In granting the approval for a CSD's participation in a legal person which does not provide the services set out in Sections A and B of the Annex to Regulation (EU) No 909/2014, the competent authority shall take into account the following criteria:

(a) the extent of the financial liabilities assumed by the CSD as a result of that participation;

(b) whether the CSD holds sufficient financial resources that fulfil the criteria referred to in Article 46 of Regulation (EU) No 909/2014 to cover the risks resulting from the following:

(i) the guarantees given by the CSD to that legal person;

(ii) any contingent obligations undertaken by the CSD in favour of that legal person;

(iii) any loss sharing agreements or recovery mechanism of that legal person;

(c) whether the legal person in which the CSD holds a participation provides services that are complementary to the core services offered by the CSD, as referred to in Article 18(4) of Regulation (EU) No 909/2014, such as:

(i) a CCP authorised or recognised under Regulation (EU) No 648/2012; or

(ii) a trading venue as defined in point (42) of Article 2(1) of Regulation (EU) No 909/2014;

(d) whether the participation of the CSD results in the control by the CSD over the legal person as defined in point (21) of Article 2(1) of Regulation (EU) No 909/2014;