# The Central Securities Depositories (Amendment) (EU Exit) Regulations 2018, Regulation 20: Provision of banking-type ancillary services for CSD participants


(1) In Article 54—
(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”;
(b) in paragraph 3—
(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”;
(ii) in the final sub-paragraph, after “Directive 2013/36/EU” insert “UK law”;
(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”;
(d) in paragraph 5, in the second sub-paragraph, omit “and report its findings to ESMA”;
(e) in paragraph 8—
(i) in the first sub-paragraph, for the words from the beginning to “develop draft” substitute “The PRA may make”;
(ii) omit the second and third sub-paragraphs.
(2) In Article 55—
(a) in paragraph 1, omit “of its home Member State”;
(b) omit paragraphs 4, 5 and 6;
(c) in paragraph 7—
(i) in the first sub-paragraph, for the words from the beginning to “develop draft” substitute “The Bank of England may make”;
(ii) omit the second and third sub-paragraphs;
(d) omit paragraph 8.
(3) In Article 56, omit “of its home Member State”.
(4) In Article 57—
(a) in paragraph 1, omit “of the CSD’s home Member State”;
(b) omit paragraphs 2 and 3.
(5) In Article 58—
(a) omit paragraph 1;
(b) in paragraph 2, for “ESMA” substitute “The competent authority”;
(c) omit paragraph 3.
(6) In Article 59—
(a) in paragraph 4, in point (h)—
(i) for “central bank” substitute “Bank of England” each time it occurs;
(ii) omit “Union” each time it occurs;
(iii) before “cash balances” insert “sterling”;
(iv) for “central banks of issue” substitute “the Bank of England”;
(b) in paragraph 5—
(i) in the first sub-paragraph, for the words from the beginning to “develop draft” substitute “The PRA may make”;
(ii) omit the second and third sub-paragraphs.
(7) In Article 60—
(a) in paragraph 1, in the third sub-paragraph, omit “which shall then inform the authorities referred to in Article 55(4),”;
(b) in paragraph 2, omit the second sub-paragraph;
(c) omit paragraph 3.

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Source: https://www.legislation.gov.uk/ukdsi/2018/9780111174050/regulation/20 (the official version)
Page: https://openlegislation.uk/draft-central-securities-depositories-amendment-eu-exit-regulations-2018/regulation-20
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.