Division IV Implementation details for CSD access criterion 4

This CSD access criterion conforms to the Access and Interoperability Guideline^f1 which states that investor CSDs shall have access to issuer CSD services based on the same terms and conditions as provided to any other standard participant of the issuer CSD.

In order for an investor CSD to provide settlement services for securities issued by an issuer CSD, the investor CSD must also provide its participants with basic custody services in relation to those securities. T2S offers core cash and securities settlement in central bank money, where the basic custody services are provided outside T2S.

The issuer CSD must comply with the T2S Corporate Actions Subgroup Standards^f2 and all relevant T2S standards or market practices.

The investor CSD must be treated as any other issuer CSD client. An issuer CSD may not impose technical barriers or offer preferential conditions to investor CSDs to access basic custody services.