating the location of physical securities in a CSD in a way that enables subsequent transfers to be made by book entry; |
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− | (4) | ‘dematerialised form’ means the fact that financial instruments exist only as book entry records; |
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− | (5) | ‘receiving CSD’ means the CSD which receives the request of another CSD to have access to its services through a CSD link; |
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− | (6) | ‘requesting CSD’ means the CSD which requests access to the services of another CSD through a CSD link; |
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− | (7) | ‘settlement’ means the completion of a securities transaction where it is concluded with the aim of discharging the obligations of the parties to that transaction through the transfer of cash or securities, or both; |
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− | (8) | ‘financial instruments’ or ‘securities’ means financial instruments as defined in point (15) of Article 4(1) of Directive 2014/65/EU; |
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− | (9) | ‘transfer order’ means transfer order as defined in the second indent of point (i) of Article 2 of Directive 98/26/EC; |
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− | (10) | ‘securities settlement system’ means a system under the first, second and third indents of point (a) of Article 2 of Directive 98/26/EC that is not operated by a central counterparty whose activity consists of the execution of transfer orders; |
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− | (11) | ‘settlement internaliser’ means any institution, including one authorised in accordance with Directive 2013/36/EU or with Directive 2014/65/EU, which executes transfer orders on behalf of clients or on its own account other than through a securities settlement system; |
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− | (12) | ‘intended settlement date’ means the date that is entered into the securities settlement system as the settlement date and on which the parties to a securities transaction agree that settlement is to take place; |
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− | (13) | ‘settlement period’ means the time period between the trade date and the intended settlement date; |
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+ ## TITLE I / **SUBJECT MATTER, SCOPE AND DEFINITIONS**
+ ### Article 1 — Subject matter and scope
+ ### Article 2 — Definitions
+ (1) ‘central securities depository’ or ‘CSD’ means a legal person that operates a securities settlement system referred to in point (3) of Section A of the Annex and provides at least one other core service listed in Section A of the Annex;
+ (2) ‘third-country CSD’ means any legal entity established in a third country that provides a similar service to the core service referred to in point (3) of Section A of the Annex and performs at least one other core service listed in Section A of the Annex;
+ (3) ‘immobilisation’ means the act of concentrating the location of physical securities in a CSD in a way that enables subsequent transfers to be made by book entry;
+ (4) ‘dematerialised form’ means the fact that financial instruments exist only as book entry records;
+ (5) ‘receiving CSD’ means the CSD which receives the request of another CSD to have access to its services through a CSD link;
+ (6) ‘requesting CSD’ means the CSD which requests access to the services of another CSD through a CSD link;
+ (7) ‘settlement’ means the completion of a securities transaction where it is concluded with the aim of discharging the obligations of the parties to that transaction through the transfer of cash or securities, or both;
+ (8) ‘financial instruments’ or ‘securities’ means financial instruments as defined in point (15) of Article 4(1) of Directive 2014/65/EU;
+ (9) ‘transfer order’ means transfer order as defined in the second indent of point (i) of Article 2 of Directive 98/26/EC;
+ (10) ‘securities settlement system’ means a system under the first, second and third indents of point (a) of Article 2 of Directive 98/26/EC that is not operated by a central counterparty whose activity consists of the execution of transfer orders;
+ (11) ‘settlement internaliser’ means any institution, including one authorised in accordance with Directive 2013/36/EU or with Directive 2014/65/EU, which executes transfer orders on behalf of clients or on its own account other than through a securities settlement system;
+ (12) ‘intended settlement date’ means the date that is entered into the securities settlement system as the settlement date and on which the parties to a securities transaction agree that settlement is to take place;
+ (13) ‘settlement period’ means the time period between the trade date and the intended settlement date;
+ (14) ‘business day’ means business day as defined in point (n) of Article 2 of Directive 98/26/EC;
+ (15) ‘settlement fail’ means the non-occurrence of settlement, or partial settlement of a securities transaction on the intended settlement date, due to a lack of securities or cash and regardless of the underlying cause;
+ (16) ‘central counterparty’ or ‘CCP’ means a CCP as defined in point (1) of Article 2 of Regulation (EU) No 648/2012;
+ (17) ‘competent authority’ means the authority designated by each Member State in accordance with Article 11, unless otherwise specified in this Regulation;
+ (18) ‘relevant authority’ means any authority referred to in Article 12;
+ (19) ‘participant’ means any participant, as defined in point (f) of Article 2 of Directive 98/26/EC in a securities settlement system;
+ (20) ‘participation’ means participation within the meaning of the first sentence of point (2) of Article 2 of Directive 2013/34/EU, or the ownership, direct or indirect, of 20 % or more of the voting rights or capital of an undertaking;
+ (21) ‘control’ means the relationship between two undertakings as described in Article 22 of Directive 2013/34/EU;
+ (22) ‘subsidiary’ means a subsidiary undertaking within the meaning of Article 2(10) and Article 22 of Directive 2013/34/EU;
+ (23) ‘home Member State’ means the Member State in which a CSD is established;
+ (24) ‘host Member State’ means the Member State, other than the home Member State, in which a CSD has a branch or provides CSD services;
+ (25) ‘branch’ means a place of business other than the head office which is a part of a CSD, which has no legal personality and which provides CSD services for which the CSD has been authorised;
+ (26) ‘default’, in relation to a participant, means a situation where insolvency proceedings, as defined in point (j) of Article 2 of Directive 98/26/EC, are opened against a participant;
+ (27) ‘delivery versus payment’ or ‘DVP’ means a securities settlement mechanism which links a transfer of securities with a transfer of cash in a way that the delivery of securities occurs if and only if the corresponding transfer of cash occurs and vice versa;