Article 19 Extension and outsourcing of activities and services

An authorised CSD shall submit an application for authorisation to the competent authority F1... where it wishes to outsource a core service to a third party under Article 30 or extend its activities to one or more of the following:

The granting of authorisation under paragraph 1 shall follow the procedure laid down in Article 17.

The competent authority shall inform the applicant CSD whether the authorisation has been granted or refused within three months of the submission of a complete application.

CSDs F2... that intend to establish an interoperable link shall submit an application for authorisation as required under point (e) of paragraph 1, to F3the competent authority. F4...

The F5authority referred to in paragraph 3 shall refuse to authorise a link only where such a CSD link would threaten the smooth and orderly functioning of the financial markets or cause systemic risk.

Interoperable links of CSDs that outsource some of their services related to those interoperable links to a public entity in accordance with Article 30(5) and CSD links that are not referred to in point (e) of paragraph 1 shall not be subject to authorisation under that point but shall be notified to the F6competent authority prior to their implementation by providing all relevant information that allows F7the competent authority to assess compliance with the requirements provided in Article 48.

A CSD F8... may maintain or establish a link with a third-country CSD in accordance with the conditions and procedures provided in this Article. Where links are established with a third-country CSD the information provided by the F9... CSD shall allow the competent authority to evaluate whether such links fulfil the requirements provided in Article 48 or the requirements that are equivalent to those provided in Article 48.

The competent authority F10... shall require F11a CSD to discontinue a CSD link that has been notified when such link does not fulfil the requirements provided for in Article 48 and thereby would threaten the smooth and orderly functioning of the financial markets or cause systemic risk. F12...

The additional ancillary services explicitly listed in Section B of the Annex shall not be subject to authorisation, but shall be notified to the competent authority prior to their provision.