What changed, Regulation (EU) No 909/2014

+ **1.** For the purposes of this Regulation, the following definitions apply:(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…
− **1.** For the purposes of this Regulation, the following definitions apply:(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…
+ **1.** The following authorities shall be involved in the authorisation and supervision of CSDs where specifically referred to in this Regulation:(a) the authority responsible for the oversight of the securities settlement system operated by the CSD in the Member State whose law applies to that secu…
− **1.** The following authorities shall be involved in the authorisation and supervision of CSDs where specifically referred to in this Regulation:(a) the authority responsible for the oversight of the securities settlement system operated by the CSD in the Member State whose law applies to that secu…
+ **10.** ESMA shall, in close cooperation with the members of the ESCB, develop draft regulatory technical standards to specify the following:(a) the information that the CSD is to provide to the competent authority for the purposes of the review and evaluation referred to in paragraph 1;▼M4(b) the i…
− **10.** ESMA shall, in close cooperation with the members of the ESCB, develop draft regulatory technical standards to specify the following:(a) the information that the CSD is to provide to the competent authority for the purposes of the review and evaluation referred to in paragraph 1;▼M3(b) the i…
+ **4.** After consulting the authorities referred to in paragraph 5, ESMA may recognise a third-country CSD that has applied for recognition to provide the services referred to in paragraph 2, where the following conditions are met:(a) the Commission has adopted a decision in accordance with paragrap…
− **4.** After consulting the authorities referred to in paragraph 5, ESMA may recognise a third-country CSD that has applied for recognition to provide the services referred to in paragraph 2, where the following conditions are met:(a) the Commission has adopted a decision in accordance with paragrap…
+ **1.** A CSD shall identify sources of operational risk, both internal and external, and minimise their impact also through the deployment of appropriate ICT tools, processes and policies set up and managed in accordance with Regulation (EU) 2022/2554 of the European Parliament and of the Council (9…
− **1.** A CSD shall identify sources of operational risk, both internal and external, and minimise their impact through the deployment of appropriate IT tools, controls and procedures, including for all the securities settlement systems it operates.
+ **3.** For services that it provides as well as for each securities settlement system that it operates, a CSD shall establish, implement and maintain an adequate business continuity policy and disaster recovery plan, including ICT business continuity policy and ICT response and recovery plans establ…
− **2.** A CSD shall maintain appropriate IT tools that ensure a high degree of security and operational reliability, and have adequate capacity. IT tools shall adequately deal with the complexity, variety and type of services and activities performed so as to ensure high standards of security, and th…
+ **4.** The plan referred to in paragraph 3 shall provide for the recovery of all transactions and participants’ positions at the time of disruption to allow the participants of a CSD to continue to operate with certainty and to complete settlement on the scheduled date, including by ensuring that cr…
− **3.** For services that it provides as well as for each securities settlement system that it operates, a CSD shall establish, implement and maintain an adequate business continuity policy and disaster recovery plan to ensure the preservation of its services, the timely recovery of operations and th…
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− **4.** The plan referred to in paragraph 3 shall provide for the recovery of all transactions and participants’ positions at the time of disruption to allow the participants of a CSD to continue to operate with certainty and to complete settlement on the scheduled date, including by ensuring that cr…
+ **6.** A CSD shall identify, monitor and manage the risks that key participants in the securities settlement systems it operates, as well as service and utility providers, and other CSDs or other market infrastructures might pose to its operations. It shall, upon request, provide competent and relev…
− **6.** A CSD shall identify, monitor and manage the risks that key participants in the securities settlement systems it operates, as well as service and utility providers, and other CSDs or other market infrastructures might pose to its operations. It shall, upon request, provide competent and relev…
+ **7.** ESMA shall, in close cooperation with the members of the ESCB, develop draft regulatory technical standards to specify the operational risks referred to in paragraphs 1 and 6, other than ICT risk, and the methods to test, to address or to minimise those risks, including the business continuit…
− It shall also inform the competent authority and relevant authorities without delay of any operational incidents resulting from such risks.
− **7.** ESMA shall, in close cooperation with the members of the ESCB, develop draft regulatory technical standards to specify the operational risks referred to in paragraphs 1 and 6 and the methods to test, to address or to minimise those risks, including the business continuity policies and disaste…
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+ **4.** Without prejudice to Directive 2005/60/EC of the European Parliament and of the Council (10) and Commission Directive 2006/70/EC (11), where a CSD refuses to provide services to an issuer, it shall provide the requesting issuer with full written reasons for its refusal.
− **4.** Without prejudice to Directive 2005/60/EC of the European Parliament and of the Council (9) and Commission Directive 2006/70/EC (10), where a CSD refuses to provide services to an issuer, it shall provide the requesting issuer with full written reasons for its refusal.
+ **2.** ►M4 The competent authority of the CSD shall, after consulting the competent authorities referred to in paragraph 1 and the relevant authorities, review and evaluate at least every two years the following:** ◄ **(a) in the case referred to in point (b) of Article 54(2), whether all the necess…
− **2.** ►M3 The competent authority of the CSD shall, after consulting the competent authorities referred to in paragraph 1 and the relevant authorities, review and evaluate at least every two years the following:** ◄ **(a) in the case referred to in point (b) of Article 54(2), whether all the necess…
+ **1.** The Commission shall be assisted by the European Securities Committee established by Commission Decision 2001/528/EC (12). That Committee shall be a committee within the meaning of Regulation (EU) No 182/2011.
− **1.** The Commission shall be assisted by the European Securities Committee established by Commission Decision 2001/528/EC (11). That Committee shall be a committee within the meaning of Regulation (EU) No 182/2011.
+ **1.** ►M4 ESMA shall, in cooperation with EBA and the competent authorities and the relevant authorities, submit reports to the Commission providing assessments of trends, potential risks and vulnerabilities, and, where necessary, recommendations of preventative or remedial action in the markets fo…
− **1.** ►M3 ESMA shall, in cooperation with EBA and the competent authorities and the relevant authorities, submit reports to the Commission providing assessments of trends, potential risks and vulnerabilities, and, where necessary, recommendations of preventative or remedial action in the markets fo…