# 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 20: Withdrawal of authorisation

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

1. Without prejudice to any remedial actions or measures under Title V, the competent authority ... shall withdraw the authorisation in any of the following circumstances, where the CSD:
(a) has not made use of the authorisation during 12 months, expressly renounces the authorisation or has provided no services or performed no activity during the preceding six months;
(b) has obtained the authorisation by making false statements or by any other unlawful means;
(c) no longer complies with the conditions under which authorisation was granted and has not taken the remedial actions requested by the competent authority within a set time-frame;
(d) has seriously or systematically infringed the requirements laid down in this Regulation or, where applicable, in the UK law on markets in financial instruments or Regulation (EU) No 600/2014.
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3. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
4. The competent authority may limit the withdrawal of authorisation to a particular service, activity, or financial instrument.
5. A CSD shall establish, implement and maintain adequate procedures ensuring the timely and orderly settlement and transfer of the assets of clients and participants to another CSD or third-country CSD in the event of a withdrawal of authorisation referred to in paragraph 1.

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Source: https://www.legislation.gov.uk/eur/2014/909/article/20 (the official version)
Page: https://openlegislation.uk/eu-regulation-2014-909/article-20
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.