Division I Implementation details for CSD access criterion 1

In order to receive a positive assessment against this criterion:

1. (a)

   for a CSD located in a European Economic Area (EEA) country, the CSD must be included on the list of designated systems maintained in accordance with Article 10 of Directive 98/26/EC; and

2. (b)

   for a CSD located in a non-EEA country, a legal opinion, as updated from time to time when there are material changes that might have an impact on the legal opinion or when requested by the F1MIB, from a firm approved by the MIB must be submitted, confirming that the CSD operates under a legal and regulatory framework equivalent to the relevant one in force in the Union.