What changed, Regulation (EU) No 909/2014

+ **3.** The penalty mechanism referred to in paragraph 2 shall not apply to:(a) settlement fails the underlying cause of which is not attributable to the participants in the transaction;(b) operations that are not considered as trading;(c) transactions where the failing participant is a CCP, except f…
− **3.** The penalty mechanism referred to in paragraph 2 shall not apply to:(c) transactions where the failing participant is a CCP, except for transactions entered into by a CCP where it does not interpose itself between the counterparties; or(d) transactions where insolvency proceedings are opened …
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+ **2a.** A third-country CSD that intends to provide the core service referred to in Section A, point 3, of the Annex in relation to financial instruments constituted under the law of a Member State referred to in Article 49(1), second subparagraph, shall notify ESMA thereof. ESMA shall inform the co…
+ **1.** CSDs that apply deferred net settlement shall define the rules and procedures applicable to that mechanism and to the settlement of participants’ net claims and obligations.
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+ **2.** CSDs that apply deferred net settlement shall measure, monitor, manage and report to the competent authorities the credit and liquidity risks arising from that mechanism.
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+ **5.** Paragraph 4 shall not apply to credit institutions referred to in paragraph 2a, point (a), and paragraph 4a shall not apply to credit institutions and CSDs referred to in paragraph 2a, that offer to settle the cash payments for all or part of the CSD’s securities settlement systems, if the to…
− **5.** Paragraph 4 shall not apply to credit institutions referred to in point (b) of paragraph 2 that offer to settle the cash payments for part of the CSD’s securities settlement system, if the total value of such cash settlement through accounts opened with those credit institutions, calculated o…
+ The competent authority shall monitor at least once per year that the threshold referred to in the first subparagraph is respected. The competent authority shall transmit its findings together with the underlying data to ESMA and EBA. The competent authority shall also transmit its findings to the m…
− The competent authority shall monitor at least once per year that the threshold defined in the first subparagraph is respected and report its findings to ESMA. Where the competent authority determines that the threshold has been exceeded, it shall require the CSD concerned to seek authorisation in a…
+ **6.** Where the competent authority considers that the exposure of one credit institution to the concentration of risks under Article 59(3) and (4) is not sufficiently mitigated, the competent authority may require a CSD to designate more than one credit institution or CSD referred to in paragraph …
− **6.** The competent authority may require a CSD to designate more than one credit institution, or to designate a credit institution in addition to providing services itself in accordance with point (a) of paragraph 2 of this Article where it considers that the exposure of one credit institution to …
+ **7.** A CSD authorised to provide any banking-type ancillary services and a credit institution designated in accordance with paragraph 2a, point (a), shall comply at all times with the conditions necessary for authorisation under this Regulation and shall, without delay, notify the competent author…
− **7.** A CSD authorised to provide any banking-type ancillary services and a credit institution designated in accordance with point (b) of paragraph 2 shall comply at all times with the conditions necessary for authorisation under this Regulation and shall, without delay, notify the competent author…
+ **4.** A credit institution designated under point (b) of Article 54(2) or a CSD authorised under point (a) of Article 54(2) to provide banking-type ancillary services shall comply with the following specific prudential requirements for the liquidity risks relating to those services in respect of ea…
− **4.** A credit institution designated under point (b) of Article 54(2) or a CSD authorised under point (a) of Article 54(2) to provide banking-type ancillary services shall comply with the following specific prudential requirements for the liquidity risks relating to those services in respect of ea…