{
  "url": "https://openlegislation.uk/draft-central-securities-depositories-amendment-eu-exit-regulations-2018/regulation-20",
  "json_url": "https://openlegislation.uk/draft-central-securities-depositories-amendment-eu-exit-regulations-2018/regulation-20.json",
  "legislation": "ukdsi/2018/9780111174050",
  "legislation_title": "The Central Securities Depositories (Amendment) (EU Exit) Regulations 2018",
  "legislation_url": "https://openlegislation.uk/draft-central-securities-depositories-amendment-eu-exit-regulations-2018",
  "path": "regulation/20",
  "kind": "regulation",
  "number": "20",
  "heading": "Provision of banking-type ancillary services for CSD participants",
  "text": "(1) In Article 54—\n(a) in paragraph 2, in point (b) for “authorised in accordance with Article 8 of Directive 2013/36/EU” substitute “with permission to accept deposits under Part 4A of FSMA”;\n(b) in paragraph 3—\n(i) in point (a) for “authorised as a credit institution as provided for in Article 8 of Directive 2013/36/EU” substitute “permitted under Part 4A of FSMA to carry on any regulated activity which is carried on for the purposes of, or in connection with, such services”;\n(ii) in the final sub-paragraph, after “Directive 2013/36/EU” insert “UK law”;\n(c) in paragraph 4, in point (a) for “authorised as a credit institution as provided for in Article 8 of Directive 2013/36/EU” substitute “permitted to accept deposits under Part 4A of FSMA”;\n(d) in paragraph 5, in the second sub-paragraph, omit “and report its findings to ESMA”;\n(e) in paragraph 8—\n(i) in the first sub-paragraph, for the words from the beginning to “develop draft” substitute “The PRA may make”;\n(ii) omit the second and third sub-paragraphs.\n(2) In Article 55—\n(a) in paragraph 1, omit “of its home Member State”;\n(b) omit paragraphs 4, 5 and 6;\n(c) in paragraph 7—\n(i) in the first sub-paragraph, for the words from the beginning to “develop draft” substitute “The Bank of England may make”;\n(ii) omit the second and third sub-paragraphs;\n(d) omit paragraph 8.\n(3) In Article 56, omit “of its home Member State”.\n(4) In Article 57—\n(a) in paragraph 1, omit “of the CSD’s home Member State”;\n(b) omit paragraphs 2 and 3.\n(5) In Article 58—\n(a) omit paragraph 1;\n(b) in paragraph 2, for “ESMA” substitute “The competent authority”;\n(c) omit paragraph 3.\n(6) In Article 59—\n(a) in paragraph 4, in point (h)—\n(i) for “central bank” substitute “Bank of England” each time it occurs;\n(ii) omit “Union” each time it occurs;\n(iii) before “cash balances” insert “sterling”;\n(iv) for “central banks of issue” substitute “the Bank of England”;\n(b) in paragraph 5—\n(i) in the first sub-paragraph, for the words from the beginning to “develop draft” substitute “The PRA may make”;\n(ii) omit the second and third sub-paragraphs.\n(7) In Article 60—\n(a) in paragraph 1, in the third sub-paragraph, omit “which shall then inform the authorities referred to in Article 55(4),”;\n(b) in paragraph 2, omit the second sub-paragraph;\n(c) omit paragraph 3.",
  "extent": null,
  "status": null,
  "version": "current",
  "annotations": [],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/ukdsi/2018/9780111174050/regulation/20",
    "retrieved_at": "2026-10-30T15:03:34.084146+00:00"
  },
  "licence": "Open Government Licence v3.0",
  "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
  "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
}