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Regulation 2 Designation of competent authorities

United Kingdom

(1)

The FCA M1 is the competent authority responsible for—

(a)

the supervision of trading venues M2 for the purposes of the CSD regulation;

(b)

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

F1(c)

the supervision of investment firms authorised pursuant to F2Part 4A of the Act for the purposes of the CSD regulation;

(d)

the supervision of participants in a securities settlement system for the purposes of the CSD regulation, other than recognised clearing houses or recognised CSDs.

(2)

The Bank is the competent authority responsible for—

F3(za)

the functions referred to in Article 9(1) of the CSD regulation;

(a)

authorisation and supervision of CSDs M3 established in the United Kingdom F4..., F5and all other competent authority functions under that regulation in relation to CSDs except as provided in paragraph (4);

F6(aa)

F7... competent authority functions under the CSD regulation in relation to F8... third country CSDs;

(b)

oversight of securities settlement systems M4 in the United Kingdom referred to in F9... the CSD Regulation; F10...

(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; F11and

(d)

the supervision of CCPs for the purposes of the CSD regulation.

F12(3)

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(4)

The PRA M5 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.

Annotations

Textual amendments

F1: Reg. 2(1)(c)(d) inserted (28.11.2017) by The Central Securities Depositories Regulations 2017 (S.I. 2017/1064), regs. 1, 5(5)(a) (with regs. 7(4), 9(1))
F2: Words in reg. 2(1) substituted (31.12.2020) by The Central Securities Depositories (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1320), regs. 1(3), 2(3)(a) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)
F3: Reg. 2(2)(za) inserted (28.11.2017) by The Central Securities Depositories Regulations 2017 (S.I. 2017/1064), regs. 1, 5(5)(b)(i) (with regs. 7(4), 9(1))
F4: Words in reg. 2(2)(a) omitted (31.12.2020) by virtue of The Central Securities Depositories (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1320), regs. 1(3), 2(3)(b)(i) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)
F5: Words in reg. 2(2)(a) inserted (28.11.2017) by The Central Securities Depositories Regulations 2017 (S.I. 2017/1064), regs. 1, 5(5)(b)(ii) (with regs. 7(4), 9(1))
F6: Reg. 2(2)(aa) inserted (28.11.2017) by The Central Securities Depositories Regulations 2017 (S.I. 2017/1064), regs. 1, 5(5)(b)(iii) (with regs. 7(4), 9(1))
F7: Words in reg. 2(2)(aa) omitted (31.12.2020) by virtue of The Central Securities Depositories (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1320), regs. 1(3), 2(3)(b)(ii)(aa) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)
F8: Words in reg. 2(2)(aa) omitted (31.12.2020) by virtue of The Central Securities Depositories (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1320), regs. 1(3), 2(3)(b)(ii)(bb) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)
F9: Words in reg. 2(2)(b) omitted (31.12.2020) by virtue of The Central Securities Depositories (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1320), regs. 1(3), 2(3)(b)(iii) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)
F10: Word in reg. 2(2)(b) omitted (28.11.2017) by virtue of The Central Securities Depositories Regulations 2017 (S.I. 2017/1064), regs. 1, 5(5)(b)(iv) (with regs. 7(4), 9(1))
F11: Reg. 2(2)(d) and preceding word inserted (28.11.2017) by The Central Securities Depositories Regulations 2017 (S.I. 2017/1064), regs. 1, 5(5)(b)(v) (with regs. 7(4), 9(1))
F12: Reg. 2(3) omitted (31.12.2020) by virtue of The Central Securities Depositories (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1320), regs. 1(3), 2(3)(c) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)

Marginal citations

M1: Defined in section 417(1) of the Act.
M2: Defined in Article 2(1)(42) of the CSD regulation.
M3: Defined in Article 2(1)(1) of the CSD regulation.
M4: Defined in Article 2(1)(10) of the CSD regulation.
M5: Defined in section 417(1) of the Act.

Notes on the whole SI

Textual amendments

F1: Regulations revoked (14.12.2023 for the revocation of reg. 10) by Financial Services and Markets Act 2023 (c. 29), s. 86(3), Sch. 1 Pt. 2 (with s. 1(4)); S.I. 2023/1382, reg. 2(c)(vii)

Notes on Part 2

Textual amendments

F1: Pt. 2 heading inserted (28.11.2017) by The Central Securities Depositories Regulations 2017 (S.I. 2017/1064), regs. 1, 5(4) (with regs. 7(4), 9(1))