# 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 52: Procedure for CSD links

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

1. When a CSD or third-country CSD submits a request for access to a CSD pursuant to Articles 50 and 51, the latter shall treat such request promptly and shall provide a response to the requesting CSD within three months.
2. A CSD shall deny access to a requesting CSD only where such access would threaten the smooth and orderly functioning of the financial markets or cause systemic risk. Such a refusal shall be based only on a comprehensive risk assessment.
Where a CSD refuses access, it shall provide the requesting CSD with full reasons for its refusal.
In the case of a refusal, the requesting CSD has the right to complain to the competent authority of the CSD that has refused access.
The competent authority of the receiving CSD shall duly examine the complaint by assessing the reasons for refusal and shall provide the requesting CSD with a reasoned reply.
...
Where the refusal by the CSD to grant access to the requesting CSD is deemed to be unjustified, the competent authority of the receiving CSD shall issue an order requiring that CSD to grant access to the requesting CSD.
3. The Bank of England may make regulatory technical standards to specify the risks to be taken into account by CSDs when carrying out a comprehensive risk assessment, and by the competent authority when assessing the reasons for refusal in accordance with paragraph 2, and the elements of the procedure referred to in paragraph 2.
...
...
4. The Bank of England may make implementing technical standards to establish standard forms and templates for the procedures referred to in paragraphs 1 and 2.
...
...

---
Source: https://www.legislation.gov.uk/eur/2014/909/article/52 (the official version)
Page: https://openlegislation.uk/eu-regulation-2014-909/article-52
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.