# Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (Text with EEA relevance), Article 16: Authorisation of a CSD

Extent: E+W+S+N.I.

1. Any legal person that falls within the definition of CSD shall obtain an authorisation from the competent authority ... before commencing its activities.
2. The authorisation shall specify the core services listed in Section A of the Annex and non-banking-type ancillary services permitted under Section B of the Annex, which the CSD is authorised to provide.
3. A CSD shall comply at all times with the conditions necessary for authorisation.
4. A CSD as well as its independent auditors, shall, without undue delay, inform the competent authority of any substantive changes affecting the compliance with the conditions for authorisation.

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Source: https://www.legislation.gov.uk/eur/2014/909/article/16 (the official version)
Page: https://openlegislation.uk/eu-regulation-2014-909/article-16
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.